CapitaLand Investment Limited (SG:9CI)
SGX:9CI
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CapitaLand Investment Limited
(SGX:9CI)
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Rating:63Neutral
Price Target:
S$3.00
▲(5.26% Upside)
Action:Reiterated
Date:02/18/26
The score is driven mainly by solid cash generation and a de-risked balance sheet, plus constructive technical momentum. These positives are tempered by volatile and recently weakening reported earnings/revenue and a demanding valuation (very high P/E), with China-related revaluation/divestment risks highlighted on the earnings call.
Positive Factors
Consistent cash generation
Sustained positive operating and free cash flow (OCF> $900m) provides durable internal funding for dividends, platform investments and debt servicing. Reliable cash generation buffers the business against valuation swings and supports fee-led growth and selective M&A without excessive external financing.
Negative Factors
Volatile earnings and sharp 2025 revenue drop
Large year-to-year swings and a steep revenue and net income decline reduce earnings predictability and impair long-term planning. Volatility limits confidence in recurring distributable cash and complicates fee recognition, making capital allocation, dividend policy and return forecasts less reliable.
Read all positive and negative factors
Positive Factors
Negative Factors
Consistent cash generation
Sustained positive operating and free cash flow (OCF> $900m) provides durable internal funding for dividends, platform investments and debt servicing. Reliable cash generation buffers the business against valuation swings and supports fee-led growth and selective M&A without excessive external financing.
Read all positive factors
CapitaLand Investment Limited (9CI) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$12.97B
Dividend Yield4.44%
Average Volume (3M)10.54M
Price to Earnings (P/E)―
Beta (1Y)0.84
Revenue Growth-24.20%
EPS Growth-69.37%
CountrySG
Employees10,000
SectorReal Estate
Sector Strength53
IndustryReal Estate - Services
Share Statistics
EPS (TTM)0.03
Shares Outstanding5,203,196,000
10 Day Avg. Volume9,212,380
30 Day Avg. Volume10,542,183
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$3.68Price Target Upside29.24% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)0.12
Revenue Forecast (FY)S$2.28B
CapitaLand Investment Limited Business Overview & Revenue Model
Company Description
CapitaLand Investment Limited is a real estate investment manager of CapitaLand Group. Its diversified real estate asset classes cover integrated developments, retail, office, lodging and new economy sectors such as business parks, industrial, log...
How the Company Makes Money
CLI primarily makes money by earning recurring management fees from managing real estate and real asset capital on behalf of investors and its sponsored vehicles. Key revenue streams include: (1) Fund management fees: base fees charged on assets u...
CapitaLand Investment Limited Earnings Call Summary
Earnings Call Date:Feb 10, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Positive
The call presented a broadly constructive operational and strategic story: core operating metrics improved (operating PATMI +6%, fee growth +6%, operating cash flow >$900m), fundraising and private fund momentum were strong (private funds +24%, $4.9bn raised), and the group has a healthy balance sheet (debt/equity ~0.43x) providing headroom for disciplined M&A and platform investments. Key challenges center on China-related valuation declines and realized divestment discounts (notably portfolio gains down 80% and China revals down ~$545m), and margin pressure from deliberate near-term investments into growth areas (private funds, lodging). Management provided clear strategic actions (C-REITs, China-for-China funds, platform building, digital/AI efficiency targets) to address the China exposure and to pivot toward fee-based, asset-light growth. On balance, the positives around fundraising, recurring fee growth, cash generation and platform scale outweigh the near-term valuation and China-related headwinds.Positive Updates
Funds Under Management Growth
FUM increased by about $7–8 billion, representing ~7% growth year-on-year; management highlighted this alongside strong fundraising momentum (described as their best fundraising year, almost double the prior year).
Negative Updates
Significant Portfolio Gains Decline
Portfolio gains plunged ~80% year-on-year (driven by absence of prior-year large divestment such as ION Orchard) leading to materially lower total PATMI compared with the prior year; much of the PATMI reduction was from non-cash items (revaluations/impairments).
Read all updates
Q4-2025 Updates
Positive
Negative
Funds Under Management Growth
FUM increased by about $7–8 billion, representing ~7% growth year-on-year; management highlighted this alongside strong fundraising momentum (described as their best fundraising year, almost double the prior year).
