- 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.
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- 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
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- 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
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