- CapitaLand Investment (SGX:9CI) reported 2H PATMI S$(142m). FY PATMI was S$145m. Operating PATMI for 2H/FY was S$279m/539m up 30%/6% y-o-y, respectively. Organic and inorganic growth in fund mgmt. and interest cost savings was offset by lower margin and revaluation losses.
Mixed bag
- - Read this at SGinvestors.io -
- We cut FY26E PATMI by 23% but raise FY27 by 5%.
Organic and inorganic growth offset by lower margins
- CapitaLand Investment reported FY25 revenue of S$2133m, +4.2% y-o-y on like-for-like basis. Fees from fund management grew 13% to S$495m, led by 7% growth in FUM (S$125b from S$117b) and 4bps rise in fee rate (52 bps from 48bps).
- - Read this at SGinvestors.io -
- Excluding the effect of CapitaLand Ascott Trust (SGX:HMN) deconsolidation, revenue from real estate business fell 7% y-o-y to S$1021m due to ongoing divestment.
- EBITDA margin for fee related business fell from 37% to 36%, led by fund management (47% from 50%) and lodging management (23% from 28%). Lower margin for fee business was offset by better efficiencies in real estate.
Funds under management gaining momentum.
- Read more at SGinvestors.io.
