CapitaLand Investment (9CI) H2 2023 earnings summary

Executive summary

• FY 2023 Cash PATMI was S$781M, down 6.0% YoY, while total PATMI fell 79% to S$181M, mainly on non-cash fair-value losses.

• Fee-related businesses generated 54% of operating PATMI; FRB revenue rose 8.7% to S$1,070M, supporting recurring income.

• Deployed and committed FUM reached S$100B, including close to S$10B ready for deployment; the five-year target is S$200B.

Financial highlights

• Revenue was S$2,784M, down 3.2% YoY; FRB revenue rose 8.7% to S$1,070M while REIB revenue declined 9% to S$1,930M.

• EBITDA fell 43.8% to S$1,104M; FY 2022 included S$371M of non-operating gains, while EBITDA from operations remained stable at S$1,475M.

• Total PATMI was S$181M versus S$861M, including S$600M of non-cash revaluation and impairment losses; operating PATMI was S$568M, down 6.7%.

• Portfolio gains were S$213M, down 4.1%; proposed dividend was 12 Singapore cents per share.

• EPS was 3.5 Singapore cents versus 16.8 cents; NAV was S$2.74 versus S$2.96 and NTA was S$2.51 versus S$2.74.

Outlook and guidance

• Target FUM of S$200B by end-2028, doubling the S$100B deployed and committed base; close to S$10B is ready for deployment.

• FY 2024 deployed FUM target is S$100B; growth plans combine organic expansion and inorganic opportunities.

• Priorities include divestments, seeding funds and M&A, expansion in India and Southeast Asia, China portfolio optimisation, and new products in Japan, South Korea and Australia.

• Lodging management fee-related earnings target is S$500M by FY 2028, versus S$331M in FY 2023.