CapitaLand Investment - Phillip Securities 2025-08-18: Expecting A Stronger 2H25

• CapitaLand Investment (SGX:9CI)'s 1H25 PATMI was S$287mil (-13.3% y-o-y), forming 37% of our FY25e forecast and below expectations. The shortfall was mainly from the absence of contributions from divested assets and lower fund performance and transaction fees. Revenue fell 24% y-o-y, largely due to the deconsolidation of CapitaLand Ascott Trust (SGX:HMN) following CapitaLand Investment’s 4.9% stake sale in Dec 24. Excluding CapitaLand Ascott Trust and divestments, revenue rose 7% y-o-y on stronger leasing income from Synergy in the USA and improved lodging performance.
• - Read this at SGinvestors.io -
• PATMI is expected to improve in 2H25 with the full contributions from the acquisitions of SC Capital (SCCP) and Wingate.

The Positives

Recurring FRB revenue remained resilient in 1H25.

• Read more at SGinvestors.io.

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

Read also Phillip's most recent report:
2026-02-16 CapitaLand Investment - Sharp Decline In China Valuations.

Previous report by Phillip:
2025-11-10 CapitaLand Investment - Increasing Fundraising Momentum.

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