- 1Q26 revenue of S$487mn (-2% YoY) was slightly below our estimates, forming 21% of our FY26e forecast. Fee-related revenue was the standout performer, rising 10% YoY, driven by strong growth in listed (+14%) and private funds (+58%) management, while REIB revenue declined 14% following the divestment of the Synergy platform.
- Capital raising activity remained resilient despite a weaker macro backdrop amid the Middle East conflict, with S$2.5bn in equity raised across listed and private funds YTD, alongside S$7.2bn in deployment YTD.
- Maintain BUY with an unchanged SOTP-TP of S$3.69 and no changes to forecasts. The listing of a second C-REIT in the next couple of months should support continued capital recycling. We continue to favour CLI for its robust and growing recurring fee income and asset-light strategy, which underpins resilience amid macro uncertainty. However, we expect fundraising momentum and deployment to moderate from the strong 1Q26 levels in the coming months amid a more uncertain macroeconomic backdrop. While Singapore deals remain relatively more resilient given market stability, other markets are more cautious amid concerns around cost pressures and the potential impact of inflation on interest rates.
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