• FY24 PATMI of S$479mn (+165% YoY) was below our expectations, forming 64% of our FY24e forecast. The YoY gain was mainly due to lower revaluation losses of S$261mn (-57% YoY). Excluding revaluation losses, FY24 PATMI was in line with our estimates. FY24 revenue rose 1% to S$2.8bn, led by a 9.3% YoY increase in Fee Income-related Business (FRB) revenue, which offset the 3.4% decline in Real Estate Investment Business (REIB) revenue. Operating PATMI fell 10.2% YoY to S$510mn from the absence of contribution from divested properties and one-off income.
• CLI declared a final DPS of 12 cents and a special dividend-in-specie of 0.031 CICT units per share, valued at 6 cents per CLI share, taking total DPS to 18 cents. In addition, CLI also revised its dividend payout policy to a minimum 50% of cash PATMI, up from 30% previously to enhance shareholder returns.
• Maintain BUY with a higher SOTP TP of S$3.65 (previously S$3.38). We lower our FY25e PATMI by 6% to reflect recent corporate activities, including the divestment of ION Orchard and the dividend-in-specie of CICT units. We like CLI for its robust recurring fee income stream and asset-light model. Growth drivers include increased REIT transactions, a faster pace of balance sheet reduction which should improve ROE, and the launch of new funds. CLI remains on track to achieve its S$200bn (FY24: S$117bn, FY23: S$99bn) FUM target by 2028 through organic and inorganic growth. With a low debt/equity ratio of 0.39x, CLI is well positioned for future acquisitions and expansion.

Investment Summary Plover Bay Technologies (01523.HK) recorded solid growth in its financial performance for the fiscal year 2024, with total revenue reaching $116.79 million, representing a 23.9% YoY increase. This growth was primarily driven by the strong sales performance of mobile-first connectivity products, as well as stable expansion in software licensing and warranty support services. Benefiting from an expansion in gross profit margin and operating leverage, profit attributable to equity holders increased by 35.4% to $38.05 million, with diluted earnings...
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Company profile Sunny Optical Technology, founded in 1984, is a leading global manufacturer of optical components and products. Specializing in optical and optoelectronic product design, R&D, production, and sales, its key offerings include optical components (mobile phone lenses, automotive lenses, surveillance lenses, etc.), optoelectronic products (mobile phone camera modules, 3D optoelectronic modules, automotive modules), and optical instruments (microscopes, smart inspection equipment). Positive profit alert for 2024 The company has issued a positive profit alert for 2024, expecting full-year net profit...
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