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CapitaLand Investment Limited (9CI) Fair Value & Analysis

Real Estate · SG · Market cap 12.4B SGD

CI CapitaLand Investment Limited 9CI · SG
Price2.75 SGD
Fair Value0.4900 SGD
Upside-82.2%
Quality63/100
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Weak Growth
Thin margins · 6.8% net margin
Moderate debt · generates free cash flow
4.84% dividend yield
Trails peers (4/15)
Moderate moat 45/100
Evidence: Medium Range 0.3600 SGD – 0.9600 SGD Share as image

Fair value as of: Aug 13, 2026

From 16 valuation models · updated today

Share price +10.0% over the past month.

A solid business, but screening 82% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (0.9600 SGD). The favourable scenario is already priced in.
  • The model range is unusually wide (0.3600 SGD to 0.9600 SGD). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • Solid but not exceptional quality (63/100) and above fair value, neither a clear bargain nor a standout compounder.
  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
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Price vs Fair Value (5 years)

3.40 SGD 2.14 SGD Fair Value 0.4900 SGD Sep 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

59‑month range 2.14 SGD – 3.40 SGD · fair‑value band 0.3600 SGD – 0.9600 SGD · the 2.75 SGD price screens above the 0.4900 SGD fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

CapitaLand Investment Limited (9CI) currently trades at 2.75 SGD, while our model-based Fair Value estimate is 0.4900 SGD, implying the stock looks roughly 82.2% overvalued today. The Quality Score stands at 63/100 (solid quality), in the Real Estate sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).

Over the trailing twelve months, CapitaLand Investment Limited generated revenue of 2.1B SGD at a net margin of 6.8%. Revenue declined 24.6% year over year. It earns a return on equity of 1.2%. Net debt stands at 5.9B SGD. Fundamentals as of Aug 13, 2026

Our scenario range runs from 0.3600 SGD (bear case) to 0.9600 SGD (bull case); at 2.75 SGD, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 10% below its 52-week high and 12% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at 15% fair-value upside, at -82%, 9CI screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Note: the current price implies far more future growth than the conservative anchors of our models allow (base growth is deliberately capped, we do not regard such extreme rates as sustainable). Our models are not designed for expectations this high; that is why the individual models scatter extremely (0.0800 SGD to 1.69 SGD). Read the values as a conservative anchor, not as a price target.
Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF 0.2800 SGD 0.8900 SGD 80
Residual Income 1.74 SGD 1.65 SGD 1.22 SGD 76
Rev-Margin DCF 0.1800 SGD 0.6700 SGD 74
All 16 models by family
DCF Models
FCF DCF 0.2500 SGD 0.9200 SGD 38
5Y Revenue Exit 0.1600 SGD 0.7100 SGD 39
5Y EBITDA Exit 0.0800 SGD 0.6700 SGD 1.45 SGD 41
10Y Revenue Exit 0.0800 SGD 0.3800 SGD 36
10Y EBITDA Exit 0.3900 SGD 0.8200 SGD 37
Dividend Discount
Gordon GGM 1.10 SGD 1.21 SGD 1.36 SGD 70
DDM Multi-Stage 1.10 SGD 1.38 SGD 1.78 SGD 61
Multiples
P/S Multiple 0.3700 SGD 0.4900 SGD 0.6200 SGD 58
P/B Multiple 0.3700 SGD 0.4900 SGD 0.6200 SGD 55
EV/EBIT 0.4900 SGD 1.00 SGD 1.51 SGD 53
EV/EBITDA 0.4200 SGD 0.9100 SGD 1.40 SGD 54
EV/Revenue 0.1600 SGD 0.5300 SGD 43
Asset-Based
NCAV (Graham) 1.26 SGD 1.69 SGD 2.52 SGD 50
Growth DCF
Growth DCF 0.2800 SGD 0.8900 SGD 80
Rev-Margin DCF 0.1800 SGD 0.6700 SGD 74
Economic Profit
Residual Income 1.74 SGD 1.65 SGD 1.22 SGD 76

Widest divergence: Asset-Based (1.69 SGD) versus Growth DCF (0.1800 SGD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 2.1B SGD
Revenue growth (YoY) -24.6%
Net margin 6.8%
Return on equity 1.2%
Free cash flow 479M SGD FY2025
P/E ratio 91.7
More key figures
Operating margin 27.5%
EPS (TTM) 0.0300 SGD
Dividend yield 4.8%
EPS growth (YoY) -10.9%
Net debt 5.9B SGD FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 63/100

Of which business quality 62 · Market factors (momentum, volatility) 57

Profitability 17
Margins and returns on capital today
Quality Growth 49
Are margins and returns improving?
Cashflow 93
Earnings quality: real cash, not paper profit
Fin. Strength 50
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 96
Calm price path (market factor)
Momentum 38
Price trend over the last 3–12 months (market factor)
52W Momentum 46
Distance to the 52-week high (market factor)
Net Issuance 85
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

CapitaLand Investment Limited is a leading global real asset manager with a strong Asia foothold. As at 31 December 2025, CLI had 125 billion dollars of funds under management.

