Broker Name: Maybank Research Pte Ltd
Date of Report: May 3, 2026
Excerpt from Maybank Research Pte Ltd report.
Report Summary
Stock: CapitaLand Investment Ltd (CLI SP)
Action: BUY
Target Price: SGD 3.30 (+19% upside)
Current Price: SGD 2.78
Key Highlights:
- CLI’s Q1 revenue was steady at SGD487m, down 1.8% YoY, with fee-related business up 10.3%, but real estate investment business revenue down 14.5% due to divestments.
- Growth in fund management fee income was led by listed fund platform (+14.5%) and private funds platform (+57.7%), mainly from acquisitions.
- Gross investments and divestments were SGD7.2b and SGD3.4b respectively, with CLI expanding its China recycling platform and listing a second C-REIT.
- Outlook is positive, with CLI expected to benefit from institutional fund flows and steady execution despite challenging macro conditions.
- Adjusted FY26 PATMI forecast down 14%, reflecting lower FUM and higher operating expenses. SOTP-based target price revised to SGD3.30.
Implications:
- Investors are advised to BUY CLI with a potential upside of 19% to SGD3.30.
- Stability in fee business and expansion in China are key drivers; valuation is close to tangible NAV, supporting the BUY call.
Ticker: CLI SP
Above is an excerpt from a report by Maybank Research Pte Ltd. Clients of Maybank Research Pte Ltd can be the first to access the full report from the Maybank Research Pte Ltd website : https://www.maybank-keresearch.com
