Broker: UOB Kay Hian
Date of Report: 30 April 2026
Excerpt from UOB Kay Hian report.
Report Summary
- Stock Focus: CapitaLand Investment (CLI SP)
- Action: BUY (Maintained)
- Target Price: S\$3.93 (lowered from S\$4.05); current share price S\$2.80
- Key Insights:
- Fee-related revenue grew 10% yoy to S\$310m, with strong growth in private (+58% yoy) and listed funds (+14% yoy) offsetting weakness in real estate investment business (REIB).
- CLI is shifting to an asset-light model, with fee income becoming more significant as investment income declines.
- Management guides for double-digit fee revenue growth in 2026, but only single-digit operating earnings growth due to tough fundraising, China drag, and geopolitical risks.
- Singapore remains the bright spot, while China exposure (S\$22.9b of S\$50b private FUM) continues to be a structural drag with weak office occupancy and negative rental pressure.
- Dividend per share for 2026 is maintained at S\$0.12, implying a 4.3% yield.
- CLI remains a laggard vs peers due to China overhang. A potential combination with Mapletree Investments could unlock value.
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