CapitaLand Investment - OCBC Investment Research 2025-05-02: Taking A Measured Approach

• CapitaLand Investment provided a business update for 1Q25. Revenue declined 24% y-o-y to S$496m due to the deconsolidation of CapitaLand Ascott Trust (SGX:HMN) after its divestment of a 4.9% stake. Excluding the consolidated financials of CapitaLand Ascott Trust, CapitaLand Investment’s revenue would have been flat y-o-y on a pro forma basis.

FRB revenue rose 3% y-o-y but REIB revenue was down 6% y-o-y

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• The 6% decline in revenue for its REIB segment excluding CapitaLand Ascott Trust was mainly attributed to the divestment of assets including 16 US multifamily assets and Ascendas iHub Suzhou.

Proposed listing of onshore REIT in China a positive.

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Above is an excerpt from a report by OCBC Investment Research.
Clients of OCBC Securities may be the first to access the full PDF report @ https://www.iocbc.com/.

Previous report by OCBC:
2025-02-28 CapitaLand Investment - On The Hunt For Growth.

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 Dividend Payout Dates & Corporate Actions,
CapitaLand Investment News