CAPITALAND INVESTMENT LIMITED (9CI) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of CAPITALAND INVESTMENT LIMITED S$0.56, price S$2.52, upside -77.8%, quality 64 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.
How to read this chart
60‑month range 2.14 SGD – 3.40 SGD · fair‑value band 0.3600 SGD – 1.03 SGD · the 2.52 SGD price screens above the 0.5600 SGD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 27, 2026.
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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.
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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.
Stock analysis
CAPITALAND INVESTMENT LIMITED (9CI) currently trades at 2.52 SGD, while our model-based Fair Value estimate is 0.5600 SGD, 77.8% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of 1.69 SGD per share, and 0 of the 16 models we run sit above the 2.52 SGD price.
Bear case: the Growth DCF group reads lowest at 0.2300 SGD, and 16 of the 16 models stay below the price. Evidence for this calculation is high.
Scenario range: 0.3600 SGD (bear) to 1.03 SGD (bull), the price of 2.52 SGD sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 64/100 (solid quality), in the Real Estate sector.
Weak Growth: Revenue growth is weak: less than 2 % a year.
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.
Key figures
Market cap 12.6B SGD (≈ $9.8B) · P/E ratio 63.0 · P/S ratio 4.28 · EPS (TTM) 0.0400 SGD · Dividend yield 4.8% · Net margin 6.8% · Return on equity 1.6% · Return on assets (EBIT) 2.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 17% below its 52-week high and 2% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −10% fair-value upside, at −78%, 9CI screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely (0.1500 SGD to 1.69 SGD). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear 0.3600 SGDFair Value 0.5600 SGDBull 1.03 SGD
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single 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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue growth is weak: less than 2 % a year.
Revenue growth 1 year
−24.2%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
−9.5%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+1.5%
Start year 2020 (pandemic)
Revenue growth 6 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
−2.5%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis.
+3.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year−1.6%
Dividend (yield on the price)4.8%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−21% → 22%
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+16.8%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+4.4%
Yearly sales growth analysts expect, extended to five years.
After inflation (Singapore: IMF forecast 2.0% a year to 2030, 1.7% from 2016 to 2025) that is about +14.5% a year for the price and +2.4% for the forecasts.
Compare CAPITALAND INVESTMENT LIMITED with another stock
Price, fair value, quality and upside side by side.
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Peer Groupⓘ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.Real Estate Services · 526 stocks
Beats the industry median on 4/15 measures
Overall it trails its industry peers.
Valuation
Quality Score65 · Top 25%
Fair Value upside−77.8% · Bottom 25%
Profitability
Return on equity (TTM)1.6% · Below median
Return on assets1.6% · Below median
Net margin (TTM)8.8% · Below median
Operating margin (TTM)29.5% · Above median
Growth and dividend
Revenue growth−2.1% · Below median
Dividend yield (TTM)4.8% · Above median
Balance sheet
Debt / equity0.58× · Above median
Valuation Multiplesvs Real Estate Services median · lower = cheaper
P/E (TTM)63.0× · Priciest 25%
P/B1.00× · Pricier than median
P/S (TTM)5.95× · Priciest 25%
P/FCF26.2× · Priciest 25%
EV/EBITDA27.3× · Priciest 25%
PEG0.53× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 47
FUTURE (revenue growth)0· sector 15
PAST (return on equity)6· sector 17
HEALTH (low debt)71· sector 83
DIVIDEND (yield)95· sector 63
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is CAPITALAND INVESTMENT LIMITED (9CI) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of 0.5600 SGD versus a price of 2.52 SGD, about −78% upside (overvalued).
What is the fair value of 9CI?
Our model-based fair value for CAPITALAND INVESTMENT LIMITED is 0.5600 SGD (as of Sep 27, 2026), built from audited fundamentals. The current price: 2.52 SGD.
What is the quality score of 9CI?
CAPITALAND INVESTMENT LIMITED has a Quality Score of 64/100. 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 price target for CAPITALAND INVESTMENT LIMITED (9CI)?
Our model-based price target is the fair value of 0.5600 SGD (as of Sep 27, 2026) from 16 valuation models. Cautious scenario 0.3600 SGD, optimistic scenario 1.03 SGD. It is a calculation from audited fundamentals, not an analyst target.
What is the CAPITALAND INVESTMENT LIMITED stock forecast for 2026?
Our models put fair value at 0.5600 SGD, about −78% upside versus a price of 2.52 SGD (overvalued). Cautious scenario 0.3600 SGD, optimistic scenario 1.03 SGD. The calculation is refreshed regularly with new filings.
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 Sep 27, 2026).
Does CAPITALAND INVESTMENT LIMITED pay a dividend?
CAPITALAND INVESTMENT LIMITED currently shows a dividend yield of about 4.76% relative to its recent price (as of Sep 27, 2026).
What growth is priced into CAPITALAND INVESTMENT LIMITED (9CI)?
For today's price to be fair in a discounted-cash-flow model, CAPITALAND INVESTMENT LIMITED would have to grow free cash flow by +16.8 % per year for five years (discount rate 8.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +1.5 % per year. As of Sep 27, 2026.
What discount rate (WACC) does the fair value of 9CI use?
Our models discount CAPITALAND INVESTMENT LIMITED at 8.1 %: a base by market capitalisation (large), damped by beta 0.59, country premium for Singapore. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For CAPITALAND INVESTMENT LIMITED that is +16.8 % per year a year over ten years, using the same discount rate (8.1 %) and the same formula as our fair value.
How much growth has CAPITALAND INVESTMENT LIMITED (9CI) delivered so far?
Over the past 5 years revenue at CAPITALAND INVESTMENT LIMITED grew +1.5 % a year. The price currently implies +16.8 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of CAPITALAND INVESTMENT LIMITED (9CI) growing?
