- CapitaLand Investment (SGX:9CI) reported 2H23 PATMI of -S$170m vs S$428m a year ago. FY23 PATMI was S$181m, -79% y-o-y and below consensus/MIBG estimate by 79%/77%. This was largely due to weaker fund raising, lower contributions from China and valuation losses.
Weak finish but reasonable valuation
- - Read this at SGinvestors.io -
- CapitaLand Investment set a new fund AUM target of S$200b in the next 5 years. While challenges remain, current valuation, peaking rates, growing policy support in China and CapitaLand Investment’s diversification efforts make risk-reward favourable.
Weak China, revaluation losses offset stable operations
- - Read this at SGinvestors.io -
- Active portfolio recycling led to stable portfolio gains of S$213m. However, total PATMI was impacted by S$600m revaluation loss, mainly from CapitaLand Investment's properties in China and the US with offset from Singapore.
- Fee-related revenue was up 9% for FY23, led by growth in lodging (RevPAU +20%) and property management. This was partly offset by drop in private funds due to lack of performance fees.
- AUM was relatively unchanged at S$100b. Total committed equity for private funds grew 42% y-o-y to S$3.5b (19% CapitaLand Investment stake).
New FUM targets
- Read more at SGinvestors.io.
Above is the excerpt from report by Maybank Research.
Clients of Maybank Securities may be the first to access the full report in PDF @ https://www.maybanktrade.com.sg/.
Krishna Guha Maybank Research | https://www.maybank-ke.com.sg/ 2024-02-29
Read also Maybank's most recent report:
2024-08-15 CapitaLand Investment - Navigating Challenging Macro Conditions.
Previous report by Maybank:
2024-04-28 CapitaLand Investment - Slow Start; Battling Uncertain Macro.
Price targets by 3 other brokers at CapitaLand Investment Target Prices.
Listing of research reports at CapitaLand Investment Analyst Reports.
Relevant links:
CapitaLand Investment Share Price History,
CapitaLand Investment Announcements,
CapitaLand Investment Dividends & Corporate Actions,
CapitaLand Investment News Articles