Diversification in Property Types and Geographies Reflected in CapitaLand Investment's In-Line Q1

No-moat CapitaLand Investment’s, or CLI's, first-quarter result was in line with our expectation and the group’s diversification across property types and geographies was reflected in this result. First-quarter fee income related business revenue increased by 17% against the same period last year, while the real estate investment business saw a 28% increase in revenue. Both are tracking in line with our full year forecast and our estimates and fair value estimate of SGD 4.05 are unchanged. Net debt to equity was steady at 0.48 times and lower at 0.38 times excluding the consolidated investment vehicles. The low gearing provides ample capacity for CLI to make opportunistic acquisitions and a strong credit profile should see the group continue to benefit from lower financing cost relative to peers in a rising interest rate environment.