- CapitaLand Investment (SGX:9CI)'s FY25 PATMI of S$145mil (-70% y-o-y) was below our expectations, forming only 22% of our FY25e forecast due to significant S$439mil revaluation losses, mainly from China. Excluding these losses, FY25 operating PATMI of S$539mil was in line at 98% of our estimates.
- - Read this at SGinvestors.io -
- CapitaLand Investment believes it can grow FUM to ~S$160bn organically but acknowledges that acquisitions will be necessary to reach its S$200bn target by 2028. Gross divestments fell from S$5.5bn in FY24 to S$3.1bn in FY25, due to a larger proportion of remaining assets being in China.
- - Read this at SGinvestors.io -
The Positives
Resilient fee income delivered steady growth (+6% y-o-y).
- All fee-related business (FRB) segments recorded y-o-y revenue growth, with listed funds management up 8% and private funds management up 24%, including CapitaLand Investment’s 40% share of SCCP revenue.
- Under lodging management, CapitaLand Investment signed a record 19k units across 102 properties, which will support long-term growth as these units become operational. It now has 176k keys, of which over 100k are operational.
The Negative
Sharp decline in valuations.
- Read more at SGinvestors.io.
