- CapitaLand Investment (SGX:9CI)'s FY23 revenue of S$2.784bn (-3.2% y-o-y) formed 92% of our FY23e forecast while PATMI of S$181mil (-79% y-o-y) was below our estimate due to revaluation losses of S$600mil and lower contribution from China.
- - Read this at SGinvestors.io -
- We cut our FY24e PATMI by 15% after factoring in a weaker contribution from China. Maintain BUY on CapitaLand Investment with a lower SOTP-based target price of S$3.38 from S$3.68.
The Positives
FY23 fee-related revenue (FRB) revenue grew 8.7% y-o-y
- - Read this at SGinvestors.io -
- Including S$10bn in committed equity pending deployment, CapitaLand Investment currently has S$100bn in FUM and is targeting to reach S$200bn in five years.
The Negative
FY23 real estate investment business (REIB) revenue fell 8.5% y-o-y
- Read more at SGinvestors.io.
Above is the excerpt from report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full report in PDF @ https://www.stocksbnb.com/.
Darren Chan Phillip Securities Research | https://www.stocksbnb.com/ 2024-03-04
Previous report by Phillip:
2023-11-14 CapitaLand Investment - Growing Recurring Income Streams.
Price targets by 5 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
