City Developments (C09) AI Stock Analysis

• Market Cap: $6.10B
• Dividend Yield: 1.49%
• Average Volume (3M): 3.09M
• Price to Earnings (P/E): 30.9
• Beta (1Y): 1.01
• Revenue Growth: -10.52%
• EPS Growth: -39.75%
• Country: SG
• Employees: 8,354
• Sector: Real Estate
• Sector Strength: 46
• Industry: Real Estate - Development
• EPS (TTM): 0.10
• Shares Outstanding: 909,301,330
• 10 Day Avg. Volume: 3,690,050
• 30 Day Avg. Volume: 3,086,790
• PEG Ratio: N/A
• Price to Book (P/B): 0.00
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 0.00
• Enterprise Value/Market Cap: 2.79
• Enterprise Value/Revenue: 3.45
• Enterprise Value/Gross Profit: 10.30
• Enterprise Value/Ebitda: 137.80
• 1Y Price Target: $7.21
• Price Target Upside: 7.14% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 7

• Rating: 57 Neutral
• Price Target: S$7.00 ▲(4.01% Upside)

City Developments' overall stock score is primarily influenced by its mixed financial performance and technical indicators. While the company maintains strong gross margins and stable equity, challenges in profitability and leverage management weigh on its financial score. The technical analysis suggests bullish momentum, but overbought signals indicate caution. The valuation score is impacted by a high P/E ratio, suggesting potential overvaluation.

Positive Factors

Financial Performance

Divestments exceeded expectations, with proceeds earmarked for a special dividend.

Operations

Operations are on an uptrend, with multiple tailwinds such as good earnings visibility from largely pre-sold residential projects and an attractive pipeline of residential projects.

Property Development

Strong residential sales in Singapore, with The Orie seeing 91% of its units sold and other projects also performing well.

Negative Factors

Board Uncertainty

An ongoing feud within the Board over its composition and membership has created uncertainty about the strategic direction, likely to dampen investor sentiment in the interim.

Debt Levels

CDL’s balance sheet will remain burdened by high interest costs and debts for 2025.

Divestment Shortfall

The company missed its S$1bn divestment target for FY24, achieving just over S$600mn in divestments.

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 capitalisation. Its income-stable and geographically-diverse portfolio comprises residences, offices, hotels, serviced apartments, integrated developments and shopping malls. With a proven track record of over 55 years in real estate development, investment and management, CDL has developed over 43,000 homes and owns over 18 million square feet of lettable floor area globally. Its diversified global land bank offers 4.1 million square feet of developable gross floor area. The Group's London-based hotel arm, Millennium & Copthorne Hotels (M&C), is one of the world's largest hotel chains, with over 145 hotels worldwide, many in key gateway cities. Leveraging its deep expertise in developing and managing a diversified asset base, the Group is focused on enhancing the performance of its portfolio and strengthening its recurring income streams to deliver long-term sustainable value to shareholders. The Group is also developing a fund management business and targets to achieve US$5 billion in Assets Under Management (AUM) by 2023.

How the Company Makes Money

City Developments Limited generates revenue through several key streams. The primary source of income is from the development and sale of residential properties, where CDL leverages its expertise in crafting high-quality homes and strategic land acquisitions. Additionally, CDL earns substantial revenue from its extensive portfolio of investment properties, which include office buildings, retail spaces, and industrial properties, generating rental income. The company's hospitality segment, which operates under the Millennium & Copthorne Hotels brand, contributes to its earnings through the management and operation of hotels and serviced apartments worldwide. Furthermore, CDL engages in strategic joint ventures and partnerships to expand its market presence and investment opportunities, enhancing its revenue potential. These diversified revenue streams, combined with a strategic focus on sustainable and innovative developments, underpin CDL's financial performance.

City Developments Financial Statement Overview

Summary

City Developments exhibits a mixed financial performance with strong gross margins and stable equity but faces challenges in sustaining profitability and managing leverage. Cash flow from operations is strong, but free cash flow management needs attention to support long-term growth without increasing debt.

