SG Property Intelligence CapitaLand Investment Limited - Gathering momentum

研报英文原文证据摘录

SG Property Intelligence CapitaLand Investment Limited - Gathering momentum

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

25 June 2026

SG Property Intelligence

CapitaLand Investment Limited - Gathering momentum

Singapore/ASEAN Property and

REITs

CapitaLand Investment Limited - Gathering momentum Approaching CLI’s AC Terence M Khi

five-year listing anniversary in Sep-26 (link), we believe the narrative will shift

(65) 6882-1518

towards improving operational momentum from balance sheet drag stemming terence.ml.khi@jpmorgan.com

from COVID-19, China’s property downturn, and the jump in interest rates. The AC Mervin Song, CFA

approval of CLI’s second C-REIT (link) accelerates the growth of its flourishing (65) 6882-7829

listed REIT platform, and asset recycling initiatives. The private fund business had mervin.song@jpmorgan.com

a slower start, but recent large mandate wins demonstrate growing traction. We J.P. Morgan Securities Singapore Private Limited/

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

also believe the large on-balance sheet writedowns that have weighed on the stock Morgan Broking (Hong Kong) Limited

are largely behind us, supported by the absence of significant disposal losses and

management guidance. We maintain our OW rating with a revised PT of S$3.10,

seeing attractive risk-reward given gathering operational momentum, an attractive

4.8% yield, and low investor positioning/expectations. Link (Source: J.P. Morgan)

Frasers Property Limited (FPL) announced a proposed FHT Portfolio

Optimisation involving about S$2.1b of hospitality assets, the next phase of its

strategy following FHT's 2025 privatization. The transaction reverses legacy

listing arrangements and is undertaken with TCC Group Investments Limited