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CapitaLand Investment Ltd 9CI

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Stock XSES Rating as of
SGD 2.67 +0.01 (0.38%)
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As of Delayed Price Closed
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Company Report

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CapitaLand Investment: Growth in Fund Management Offset by Decline in Real Estate Business

Xinfu Lee

We retain our fair value estimate of SGD 3.50 per share for CapitaLand Investment after its in line first-quarter 2024 business update. We think the shares are undervalued currently but prefer narrow-moat ESR Group, an alternative asset manager that is trading at a deeper discount to our fair value estimate. We anticipate the elevated interest-rate environment will continue to be a near-term headwind for alternative asset managers, making it difficult for them to raise funds and scale up their business.

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Price vs Fair Value

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9CI is trading at a 391% premium.
Price
SGD 2.66
Fair Value
SGD 2.20
Uncertainty
Medium
1-Star Price
SGD 2.27
5-Star Price
SGD 3.72
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

An earlier-than-expected pivot in interest rates will boost CLI’s capital recycling efforts and help it to achieve its goal of being asset light sooner.

Bears

Interest rates that are higher for longer will make it even more difficult for the group to raise new funds and grow its profitability.

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Trading Information

Previous Close Price
SGD 2.66
Day Range
SGD 2.64–2.68
52-Week Range
SGD 2.44–3.48
Bid/Ask
SGD 2.66 / SGD 2.67
Market Cap
SGD 13.56 Bil
Volume/Avg
7.0 Mil / 10.1 Mil

Key Statistics

Price/Earnings (Normalized)
36.01
Price/Sales
4.89
Dividend Yield (Trailing)
4.55%
Dividend Yield (Forward)
4.55%
Total Yield
5.02%

Company Profile

CapitaLand Investment Ltd, or CLI, is a Singapore-headquartered real estate investment management company with SGD 134 billion in total asset under management. The company has two core business segments: real estate investment and fee-income-related business. The majority of its earnings are derived from its real estate investment business where it invests in a portfolio of office, retail, lodging, logistics, business parks, and data center assets for rental income. The firm also derives fee income from lodging management and management of underlying assets in investment vehicles such as an unlisted fund or REIT on behalf of its capital partners.
Sector
Real Estate
Industry
Real Estate Services
Stock Style Box
Large Growth
Total Number of Employees
9,900
Website
https://www.capitalandinvest.com

Competitors

Valuation

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Metric
9CI
GMG
01821
Price/Earnings (Normalized)
 36.0142.3975.76
Price/Book Value
 0.963.690.82
Price/Sales
 4.8933.597.41
Price/Cash Flow
 34.8471.17309.02
Price/Earnings
9CI
GMG
01821

Financial Strength

Metric
9CI
GMG
01821
Quick Ratio
 0.940.901.22
Current Ratio
 1.251.201.50
Interest Coverage
 1.503.322.15
Quick Ratio
9CI
GMG
01821

Profitability

Metric
9CI
GMG
01821
Return on Assets (Normalized)
 0.98%2.11%2.47%
Return on Equity (Normalized)
 2.34%2.79%5.07%
Return on Invested Capital (Normalized)
 2.01%2.24%3.62%
Return on Assets
9CI
GMG
01821
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