Broker: CGS International
Date of Report: February 12, 2026
Excerpt from CGS International report.
Report Summary
- Capitaland Investment (CLI) reported operating PATMI in line with expectations, focusing on accelerating divestments and growing fee-based earnings for FY26.
- FY25 saw a 6% growth in fee-related business revenue, with funds under management rising to S\$125bn; CLI aims to launch new APAC-focused funds and a follow-on China REIT.
- China remains challenging with revaluation losses and negative rental reversions, prompting lower asset divestment gains forecasts and a reduced target price to S\$4.19.
- CLI maintains a strong recurring fee-income base and asset-light management model, with key risks being a weak real estate outlook and prolonged high interest rates.
- The group proposed a final dividend per share of 12 Scts, and continues to prioritize portfolio sharpening, lodging growth, and sustainability leadership in ESG initiatives.
- CGS International reiterates an Add rating for CLI, citing potential catalysts like faster growth in funds under management and quicker balance sheet improvements.
Above is an excerpt from a report by CGS International. Clients of CGS International can be the first to access the full report from the CGS International website: https://www.cgs-cimb.com
