External broker reports(aggregated public sources), UOB Kay Hian

UOB Kay Hian

External broker reports(aggregated public sources)

Backed by the UOB Group, UOB Kay Hian is one of Asia’s largest brokerage firms. Headquartered in Singapore, we are supported by more than 80 branches worldwide including a growing network of offices across Southeast Asia, Greater China, the United Kingdom and North America. Our global footprint and strong international presence have enabled us to feel the pulse of key financial markets and deliver incisive intelligence across industry sectors and asset classes. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

CapitaLand Investment /Sing / Equity Bottom-Up

<ul><li>CapitaLand Investment (SGX:9CI) reported an in-line 1Q23 with revenue up 6% y-o-y to S$702m and making up 22% of our full-year estimates.</li><li>It appeared to us that the overall message during the analyst briefing was one of slight caution in 1H23 with better prospects in the latter part of this year.</li><li>Key highlight was lodging, as expected, with 1Q23 RevPAU of S$81 (+42% y-o-y), while the occupancy of 67% was a 13ppt y-o-y increase. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

CapitaLand Investment (SGX:9CI) reported an in-line 1Q23 with revenue up 6% y-o-y to S$702m and making up 22% of our full-year estimates.It appeared to us that the overall message during the analyst briefing was one of slight caution in 1H23 with better prospects in the latter part of this year.Key highlight was lodging, as expected, with 1Q23 RevPAU of S$81 (+42% y-o-y), while the occupancy of 67% was a 13ppt y-o-y increase. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CapitaLand Investment - Looking For Better Performance In 2H23

Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<ul><li><a href="https://www.smartkarma.com/entities/capitaland-investment-ltd-si" target="_blank" data-smartkarma-citation="entities:33774" rel="noopener">CapitaLand Investment (CLI SP)</a> 1H22 operating PATMI +31% YoY; REIB and Lodging mgmt. business shine brighter</li><li><a href="https://www.smartkarma.com/entities/city-developments-ltd" target="_blank" data-smartkarma-citation="entities:57" rel="noopener">City Developments (CIT SP)</a> 1H22 core PATMI returned to black; Boosted by recovering hospitality segment</li><li>Condo resale prices rose 1.2% MoM in Jul22; Volumes dipped by 6.7% MoM</li></ul>

CapitaLand Investment (CLI SP) 1H22 operating PATMI +31% YoY; REIB and Lodging mgmt. business shine brighterCity Developments (CIT SP) 1H22 core PATMI returned to black; Boosted by recovering hospitality segmentCondo resale prices rose 1.2% MoM in Jul22; Volumes dipped by 6.7% MoM

ASEAN Builder's Scoop (11Aug22) - CLI Lodging and REIB Shines Brighter

<ul><li><a href="https://www.smartkarma.com/entities/sabana-industrial-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:911" rel="noopener">Sabana Industrial REIT (SSREIT SP)</a> 1H22 DPU +7.4% YoY; Rental reversion continues to be robust at +17.4%</li><li><a href="https://www.smartkarma.com/entities/capitaland-investment-ltd-si" target="_blank" data-smartkarma-citation="entities:33774" rel="noopener">CapitaLand Investment (CLI SP)</a> banking on the hospitality sector and return of travel</li><li>Property investment sales drop in 2Q22 but set to register growth for FY22: Colliers</li></ul>

Sabana Industrial REIT (SSREIT SP) 1H22 DPU +7.4% YoY; Rental reversion continues to be robust at +17.4%CapitaLand Investment (CLI SP) banking on the hospitality sector and return of travelProperty investment sales drop in 2Q22 but set to register growth for FY22: Colliers

