CapitaLand Investment - Maybank Research 2025-11-13: Steady Execution, Continued Rebalancing

• CapitaLand Investment (SGX:9CI)’s 9M25 business update underscored continued portfolio optimisation and value unlocking. Revenue, excluding deconsolidation of CapitaLand Ascott Trust (SGX:HMN), was relatively flat y-o-y as higher event-driven fees and contribution from new funds were offset by loss of revenue from divested assets.
• - Read this at SGinvestors.io -
• We cut our FY25/26 PATMI by 15% and 2%, update our SOTP-based model and tweak our target price up 3% factoring higher market value of listed funds.

Steady operations

• CapitaLand Investment reported 9M revenue of S$1568m, +1.7% y-o-y after adjusting for deconsolidation of CapitaLand Ascott Trust shares.
  • - Read this at SGinvestors.io -
  • Fees from lodging management grew 3.2% driven by 2% growth in RevPAU.
  • Fees from commercial management were relatively flat.
• All-in, fee related revenue rose 7% y-o-y for 9M with fee rate of 50bps (FY24: 48bps). The growth in fee related revenue was offset by a 12% fall in revenue from real-estate investment due to divestments.

Successful listing of China-REIT

• Read more at SGinvestors.io.

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

Previous report by Maybank:
2025-05-05 CapitaLand Investment - Slow Start.

Price targets by 3 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