CapitaLand Investment Ltd

9CI: XSES (SGP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	SGD 2.50	Mflv	Snfqsvnpw

CapitaLand Investment: Growth in Fund Management Offset by Decline in Real Estate Business

Xinfu Lee

Apr 26, 2024

We retain our fair value estimate of SGD 3.50 per share for CapitaLand Investment after its in line first-quarter 2024 business update. We think the shares are undervalued currently but prefer narrow-moat ESR Group, an alternative asset manager that is trading at a deeper discount to our fair value estimate. We anticipate the elevated interest-rate environment will continue to be a near-term headwind for alternative asset managers, making it difficult for them to raise funds and scale up their business.

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