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CGS-CIMB initiates coverage on Capitaland Investment as it exceeds FUM target

Chloe Lim
Chloe Lim5/25/2022 04:32 PM GMT+08  • 3 min read
CGS-CIMB initiates coverage on Capitaland Investment as it exceeds FUM target
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CGS-CIMB Research analyst Lock Mun Yee initiates an “add” rating on Capitaland Investment (CLI) with a target price of $4.59.

Lock forecasts a 16% CAGR in operating Patmi before portfolio gains and revaluations over FY2021 ended December 2021 to FY2024, driven by growth in funds under management (FUM) and fee income, efficient capital deployment, and improved operating performance of its investment and lodging properties as borders reopen.

“We believe this will underpin return of equity (ROE) expansion from operating Patmi from 3-4% between 2017-2020 to around 5% by FY2024 and narrow its current valuation gap as compared to its peers,” Lock adds.

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