The median revenue growth in the sector is +2.2 % a year. That is the yardstick for the growth priced into CAPITALAND INVESTMENT LIMITED (+16.8 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of CAPITALAND INVESTMENT LIMITED (9CI)?
The free-cash-flow yield on the price is 3.81 %: that much free cash flow CAPITALAND INVESTMENT LIMITED produces per unit of market value. When it exceeds the discount rate of our models (8.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of CAPITALAND INVESTMENT LIMITED (9CI)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For CAPITALAND INVESTMENT LIMITED it is 0.5600 SGD per share (as of Sep 27, 2026), against a price of 2.52 SGD. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is CAPITALAND INVESTMENT LIMITED stock overvalued or undervalued in 2026?
As of Sep 27, 2026, 9CI trades above its calculated fair value: price 2.52 SGD, fair value 0.5600 SGD, a gap of about −78% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 9CI?
No. The price is what the market pays today (2.52 SGD); the fair value is what the company's own numbers justify (0.5600 SGD). For CAPITALAND INVESTMENT LIMITED the two are 1.96 SGD per share apart. That gap is exactly why we show both numbers side by side.
How much is CAPITALAND INVESTMENT LIMITED worth?
The market values CAPITALAND INVESTMENT LIMITED at about 12.6B SGD (market capitalisation, as of Sep 27, 2026). Per share that is 2.52 SGD; our models calculate a fair value of 0.5600 SGD per share.
What do the bullish and bearish scenarios say about 9CI?
Our models span a range for CAPITALAND INVESTMENT LIMITED: cautious scenario 0.3600 SGD, base 0.5600 SGD, optimistic 1.03 SGD per share (as of Sep 27, 2026, price 2.52 SGD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 9CI?
CAPITALAND INVESTMENT LIMITED trades at a price-to-earnings ratio of 63.0 (as of Sep 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 0.5600 SGD is built from several models across several years. Other multiples: PEG 0.5, P/B 1.0, P/S 6.0, EV/EBITDA 27.3.
What is the PEG ratio of 9CI?
The PEG ratio of CAPITALAND INVESTMENT LIMITED is 0.53 (P/E divided by earnings growth, as of Sep 27, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of CAPITALAND INVESTMENT LIMITED (9CI)?
Balance-sheet figures for CAPITALAND INVESTMENT LIMITED (as of Sep 27, 2026): return on equity 1.6%, debt of 0.58 per unit of equity. They feed the Quality Score of 64/100, which measures business quality independently of the share price.
How far is 9CI from its 52-week high?
CAPITALAND INVESTMENT LIMITED trades at 2.52 SGD, about 17% below its 52-week high of 3.03 SGD and 2% above the low of 2.46 SGD (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of 0.5600 SGD is for.
Which stocks are comparable to CAPITALAND INVESTMENT LIMITED?
From the same area (Real Estate) we also value CBRE Group, KE Holdings, Swire Properties Limited, Cellnex Telecom, S.A, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is CAPITALAND INVESTMENT LIMITED stock attractive at the current price?
The data as of Sep 27, 2026: price 2.52 SGD, calculated fair value 0.5600 SGD (−78%), Quality Score 64/100, from 16 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 9CI calculated?
We run CAPITALAND INVESTMENT LIMITED through 16 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 0.5600 SGD, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. CAPITALAND INVESTMENT LIMITED itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of CAPITALAND INVESTMENT LIMITED (9CI)?
The closing price on Oct 1, 2026 was 2.52 SGD. Our model-based fair value is 0.5600 SGD, about −78% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with CAPITALAND INVESTMENT LIMITED right now?
The price sits above even our optimistic bull case (1.03 SGD). The favourable scenario is already priced in. The model range is unusually wide (0.3600 SGD to 1.03 SGD). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (64/100) 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.
Key figures of CAPITALAND INVESTMENT LIMITED
How large is the market capitalisation of CAPITALAND INVESTMENT LIMITED (9CI)?
The market capitalisation of CAPITALAND INVESTMENT LIMITED is 12.6B SGD (≈ $9.8B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of CAPITALAND INVESTMENT LIMITED (9CI)?
The price-to-sales ratio of CAPITALAND INVESTMENT LIMITED is 4.28 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of CAPITALAND INVESTMENT LIMITED (9CI)?
Earnings per share at CAPITALAND INVESTMENT LIMITED are 0.0400 SGD (price ÷ EPS = P/E 63.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of CAPITALAND INVESTMENT LIMITED (9CI)?
The dividend yield of CAPITALAND INVESTMENT LIMITED is 4.8%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of CAPITALAND INVESTMENT LIMITED (9CI)?
The net margin of CAPITALAND INVESTMENT LIMITED is 6.8% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of CAPITALAND INVESTMENT LIMITED (9CI)?
The return on equity (ROE) of CAPITALAND INVESTMENT LIMITED is 1.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of CAPITALAND INVESTMENT LIMITED (9CI)?
On an EBIT basis the return on assets of CAPITALAND INVESTMENT LIMITED is 2.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of CAPITALAND INVESTMENT LIMITED (9CI)?
The operating margin of CAPITALAND INVESTMENT LIMITED is 29.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at CAPITALAND INVESTMENT LIMITED (9CI)?
Revenue at CAPITALAND INVESTMENT LIMITED is growing −2.1% versus a year earlier (3y avg −9.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at CAPITALAND INVESTMENT LIMITED (9CI)?
Earnings per share at CAPITALAND INVESTMENT LIMITED are growing +14.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does CAPITALAND INVESTMENT LIMITED (9CI) carry?
The net debt of CAPITALAND INVESTMENT LIMITED is 5.9B SGD (fiscal year 2025, ≈ 12.3 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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