ASEAN Builder's Scoop (21Jul22) - SSREIT's Rental Reversion Remains Robust

<ul><li><a href="https://www.smartkarma.com/entities/capitaland-investment-ltd-si" target="_blank" data-smartkarma-citation="entities:33774" rel="noopener">CapitaLand Investment (CLI SP)</a>’s Ascott acquires Oakwood Worldwide; Boosting recurring fee income streams and AUM</li><li><a href="https://www.smartkarma.com/entities/aims-amp-capital-industrial" target="_blank" data-smartkarma-citation="entities:933" rel="noopener">AIMS APAC REIT (AAREIT SP)</a> regulatory approvals for acquisition of 315 Alexandra Road not obtained by target date</li><li>NTUC Income divests 16 Collyer Quay to China’s Bright Ruby for S$3,617psf; YTD office deals are just ~9% shy of total 2021</li></ul>

CapitaLand Investment (CLI SP)’s Ascott acquires Oakwood Worldwide; Boosting recurring fee income streams and AUMAIMS APAC REIT (AAREIT SP) regulatory approvals for acquisition of 315 Alexandra Road not obtained by target dateNTUC Income divests 16 Collyer Quay to China’s Bright Ruby for S$3,617psf; YTD office deals are just ~9% shy of total 2021

ASEAN Builder's Scoop (4Jul22) - Ascott Buys Oakwood, Boosting Fee Income

<ul>
<li>
<a href="https://www.smartkarma.com/entities/capitaland-investment-ltd-si" target="_blank" data-smartkarma-citation="entities:33774" rel="noopener">CapitaLand Investment (CLI SP)</a> establishes its first onshore RMB fund in China</li>
<li>
<a href="https://www.smartkarma.com/entities/ireit-global" target="_blank" data-smartkarma-citation="entities:10596" rel="noopener">IREIT Global (IREIT SP)</a> secured 12-year major new lease at Sant Cugat Green</li>
<li>Tender for High Point enbloc sale to close on 28Jul22 as interest from developers picked up</li>
</ul>



CapitaLand Investment (CLI SP) establishes its first onshore RMB fund in China

IREIT Global (IREIT SP) secured 12-year major new lease at Sant Cugat Green
Tender for High Point enbloc sale to close on 28Jul22 as interest from developers picked up


ASEAN Builder's Scoop (22Jun22) - CLI Establishes First Onshore RMB Fund

Singapore

CapitaLand Investment Limited (CLI) is a global real estate investment manager with the aim to scale its FUM and fee-related earnings through its full stack of investment management and operating capabilities. The Company's portfolio of integrated developments, retail, office, lodging and new economy assets are either owned/managed directly or through its fund management platform.

CapitaLand Investment /Sing (CLI SP)

CapitaLand Investment - Looking For Better Performance In 2H23

CapitaLand Investment (SGX:9CI) reported an in-line 1Q23 with revenue up 6% y-o-y to S$702m and making up 22% of our full-year estimates.

UOB Kay Hian

ASEAN Builder's Scoop (11Aug22) - CLI Lodging and REIB Shines Brighter

CIT boosted by recovering hospitality; Condo resale price +1.2% MoM in Jul22; RLC sustained recovery; GTCAP-Nomura RE launches JV firm in Phils

SCCM Asia Research

ASEAN Builder's Scoop (21Jul22) - SSREIT's Rental Reversion Remains Robust

CLI is banking on hospitality sector; Property investment sales dropped -36.9% in 2Q22; Property players become cautious in next 6mo; DILD booked...

SCCM Asia Research

ASEAN Builder's Scoop (4Jul22) - Ascott Buys Oakwood, Boosting Fee Income

AAREIT may relinquish Alexandra Rd acq; 16 Collyer Quay sold for S$3,617psf; Cuscaden owns ~62% of SPHREIT; ARAUS divests 4 Hyatt Place; FLI starts...

SCCM Asia Research

ASEAN Builder's Scoop (22Jun22) - CLI Establishes First Onshore RMB Fund

IREIT secures new 12yr lease in Spain; High Point enbloc closing on 28Jul; Phils banks' RE exposure rises; CLI debuts on bond market; TTJ invests...

SCCM Asia Research