- CapitaLand Investment (SGX:9CI)'s 1H24 revenue of S$1.365bn (+1.5% y-o-y) and PATMI of S$331mil (-5.7% y-o-y) were slightly below our estimates, achieving 44% and 41% of our FY24e forecast, respectively.
- - Read this at SGinvestors.io -
- CapitaLand Investment’s FRB contributed 63% of 1H24 operating PATMI, up from 49% in 1H23. This trend is expected to continue as the group shifts towards an asset-light, recurring fee income model.
- CapitaLand Investment aims to double Funds Under Management (FUM) to S$200bn (1H24: S$100bn) by FY28. In 1H24, ~S$1bn of FUM was deployed, increasing the total deployed FUM to S$91bn from S$90bn in FY23, leaving S$9bn of committed equity yet to be deployed.
- - Read this at SGinvestors.io -
The Positives
1H24 FRB revenue continues to improve, rising 8% y-o-y.
- Read more at SGinvestors.io.
