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CapitaLand Investment Limited
(SGX:9CI)
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Rating:63Neutral
Price Target:
S$3.00
â–²(12.36% Upside)
Action:Reiterated
Date:08/19/26
The score is anchored by steady cash generation and improved balance-sheet leverage, supported by a generally positive earnings-call read-through on fee-growth momentum and capital recycling plans. These positives are tempered by weaker earnings predictability (notably the sharp 2025 downturn) and an expensive valuation (P/E 53.1), while technicals are modestly positive but somewhat stretched.
Positive Factors
Fee-Based Growth
Growing fee revenue strengthens the recurring asset-management model, improving earnings scalability and reducing reliance on property disposals or balance-sheet investment gains over time.
Negative Factors
Earnings Volatility
Large swings in revenue and profit reduce earnings predictability and make capital planning harder. Dependence on realizations, valuations and transaction timing can persist even as recurring fee operations improve.
Read all positive and negative factors
Positive Factors
Negative Factors
Fee-Based Growth
Growing fee revenue strengthens the recurring asset-management model, improving earnings scalability and reducing reliance on property disposals or balance-sheet investment gains over time.
Read all positive factors
CapitaLand Investment Limited (9CI) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$13.27B
Dividend Yield4.6%
Average Volume (3M)12.68M
Price to Earnings (P/E)50.6
Beta (1Y)0.72
Revenue Growth-15.36%
EPS Growth-57.57%
CountrySG
Employees10,000
SectorReal Estate
Sector Strength53
IndustryReal Estate - Services
Share Statistics
EPS (TTM)0.04
Shares Outstanding5,203,196,000
10 Day Avg. Volume8,621,000
30 Day Avg. Volume12,677,028
Financial Highlights & Ratios
PEG Ratio-1.34
Price to Book (P/B)1.07
Price to Sales (P/S)6.34
P/FCF Ratio28.21
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
S$3.59Price Target Upside34.53% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)0.13
Revenue Forecast (FY)S$2.27B
CapitaLand Investment Limited Business Overview & Revenue Model
Company Description
CapitaLand Investment Limited functions as the real estate investment management entity within the CapitaLand Group. The company manages a broad and varied property portfolio, which encompasses integrated developments, retail establishments, offic...
How the Company Makes Money
CapitaLand Investment makes money primarily by managing real assets and investment vehicles for third-party and proprietary capital, earning recurring and transaction-based fees tied to assets under management (AUM) and investment activities. Key ...
CapitaLand Investment Limited Earnings Call Summary
Earnings Call Date:Aug 12, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Positive
The call highlights robust progress in transforming CLI into a fee-driven asset manager: strong fee revenue (+20%), meaningful PATMI and operating profit uplift (+14% and +13% respectively), solid fundraising momentum (SGD 3.7bn, +50% YoY), growing private credit contribution and an active REIT/transaction pipeline. Management also announced a clear noncore divestment target (SGD 7–9bn) and outlined plans to redeploy capital into higher-return, scalable platforms (living, credit, logistics, data centers, self-storage). Key risks are concentrated in legacy China assets, the timing/execution of divestments, reliance on transaction-driven listed fees, and broader cyclical pressure on real estate fundraising. Overall the positive operational and strategic progress, plus capital recycling plans and improving interest costs, outweigh the execution/timing risks.Positive Updates
Fee Revenue Growth
Fee revenue increased by ~20% year-on-year, driven primarily by listed and private funds (roughly half of the fee growth came from these two engines). Management expects ongoing double-digit fee revenue growth over time.
Negative Updates
Real Estate Investment Revenue Decline
Real estate investment business revenue declined ~24% year-on-year, largely due to deconsolidations and divestments (notably the Synergy U.S. corporate housing divestment which contributed ~USD 134 million of revenue in the prior comparable period). Management expects this portion to decline over time as assets are recycled.
