CapMan's Q3 was solid with fee income and profit topping our estimate. Fee profit rose 29% y/y, proving the scalable nature of the business. The negative note of the report goes to fundraising as the company postponed the Real Estate IV first close to 2026. However, the company sees momentum in its open-ended funds as well as in its forest fund, which still targets 2025 first closing. Overall, at first glance we think a neutral to positive reaction to the report is jusified.
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