On the other hand, CL's REIB revenue was down 14% y-o-y to $207 million due to the exit of its US corporate housing platform last August. "In our view, with the fee engine strengthening and the investment side shrinking, this structural shift to asset-light is in the right direction," says Loh.
Adrian Loh of UOB Kay Hian has kept his "buy" call on CapitaLand Investment but has lowered his target price from $4.05 to $3.93 to account for slightly lower real estate investment business, or REIB margins, due to the competitive leasing environment in China as well as mixed leasing conditions across CLI’s developed markets.
In its 1QFY2026 update, CLI's fee-related revenue was up 10% y-o- to $310 million, driven by 58% and 14% y-o-y growths in private funds management and listed funds management respectively.
