- 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.
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- 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.
