- CapitaLand Investment (SGX:9CI)'s 1Q24 revenue was flat y-o-y at S$650mil. Fee-related revenue (FRB) grew 7% y-o-y to S$274mil, while Real Estate Investment Business revenue (REIB) fell 4% to S$430mil. Limited financial details were provided in this business update.
- - Read this at SGinvestors.io -
- Maintain BUY with an unchanged SOTP-based CapitaLand Investment target price of S$3.38, which represents an upside of 32.6% from the current CapitaLand Investment share price and a forward P/E of 16.7x.
The Positives
1Q24 FRB revenue continues its growth trajectory, rising 7% y-o-y.
- - Read this at SGinvestors.io -
- Additionally, private funds recorded S$1bn in total investments in 1Q24, taking deployed funds under management to S$91bn from S$90bn in FY23. There is still S$9bn of dry powder pending deployment.
- CapitaLand Investment remains committed to double FUM to S$200bn in five years.
Faster pace of capital recycling.
- 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/.
Paul Chew Phillip Securities Research | https://www.stocksbnb.com/ 2024-04-29
Read also Phillip's most recent report:
2024-09-04 CapitaLand Investment - Divesting ION Orchard.
Previous report by Phillip:
2024-08-19 CapitaLand Investment - Shifting Towards Fee-Related Earnings.
Price targets by 4 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