Read all updates
Q2-2026 Updates
Positive
Negative
Fee Revenue Growth
Fee revenue increased by ~20% year-on-year, driven primarily by listed and private funds (roughly half of the fee growth came from these two engines). Management expects ongoing double-digit fee revenue growth over time.
Read all positive updates
Company Guidance
The call guided that CLI will accelerate asset‑management growth while recycling $7–9bn of non‑core assets (roughly two‑thirds China, ~30–40% from private funds) to redeploy into higher‑return opportunities (target reinvestment yields ~8–12% vs legacy 2–5%), and to potentially return capital after reinvestment; H1 metrics underpinning this include fee revenue +20%, total PATMI +14%, operating profit +13% (revenue broadly flat with real‑estate investment revenue down ~24% after deconsolidations such as Synergy’s prior $134m contribution), listed fund transaction volume >$10bn in H1 with $3.7bn raised groupwide (private fundraising $1.4bn, 50% higher YoY) and a CNY3bn China PREIT, Ascott signings of 8,400 units (>$500m contracted pipeline), current REIT unit holdings ~S$8bn (target ~15% average, implying ~S$6bn), cumulative China write‑downs ~S$1.6bn over five years, fee margins expected: listed funds 60%+, private funds 30–40% (blended ~50%), interest costs already down (c.40bp) and expected to stabilise or fall slightly, and full‑year PATMI guidance remains mid‑single‑digit growth.CapitaLand Investment Limited Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
63
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.20B | 2.13B | 2.81B | 2.78B | 2.88B | 2.29B |
| Gross Profit | 893.00M | 1.00B | 1.26B | 2.78B | 1.29B | 1.06B |
| EBITDA | 735.00M | 735.00M | 1.42B | 1.22B | 1.05B | 802.00M |
| Net Income | 185.00M | 145.00M | 479.00M | 181.00M | 861.00M | 1.35B |
Balance Sheet | ||||||
| Total Assets | 23.79B | 24.21B | 24.71B | 34.13B | 35.11B | 37.65B |
| Cash, Cash Equivalents and Short-Term Investments | 1.58B | 2.02B | 2.31B | 2.46B | 2.67B | 3.88B |
| Total Debt | 8.18B | 8.45B | 7.90B | 12.72B | 12.77B | 13.95B |
| Total Liabilities | 10.35B | 10.69B | 10.30B | 15.90B | 16.18B | 17.55B |
| Stockholders Equity | 12.54B | 12.58B | 13.55B | 14.36B | 15.53B | 16.44B |
Cash Flow | ||||||
| Free Cash Flow | 402.00M | 479.00M | 542.00M | 659.00M | 579.00M | 625.00M |
| Operating Cash Flow | 447.00M | 491.00M | 561.00M | 682.00M | 735.00M | 667.00M |
| Investing Cash Flow | 90.00M | -510.00M | 2.57B | -187.00M | -382.00M | 1.27B |
| Financing Cash Flow | -320.00M | -252.00M | -3.25B | -637.00M | -1.37B | 223.00M |
CapitaLand Investment Limited Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | S$1.44B | 4.54 | 14.33% | 8.27% | -2.07% | -28.41% | |
72 Outperform | S$279.98M | 6.64 | 5.59% | 2.10% | 7.49% | 283.69% | |
70 Outperform | S$516.58M | 11.49 | 3.27% | 8.33% | 117.73% | -23.82% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
63 Neutral | S$13.27B | 50.58 | 2.05% | 4.60% | -15.36% | -57.57% | |
61 Neutral | S$745.12M | 18.78 | 1.32% | 1.10% | -0.88% | 20.85% | |
59 Neutral | S$197.99M | 1.37 | 30.64% | 10.13% | 3412.03% | 1089.66% |
* Real Estate Sector Average
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CapitaLand Investment Limited Corporate Events
CapitaLand Investment Lifts Fee Income and Profit on Fund Management Growth in 1H 2026
Aug 19, 2026
CapitaLand Investment reported strong growth momentum for the first half of 2026 driven by its core fund management franchise, with fee-related revenue rising 20% year on year to S$687 million and operating PATMI up 13% to S$293 million, even as t...
