CapitaLand Investment Limited: Gathering momentum

Research evidence excerpt

CapitaLand Investment Limited: Gathering momentum

J P M O R G A N Asia Pacific Equity Research

24 June 2026

CapitaLand Investment Limited Overweight

CAPN.SI, CLI SP

Gathering momentum Price (24 Jun 26):S$2.51

▼Price Target (Jun-27):S$3.10

Prior (Jun-26):S$3.35

Approaching CLI’s five-year listing anniversary in Sep-26 (link), we believe the

narrative will shift towards improving operational momentum from balance sheet Singapore/ASEAN Property and

REITsdrag stemming from COVID-19, China’s property downturn, and jump in interest

rates. The approval of CLI’s second C-REIT (link) accelerates the growth of its Mervin Song, CFA AC

flourishing listed REIT platform, and asset recycling initiatives. The private fund (65) 6882-7829

mervin.song@jpmorgan.com

business had a slower start, but recent large mandate wins demonstrate growing

traction. We also believe the large on-balance sheet writedowns that have weighed Terence M Khi

(65) 6882-1518

on the stock are largely behind us, supported by the absence of significant disposal terence.ml.khi@jpmorgan.com

losses and management guidance. We maintain our OW rating with a revised PT J.P. Morgan Securities Singapore Private Limited/

of S$3.10, seeing attractive risk-reward given gathering operational momentum, J.P. Morgan Securities (Asia Pacific) Limited/ J.P. Morgan Broking (Hong Kong) Limited

an attractive 4.8% yield, and low investor positioning/expectations.

Growing platform – Over the past five years, listed FUM has risen 36% to an Key Changes (FYE Dec)

estimated S$79bn (Figure 1ListedREITFUM) (including the recent CICT (link) and CLAR’s (link) Prev Cur Δ

acquisitions. Strong relative returns from CLI’s S-REITs (Figure 3CLIREITsoutperformingtheS-REITindex) and organic DPS - 26E (S$) 0.18 0.12 -33.3%