Income Statement

City Developments shows a fluctuating revenue trend with a recent decline from 2023 to 2024. The gross profit margin remains strong at around 44.7% in 2024, indicating solid cost management. However, net profit margin dropped significantly to 6.2% in 2024 from 6.4% in 2023, revealing challenges in translating revenue to net income. EBIT and EBITDA margins are healthy, but there's room for improvement in profitability.

Balance Sheet

The balance sheet reflects a stable equity base. The debt-to-equity ratio increased marginally, indicating rising leverage which could be a risk if not managed well. The return on equity (ROE) decreased to 2.2% in 2024, highlighting potential inefficiencies in generating profits from shareholders' equity. The equity ratio remains strong, suggesting a stable long-term financial position.

Cash Flow

Operating cash flow improved in 2024, but free cash flow saw a decline due to higher capital expenditures. The operating cash flow to net income ratio is favorable at 4.6, indicating efficient cash conversion from earnings. However, the free cash flow to net income ratio decreased, pointing to potential challenges in maintaining liquidity without impacting investments.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	4.95B	3.27B	4.94B	3.29B	2.63B	2.11B
Gross Profit	1.66B	1.46B	1.65B	1.25B	977.71M	828.94M
EBITDA	123.76M	1.20B	918.49M	696.54M	439.48M	-330.63M
Net Income	1.81B	201.32M	317.31M	1.29B	139.84M	-1.88B
Balance Sheet
Total Assets	24.23B	25.61B	24.23B	22.98B	23.89B	23.68B
Cash, Cash Equivalents and Short-Term Investments	2.41B	3.01B	2.41B	2.37B	2.11B	3.15B
Total Debt	12.30B	13.98B	12.30B	10.37B	11.41B	11.81B
Total Liabilities	14.69B	16.30B	14.69B	13.42B	14.56B	14.43B
Stockholders Equity	9.18B	9.09B	9.18B	9.22B	8.41B	8.50B
Cash Flow
Free Cash Flow	360.08M	275.44M	360.08M	-514.24M	719.49M	-749.97M
Operating Cash Flow	639.67M	929.67M	639.67M	-125.51M	1.13B	-356.15M
Investing Cash Flow	-2.01B	-982.99M	-2.01B	779.97M	-863.41M	-1.08B
Financing Cash Flow	1.21B	692.40M	725.97M	-290.11M	-1.28B	1.56B

City Developments Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 6.73
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:C09, the sentiment is Positive. The current price of 6.73 is above the 20-day moving average (MA) of 6.33, above the 50-day MA of 5.72, and above the 200-day MA of 5.14, indicating a bullish trend. The MACD of 0.27 indicates Negative momentum. The RSI at 72.45 is Negative, neither overbought nor oversold. The STOCH value of 83.94 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SG:C09.

City Developments Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	71 Outperform	¥232.72B	15.26	10.65%	3.48%	19.99%	28.08%
C09	57 Neutral	$6.10B	30.87	2.25%	1.49%	-10.52%	-39.75%
FRZCF	―	$3.53B	18.89	5.08%	5.85%	―	―
FSRPF	―	$2.94B	14.84	2.80%	3.19%	―	―
UOLGF	―	$4.80B	14.47	3.80%	2.49%	―	―
F1E	68 Neutral	S$376.80M	182.14	0.35%	2.97%	31.28%	―
5JK	61 Neutral	S$261.16M	23.82	1.53%	1.36%	21.91%	82.03%

City Developments Corporate Events

CDL Investments Reports Increased Profit Despite Revenue Decline

CDL Investments New Zealand Limited, along with its subsidiary, reported its financial performance for the half-year ending June 30, 2025. The company experienced a decline in property sales revenue from the previous year, resulting in a decrease in total revenue. Despite this, the company achieved a higher net profit due to a significant reduction in income tax expenses. This financial outcome indicates a positive shift in profitability, which may influence investor confidence and market positioning.

