GOLDMAN SACHS : Capitaland Investment – Less is more – Initiate at Buy. Post restructuring, Capitaland Investment has sharpened its focus as a real estate investment manager (REIM) with S$119b AUM given the privatisation of its development segment. Earnings visibility is clearer without the more volatile development segment (30-50% of FY18-20 revenue). Other earnings, from management fees and real estate investment, are broadly recurring in nature. Coupled with operational improvements and recovery from Covid-19, we expect higher core Patmi margins of c.55% in FY22-23E (vs 12-20% 5Y avg). We initiate coverage of CLI at Buy with a 12m TP of S$3.64.