- 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.