CICT lifts first-half 2026 payouts on stronger commercial portfolio performance
Aug 12, 2026
CapitaLand Integrated Commercial Trust reported a 7.1% year-on-year increase in first-half 2026 distribution per unit to 6.02 cents, supported by 7.5% growth in gross revenue to S$846.8 million and an 8.7% rise in net property income to S$630.5 mi...
CapitaLand Investment appoints veteran financier Hsieh Fu Hua as deputy chairman
Aug 11, 2026
CapitaLand Investment Limited has appointed veteran financier Hsieh Fu Hua as Deputy Chairman and Non-Executive Independent Director, effective 12 August 2026, adding him to key committees overseeing strategy, sustainability, talent and governance...
CapitaLand Ascendas REIT lifts 1H 2026 income on acquisitions and disciplined capital recycling
Aug 5, 2026
CapitaLand Ascendas REIT reported an 8.6% year-on-year increase in distributable income to S$359.4 million for the first half of 2026, supported by S$1.1 billion of accretive acquisitions and resilient contributions from existing assets. Gross rev...
CapitaLand China Trust Delivers Resilient 1H 2026 DPU on Strong China Portfolio
Aug 5, 2026
CapitaLand China Trust reported a first-half 2026 distribution per unit of 2.45 Singapore cents, with same-store DPU up 2.9% year-on-year despite softer macroeconomic conditions and the loss of income from divested CapitaMall Yuhuating. While repo...
Ascott boosts Vietnam portfolio with nine-property expansion
Jul 30, 2026
The Ascott Limited, the hospitality arm of CapitaLand Investment, is accelerating its expansion in Vietnam, adding nine new properties and more than 3,200 units in the first half of 2026. The move lifts its Vietnam portfolio by over 30% to about 1...
CapitaLand India Trust lifts H1 2026 income as data centre push gathers pace
Jul 29, 2026
CapitaLand India Trust reported an 8% year-on-year rise in distributable income to S$64.2 million for the first half of 2026, underpinned by stronger operating performance, contributions from newly completed assets and higher interest income from ...
CapitaLand Ascott Trust holds DPS steady as portfolio reshaping underpins future growth
Jul 28, 2026
CapitaLand Ascott Trust (CLAS), a stapled group comprising CapitaLand Ascott REIT and CapitaLand Ascott Business Trust, invests in income-producing lodging real estate globally, including serviced residences, rental housing and student accommodati...
CapitaLand Malaysia Trust posts stronger Q2 2026 earnings and higher unitholder distributions
Jul 27, 2026
CapitaLand Malaysia Trust reported unaudited results for the second quarter ended 30 June 2026 showing solid operating momentum, with gross revenue rising 6.3% year-on-year to RM123.1 million and net property income up 12.5% to RM77.4 million. Pro...
CapitaLand Investment Leans Into Fee-Driven Growth as It Recyles Capital and Scales REIT and Private Fund Platforms
Jul 8, 2026
CapitaLand Investment Limited is a global real asset manager based in Asia, overseeing a diversified portfolio of office, retail, logistics, industrial, business parks and lodging assets across Asia, Europe and the United States. Its fee-driven bu...
CICT Completes Paragon Deal and Fully Deploys S$750 Million Placement
Jul 1, 2026
CapitaLand Integrated Commercial Trust has completed the acquisition of Paragon, securing 100% ownership of the Paragon Trust and Orchard 290, which together represent the full freehold interest in the prime Orchard Road asset. This move consolida...
CapitaLand Investment Emphasises Fee-Led Growth, Discipline Amid Volatile Market
May 26, 2026
CapitaLand Investment Limited used its 2026 annual general meeting to underscore continued progress in its transition to a fee-led, asset-light real asset management model. For the 2025 financial year, funds under management grew 7% to S$125 billi...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.