Read all positive updates
Company Guidance
Management guided to a steady, mid-single‑digit run‑rate for core operating PATMI (operating profit was $539m, up 6% y/y), while targeting long‑term scale to $200bn FUM; last year CLI raised $4.9bn equity (almost double prior year) and deployed $7bn, with private‑fund revenue +24% and overall fee growth +6%, and they expect continued double‑digit private funds growth and more flagship fund launches (each c. $500m equity, c. $1bn FUM with leverage). Key balance‑sheet and cash metrics: operating cash flow >$900m, dividend maintained at $0.12, net interest cost down from 4.4% to 3.9% (another ~10–15bp improvement expected), gearing 0.43x with $6–8bn headroom up to ~0.9x, and remaining on‑balance assets ~$4bn (China exposure ~$7.5bn; cumulative China writedowns c.$1.6bn, this year China revals -$545m). Operational targets: lodging signed a record 19,000 keys (fee income now ~$350m, pipeline to exceed $500m; EBITDA margin target 30%+ by 2028–29), Wingate senior debt AUM AUD300m, ACP series closing/oversubscribed, and management expects to accelerate divestments (2026 China divestments >$1bn likely) and selectively pursue accretive M&A.CapitaLand Investment Limited Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
63
Positive
Cash Flow
70
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.13B | 2.81B | 2.78B | 2.88B | 2.29B |
| Gross Profit | 1.00B | 1.26B | 2.78B | 1.29B | 1.06B |
| EBITDA | 735.00M | 1.42B | 1.22B | 1.05B | 802.00M |
| Net Income | 145.00M | 479.00M | 181.00M | 861.00M | 1.35B |
Balance Sheet | |||||
| Total Assets | 24.21B | 24.71B | 34.13B | 35.11B | 37.65B |
| Cash, Cash Equivalents and Short-Term Investments | 2.02B | 2.31B | 2.46B | 2.67B | 3.88B |
| Total Debt | 8.45B | 7.90B | 12.72B | 12.77B | 13.95B |
| Total Liabilities | 10.69B | 10.30B | 15.90B | 16.18B | 17.55B |
| Stockholders Equity | 12.58B | 13.55B | 14.36B | 15.53B | 16.44B |
Cash Flow | |||||
| Free Cash Flow | 479.00M | 542.00M | 659.00M | 579.00M | 625.00M |
| Operating Cash Flow | 491.00M | 561.00M | 682.00M | 735.00M | 667.00M |
| Investing Cash Flow | -510.00M | 2.57B | -187.00M | -382.00M | 1.27B |
| Financing Cash Flow | -252.00M | -3.25B | -637.00M | -1.37B | 223.00M |
CapitaLand Investment Limited Technical Analysis
Positive
2.85
Price Trends
2.67
Positive
2.76
Negative
2.67
Positive
Market Momentum
-0.02
Positive
52.41
Neutral
36.67
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:9CI, the sentiment is Positive. The current price of 2.85 is above the 20-day moving average (MA) of 2.67, above the 50-day MA of 2.67, and above the 200-day MA of 2.67, indicating a bullish trend. The MACD of -0.02 indicates Positive momentum. The RSI at 52.41 is Neutral, neither overbought nor oversold. The STOCH value of 36.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SG:9CI.
CapitaLand Investment Limited Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | S$1.50B | ― | 10.96% | 5.83% | 5.40% | -27.18% | |
68 Neutral | S$811.35M | 18.56 | 0.67% | 1.20% | -5.87% | 20.27% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
65 Neutral | S$598.95M | ― | 4.34% | 3.17% | 29.06% | -8.70% | |
65 Neutral | S$317.63M | ― | 1.13% | 0.46% | 7.69% | 360.71% | |
63 Neutral | S$12.97B | -23.80 | 2.29% | 4.44% | -24.20% | -69.37% | |
51 Neutral | S$270.67M | ― | 2.23% | 2.20% | 3944.45% | 1355.90% |
* Real Estate Sector Average
SG:9CI
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CapitaLand Investment Limited Corporate Events
CapitaLand Investment Leans on Fee Growth and Capital-Light Strategies Amid Tough 1Q 2026 Market
Apr 29, 2026
CapitaLand Investment reported first-quarter 2026 revenue of S$487 million, down 2% year on year, but grew fee-related revenue 10% to S$310 million as resilient listed funds and its expanding private funds platform offset weaker real estate invest...
CapitaLand Investment refreshes board and reshapes audit and risk oversight
Apr 28, 2026
CapitaLand Investment Limited has announced a reshuffle of its board and key board committees following its annual general meeting on 28 April 2026. Long-serving director Chaly Mah Chee Kheong has retired, prompting changes in the leadership of th...
Ascott supercharges loyalty scheme as ASR tops 8 million members
Apr 27, 2026
CapitaLand Investment’s lodging arm, The Ascott Limited, is bolstering its Ascott Star Rewards programme as it marks its seventh anniversary and surpasses eight million members. The company, which operates more than 1,000 properties across o...
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.