CapitaLand Investment (9CI) Q3 2024 TU earnings summary

Executive summary

• Achieved S$4.6B in asset divestments YTD 2024, surpassing annual target and nearly halving balance sheet assets since start of year.

• Raised S$1.6B in private capital YTD, with strong investor interest and new fund launches across Asia-Pacific.

• Listed funds saw a 90% increase in transaction activity YTD, led by CICT's S$1.9B ION Orchard acquisition.

• Lodging management expanded with over 10,200 units signed and 7,200 units opened YTD Sep 2024, with RevPAU up 4% YoY.

Financial highlights

• Total revenue YTD Sep 2024 was S$2,104M, up slightly from S$2,085M in 2023, driven by fee-related business (FRB) growth; investment revenue declined.

• Recurring fee income rose 6% YoY, with lodging management up 14% and commercial management up 14%.

• Real estate investment business (REIB) revenue dipped 2% YoY to S$1,419M, mainly due to divestments.

Outlook and guidance

• Focus remains on disciplined capital management, scaling up fee businesses, and recycling balance sheet assets for growth.

• Targeting S$200B in funds under management (FUM) through organic growth and strategic M&A.

• Plans to expand in Southeast Asia, India, China, and grow presence in Japan, South Korea, and Australia.