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CapitaLand Investment: Decent risk-reward after share price pullback

Stocks

By Ng Hui Min • 26 Oct 2026

Global Wealth Technology Pte. Ltd. is regulated by the Monetary Authority of Singapore (MAS) as a licensed Financial Adviser.

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CapitaLand Investment shares have pulled back from their peak. We examine whether fee growth and asset recycling can narrow its discount to NAV.

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CapitaLand Investment's (CLI) share price has fallen about 25% from its 52-week high of S$3.18 to S$2.40, bringing its valuation close to the lower end of its historical price-to-book (P/B) range.
The pullback comes even as operating PATMI grew 13% year on year in 1H26, supported by stronger fee-related revenue and continued expansion of its fund management business.
CLI is also working to monetise S$7 billion to S$9 billion of non-core investments and legacy assets, which could help release capital and improve investor confidence in its reported net asset value (NAV).
However, CLI faces risks from its exposure to the China property market, and there is uncertainty around the execution of its asset recycling plans.
We assess whether the potential upside from a recovery in valuation is sufficient to compensate investors for these risks.

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