SGX:9CIReal Estate
CapitaLand Investment (SGX:9CI) Stock Rich Multiple Meets Thinner Margins
CapitaLand Investment came into these H1 numbers priced for perfection, trading on a rich trailing P/E near 74x, yet the stock closed at SGD2.74 today with only a modestly positive 7 day and 30 day run behind it. The gap between the high multiple and the muted share price reaction points straight to the earnings headline. Profitability is running on thinner ice, with trailing net margin at 8.8% compared with 17.5% a year earlier, while a sizeable one off loss of SGD210.0m still hangs over the...