CapitaLand Investment - DBS Research 2026-02-13: Clearing The Overhangs, Switching Gears To 'Growth Mode'

• CapitaLand Investment's FY25 PATMI of S$ 145mil (-70% y-o-y) was below ours and consensus estimates. This was mainly due to S$ 439mil in portfolio devaluations mainly coming from China portfolio, reflecting softer operating conditions there.
• - Read this at SGinvestors.io -
• The board has proposed a final dividend of S$ 12.0 cents which is similar to a year ago.

Our view.

• - Read this at SGinvestors.io -
• In recent times, investors have been asking if CapitaLand Investment’s China book has reflected the “current market valuations”, which we believe, after the write-off in FY25 (est. to be >10% of book value), should imply marginal downside risk expected going forward.
• CapitaLand Investment’s focus in FY26 is to “sharpen their portfolio through accelerated divestments and redevelopments” and to leverage on the debt headroom (0.4x Debt-to-equity) with S$ 6.4bn of headroom to pursue strategic and accretive acquisitions.

China was once again the main drag on valuations this year.

• Read more at SGinvestors.io.

Derek TAN DBS Group Research | https://www.dbs.com/insightsdirect/ 2026-02-13

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