City Developments Limited (SG:C09)
SGX:C09
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City Developments
(SGX:C09)
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Rating:58Neutral
Price Target:
S$8.50
▲(1.43% Upside)
Action:ReiteratedDate:03/03/26
The score is held back primarily by uneven cash generation (negative operating/free cash flow in 2025) and meaningful leverage, despite improved 2025 profitability. Technicals are supportive with a broadly upward longer-term trend and positive MACD, while valuation is moderate (P/E ~14, ~1% yield) and does not materially shift the overall view.
Positive Factors
Diversified, complementary revenue streams
CDL’s business spans property development, recurring rental income from investment properties, property/asset management fees and a global hospitality arm. This multi-channel model provides structural revenue diversification that can smooth cycles, enable cross-selling and support more stable long-term cash flows versus a pure developer.
Negative Factors
Negative operating and free cash flow (2025)
Earnings are not reliably converting into cash: negative OCF and FCF in 2025 signal working-capital swings and investment outflows typical in development. Persistently weak cash conversion increases dependence on external financing or asset sales, heightening liquidity and refinancing risk over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified, complementary revenue streams
CDL’s business spans property development, recurring rental income from investment properties, property/asset management fees and a global hospitality arm. This multi-channel model provides structural revenue diversification that can smooth cycles, enable cross-selling and support more stable long-term cash flows versus a pure developer.
Read all positive factors
City Developments (C09) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$7.40B
Dividend Yield1.23%
Average Volume (3M)1.80M
Price to Earnings (P/E)11.3
Beta (1Y)0.92
Revenue Growth10.19%
EPS Growth226.12%
CountrySG
Employees8,354
SectorReal Estate
Sector Strength53
IndustryReal Estate - Development
Share Statistics
EPS (TTM)0.70
Shares Outstanding909,301,330
10 Day Avg. Volume1,632,500
30 Day Avg. Volume1,799,860
Financial Highlights & Ratios
PEG Ratio0.05
Price to Book (P/B)0.75
Price to Sales (P/S)1.98
P/FCF Ratio-2.99
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
S$11.13Price Target Upside32.77% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)0.44
Revenue Forecast (FY)S$3.93B
City Developments Business Overview & Revenue Model
Company Description
City Developments Limited (CDL) is a leading global real estate operating company with a network spanning 103 locations in 29 countries and regions. Listed on the Singapore Exchange, the Group is one of the largest companies by market capitalisati...
How the Company Makes Money
CDL generates earnings from multiple, complementary revenue streams across the real estate and hospitality value chain:
1) Property development (development sales and related gains)
- CDL acquires or partners to secure land/sites, develops projec...
City Developments Financial Statement Overview
Summary
Income Statement
68
Positive
Balance Sheet
52
Neutral
Cash Flow
34
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 3.61B | 3.27B | 4.94B | 3.29B | 2.63B |
| Gross Profit | 903.55M | 1.46B | 1.65B | 1.25B | 977.71M |
| EBITDA | 1.56B | 1.20B | 918.49M | 433.47M | 439.48M |
| Net Income | 629.68M | 201.32M | 317.31M | 1.29B | 84.71M |
Balance Sheet | |||||
| Total Assets | 27.05B | 25.61B | 24.23B | 22.98B | 23.89B |
| Cash, Cash Equivalents and Short-Term Investments | 2.06B | 3.01B | 2.41B | 2.37B | 2.13B |
| Total Debt | 14.67B | 13.98B | 12.30B | 10.37B | 11.41B |
| Total Liabilities | 16.79B | 16.30B | 14.69B | 13.42B | 14.56B |
| Stockholders Equity | 9.59B | 9.09B | 9.18B | 9.22B | 8.41B |
Cash Flow | |||||
| Free Cash Flow | -2.39B | 275.44M | 360.08M | -514.24M | 719.49M |
| Operating Cash Flow | -1.88B | 929.67M | 639.67M | -125.51M | 1.13B |
| Investing Cash Flow | 1.07B | -982.99M | -1.86B | 779.97M | -863.41M |
| Financing Cash Flow | 95.05M | 692.40M | 725.97M | -290.11M | -1.28B |
City Developments Technical Analysis
Negative
8.38
Price Trends
8.99
Negative
8.59
Negative
7.64
Positive
Market Momentum
-0.14
Negative
44.48
Neutral
40.71
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:C09, the sentiment is Negative. The current price of 8.38 is above the 20-day moving average (MA) of 8.36, below the 50-day MA of 8.99, and above the 200-day MA of 7.64, indicating a neutral trend. The MACD of -0.14 indicates Negative momentum. The RSI at 44.48 is Neutral, neither overbought nor oversold. The STOCH value of 40.71 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SG:C09.
City Developments Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | S$9.00B | 6.69 | 4.14% | 2.06% | 15.72% | 34.49% | |
72 Outperform | S$5.36B | 16.53 | 3.20% | 1.42% | 6.89% | -4.23% | |
67 Neutral | S$4.48B | ― | 1.48% | 4.02% | -18.20% | 40.87% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
63 Neutral | S$2.73B | ― | 1.51% | 3.20% | -2.64% | -9.64% | |
63 Neutral | S$13.87B | -23.80 | 2.29% | 4.44% | -24.20% | -69.37% | |
58 Neutral | S$7.40B | 11.35 | 6.76% | 1.23% | 10.19% | 226.12% |
* Real Estate Sector Average
SG:C09
City Developments
8.16
3.44
72.73%
SG:TQ5
Frasers Property
1.14
0.36
45.41%
SG:U06
Singapore Land Group Limited
3.74
1.78
90.82%
SG:U14
UOL Group
10.63
4.96
87.48%
SG:F17
GuocoLand Limited
2.46
1.08
77.87%
SG:9CI
CapitaLand Investment Limited
2.78
0.21
8.17%
City Developments Corporate Events
CDL wins fast-track consent for 171-lot Arataki housing project
Feb 25, 2026
CDL Investments New Zealand’s subsidiary CDL Land New Zealand has secured fast-track approval for a 171-lot residential subdivision on an 11-hectare site at Arataki Road, Havelock North. Located about 2.5km from the village centre, the proje...
CDL Investments NZ Profit Falls on Weaker Property Sales in 2025
Feb 24, 2026
CDL Investments New Zealand reported a sharp drop in full-year revenue to NZ$38.1 million in 2025 from NZ$49.1 million a year earlier, driven mainly by lower property sales. Rental income improved modestly, but gross profit fell to NZ$20.9 million...
Millennium & Copthorne NZ Profit Surges on Higher Revenue and Lower Tax
Feb 24, 2026
Millennium Copthorne Hotels New Zealand posted 2025 revenue of NZ$186.7 million, up from NZ$176.2 million a year earlier, driven by higher hotel income but offset by lower property sales. Despite increased administration and operating costs and a...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.