- Although CapitaLand Investment (SGX:9CI)’s 70% decline in 2025 PATMI made headlines for the wrong reasons, we highlight that this was due to non-cash revaluation losses which were higher on a y-o-y basis, largely from the China portfolio, as well as lower portfolio gains.
- - Read this at SGinvestors.io -
- CapitaLand Investment declared dividends of S$0.12 (no change y-o-y) which was in line with estimates.
Stable and resilient earnings.
- In 2025, revenue from CapitaLand Investment’s fee-related business (FRB) proved resilient with all segments increasing y-o-y while revenue from its real estate investment business (REIB) was largely stable.
- - Read this at SGinvestors.io -
Private funds a key growth driver.
- Private funds were one of the stronger growth drivers in 2025 vs 2024 with the outlook remaining robust in funds focused on the lodging & living, logistics & self-storage, credit and opportunistic sectors. Revenue rose 24% y-o-y on the back of higher fundraising momentum, follow-on vintages and contributions from new platform acquisitions such as Wingate and SC Capital Partners.
- Equity raised jumped materially y-o-y to S$4.9b, helping lift funds under management (FUM) to S$125b.
- Earnings growth, however, was partially offset by weaker China asset performance and forex effects in certain strategies.
- Overall, private funds reinforced CapitaLand Investment’s shift toward recurring fee income, with management fees growing faster than balance-sheet investment returns y-o-y.
Lodging business – Robust outlook.
- Read more at SGinvestors.io.
