SINGAPORE: ASSET MANAGERS PART III: The asset-light pivot - ROE expansion underappreciated across CLI, Keppel, and HKL

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SINGAPORE: ASSET MANAGERS PART III: The asset-light pivot - ROE expansion underappreciated across CLI, Keppel, and HKL

Equity Research

15 June 2026 | 7:35PM SGT

SINGAPORE: ASSET MANAGERS PART III

The asset-light pivot - ROE expansion underappreciated across CLI,

Keppel, and HKL

CapitaLand Investment (CLI), Keppel, and Hongkong Land (HKL)’s strategic pivots Xuan Tan, CFA

+65-6889-2485 | xuan.tan@gs.com

towards fee-based, asset-light fund management have been met with mixed share Goldman Sachs (Singapore) Pte

price performances (Keppel 2.5x, HKL 1.7x, CLI flat). Investor conversations have Simon Cheung, CFA

since shifted from why they are transforming to how they will unlock the next phase +852-2978-6102simon.cheung@gs.com|

of valuation re-rating. Drawing three hard-won lessons from Brookfield’s 15-year Goldman Sachs (Asia) L.L.C.

Hesper Heplaybook, we conclude that investors underestimate their ROE improvement and +65-6889-2184 | hesper.he@gs.com

potential valuation uplift. We are Buy-rated on all three, each with distinct catalysts. Goldman Sachs (Singapore) Pte

Alpha Wang

Three lessons from Brookfield: (1) Its fee-related earnings grew 26x with key +852-2978-1984Goldman Sachs (Asia)| alpha.wang@gs.comL.L.C.

drivers being fee-paying AUM growth contributing 70% of growth, and the balance Leah Pan

from fee rate and margin expansion. (2) In terms of valuation multiples, the focus will +852-2978-6972 | leah.pan@gs.com Goldman Sachs (Asia) L.L.C.

shift away from NAV-based (ROE-led) towards earnings-based (growth-led), as the

Zhaoheng Chen

proportion of earnings from fee business and overall earnings grow. (3) M&A is +852-2978-0901 |

zhaoheng.chen@gs.com

common among fund managers, with revenue-synergy deals among alternative Goldman Sachs (Asia) L.L.C.