CapitaLand Investment - Maybank Research 2025-02-28: Core Profit In Line, Growth Becomes Priority Again

• Maintain BUY rating on CapitaLand Investment for reasonable valuation (0.9x net tangible assets) and steady execution. CapitaLand Investment's FY24 PATMI of S$479m rose 165% y-o-y. Operating PATMI of S$510m fell 10% y-o-y, in line with MIBG estimate. The bottom line was driven by lower revaluation losses and on-going capital recycling.
• - Read this at SGinvestors.io -

Key business pillars keeping momentum

• FY24 revenue rose 1% y-o-y to S$2.815b. Revenue from fees-related businesses grew 9% y-o-y. The key segments of fees from fund management, lodging management and commercial property management grew 7%, 4% and 17% respectively.
• - Read this at SGinvestors.io -
• Lodging RevPAU grew 6% y-o-y. Property management benefitted from mid-single-digit growth in net property income and third-party management contracts.
• EBITDA margin for the fees business was unchanged at 37%. EBITDA from on-balance-sheet business was flat at the operating basis.

Creating balance-sheet headroom for growth

• Read more at SGinvestors.io.

Krishna Guha Maybank Research | https://www.maybanktrade.com.sg/ 2025-02-28

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