Full company description

CapitaLand Investment Limited is a leading global real asset manager with a strong Asia foothold. As at 31 December 2025, CLI had 125 billion dollars of funds under management. CLI holds stakes in eight listed real estate investment trusts and business trusts and a suite of private real asset vehicles that invest in demographics, disruption and digitalization-themed strategies. Its diversified real asset classes include retail, office, lodging, industrial, logistics, business parks, wellness, self-storage, data centres and credit. CLI aims to scale its fund management, commercial management and lodging management businesses globally and maintain effective capital management. As the investment management arm of CapitaLand Group, CLI has access to the development capabilities of and pipeline investment opportunities from CapitaLand Group's development arm. CLI is committed to growing in a responsible manner, delivering long-term economic value and contributing to the environmental and social well-being of its communities. CapitaLand Investment Limited is headquartered in Singapore. CapitaLand Investment Limited was incorporated in 2002 in Singapore.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

CapitaLand Investment Limited reported revenue of 2.1B SGD in FY2025 versus 2.3B SGD in FY2021, a compound −1.8%/yr. Reported net income was 145M SGD in FY2025, compounding −42.7%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
2.1B SGD
Latest YoY
−24.2%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−9.5%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+1.5%
Avg. growth/yr (6Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−2.5%
Revenue −1.8%/yr
FY21 2.3B SGD
FY22 2.9B SGD
FY23 2.8B SGD
FY24 2.8B SGD
FY25 2.1B SGD
Net income −42.7%/yr
FY21 1.3B SGD
FY22 861M SGD
FY23 181M SGD
FY24 479M SGD
FY25 145M SGD

9CI screens 82% overvalued. Compare with Plaza S.A →

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Cite: Fair Value Calculator (2026). "CapitaLand Investment Limited Fair Value". https://www.fairvalue-calculator.com/stock/9CI

Peer Group

Real Estate Services · 529 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 65 · Top 25%
Fair Value upside −82% · Bottom 25%
Return on equity (TTM) 1% · Below median
Return on assets 1% · Below median
Net margin (TTM) 7% · Below median
Operating margin (TTM) 27% · Above median
Revenue growth -25% · Bottom 25%
Dividend yield (TTM) 4.8% · Above median
Debt / equity 0.58× · Higher than median

Valuation Multiples vs Real Estate Services median · lower = cheaper

P/E (TTM) 91.7× · Pricier than 75% of peers
P/B 0.77× · Pricier than median
P/S (TTM) 4.56× · Pricier than median
P/FCF 20.3× · Pricier than 75% of peers
EV/EBITDA 23.8× · Pricier than 75% of peers
PEG 0.55× · Cheaper than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 35
FUTURE 0 · sector 10
PAST 5 · sector 16
HEALTH 71 · sector 85
DIVIDEND 97 · sector 50

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Real Estate Services stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Plaza S.A MALLPLAZA 3,989 CLP 4,571 CLP +15%
PT Solusi Tunas Pratama Tbk SUPR 43,850 IDR 15,049 IDR -66%
Cencosud Shopping S.A CENCOMALLS 2,412 CLP 2,976 CLP +23%
PT Sarana Menara Nusantara Tbk. owns and TOWR 392.00 IDR 1,012 IDR +158%
PT Metropolitan Kentjana Tbk MKPI 22,000 IDR 19,160 IDR -13%
PT Bangun Kosambi Sukses Tbk, CBDK 3,610 IDR 3,464 IDR -4%
IRSA Inversiones y Representaciones Sociedad Anónima, IRSA 2,495 ARS 2,990 ARS +20%
PT Plaza Indonesia Realty Tbk PLIN 2,510 IDR 2,698 IDR +7%
PT MNC Tourism Indonesia Tbk, KPIG 74.00 IDR 122.12 IDR +65%
PT Indonesian Paradise Property Tbk INPP 770.00 IDR 291.52 IDR -62%

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Frequently asked questions

Is CapitaLand Investment Limited (9CI) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 0.4900 SGD versus a price of 2.75 SGD, about −82% (overvalued).
What is the fair value of 9CI?
Our model-based fair value for CapitaLand Investment Limited is 0.4900 SGD (as of Aug 13, 2026), built from audited fundamentals. The current price is 2.75 SGD.
What is the quality score of 9CI?
CapitaLand Investment Limited has a Quality Score of 63/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of CapitaLand Investment Limited (9CI)?
CapitaLand Investment Limited reported trailing-twelve-month revenue of about 2.1B SGD (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 9CI?
The net profit margin of CapitaLand Investment Limited is about 6.8%, meaning it keeps roughly 6.8% of revenue as net income. Based on the latest reported figures.
Does CapitaLand Investment Limited pay a dividend?
CapitaLand Investment Limited currently shows a dividend yield of about 4.84% relative to its recent price (as of Aug 13, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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