CapitaLand Investment - Maybank Research 2024-04-28: Slow Start; Battling Uncertain Macro

CapitaLand Investment - Slow Start; Battling Uncertain Macro

CapitaLand Investment (SGX:9CI) | SGinvestors.ioCapitaLand Investment (SGX:9CI)
  • CapitaLand Investment (SGX:9CI)’s 1Q24 saw a flat top-line with growth in fee-income business offset by decline in performance of on-balance sheet real estate investments.
  • Weak capital markets weighed on fund deployment with FUM unchanged from last quarter at S$100b. However, private fund raising continues apace, CapitaLand Investment is tapping into domestic China liquidity and divestments have accelerated. Fee margins are stable while borrowing cost inched up.
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Fee income business continues to grow

  • CapitaLand Investment's 1Q24 revenue was unchanged y-o-y at S$650m.
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  • On the other hand, fees from the fund management business were unchanged on stable AUM and fee margins.
  • Decline in real estate business was mostly due to lower demand for lodging platform, weakness in China and FX losses. Improved pace of divestments led to net debt to equity trending down to 0.53x (Dec: 0.56x) while borrowing cost was up 10bps to 4.0%.

FUM unchanged, target remains to 2x in five years

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Above is the excerpt from report by Maybank Research.
Clients of Maybank Securities may be the first to access the full report in PDF @

Krishna Guha Maybank Research | 2024-04-28

Previous report by Maybank:
2024-02-29 CapitaLand Investment - Setting New Targets.

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


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