The most recent analyst rating on (SG:C09) stock is a Hold with a S$4.60 price target. To see the full list of analyst forecasts on City Developments stock, see the SG:C09 Stock Forecast page.

Millennium & Copthorne Hotels NZ Reports Turnaround in Profit

City Developments’ subsidiary, Millennium & Copthorne Hotels New Zealand Limited, reported a decrease in revenue for the first half of 2025 compared to the same period in 2024. Despite a drop in operating profit and finance income, the company achieved a profit of $8.5 million, a significant turnaround from a loss of $10.2 million in the previous year, indicating improved financial health.

The most recent analyst rating on (SG:C09) stock is a Hold with a S$4.60 price target. To see the full list of analyst forecasts on City Developments stock, see the SG:C09 Stock Forecast page.

CDL Investments Disappointed by Hastings Council’s Land Exclusion Decision

CDL Investments New Zealand Limited expressed disappointment over the Hastings District Council’s decision to exclude its Middle Road land from the Future Development Strategy, despite recommendations from council officers and an independent panel. The decision raises concerns about meeting future growth needs and delays potential housing solutions for the Hawke’s Bay community. CDI is considering legal and planning advice for next steps, emphasizing the importance of strategic growth and infrastructure development.

The most recent analyst rating on (SG:C09) stock is a Hold with a S$4.60 price target. To see the full list of analyst forecasts on City Developments stock, see the SG:C09 Stock Forecast page.

CDI Reports Profit Growth and Strategic Expansion Amid Leadership Change

CDI reported an increased pre-tax profit of $26.8 million for 2024, driven by favorable market conditions and strategic project approvals. The company is committed to sustainability and has expanded its landholdings by 39% over five years. The retirement of Independent Director John Henderson marks the end of an era, as he played a crucial role in guiding the company through significant developments and challenges.

The most recent analyst rating on (SG:C09) stock is a Hold with a S$4.60 price target. To see the full list of analyst forecasts on City Developments stock, see the SG:C09 Stock Forecast page.

Millennium & Copthorne Hotels NZ Reports Strong 2024 Performance and Strategic Expansion

Millennium & Copthorne Hotels New Zealand Limited reported a significant increase in revenue and profit in 2024, attributed to a strong performance in its core hotels business and improved sales in residential property markets. The company completed the acquisition of The Mayfair Hotel in Christchurch, enhancing its market reach, and saw consistent demand in its joint venture with Sofitel Brisbane. Despite global challenges, the company remains optimistic about its future growth prospects. Additionally, a takeover offer from CDL Hotels Holdings New Zealand Limited expired, with CDL HHNZ holding 84% of MCK’s shares, below the threshold for compulsory acquisition.

The most recent analyst rating on (SG:C09) stock is a Hold with a S$4.60 price target. To see the full list of analyst forecasts on City Developments stock, see the SG:C09 Stock Forecast page.

City Developments Limited Holds 62nd Annual General Meeting

City Developments Limited (CDL) held its Sixty-Second Annual General Meeting on April 23, 2025, in Singapore, both in-person and electronically. The meeting was attended by key directors and management, including Executive Chairman Mr. Kwek Leng Beng and Group CEO Mr. Sherman Kwek. The AGM served as a platform for discussing the company’s strategic direction and operational performance, reflecting its commitment to transparency and stakeholder engagement.

The most recent analyst rating on (SG:C09) stock is a Hold with a S$4.60 price target. To see the full list of analyst forecasts on City Developments stock, see the SG:C09 Stock Forecast page.

City Developments Reports Strong Q1 2025 Performance and Strategic Expansion

City Developments Limited reported a strong performance in Q1 2025, with a significant increase in property sales in Singapore, driven by the successful launch of The Orie project. The company also achieved high sales in other projects and is preparing to launch a new mixed-use development at Zion Road. Internationally, the company secured approval for a major mixed-use scheme in London and reported high sales and construction progress in Australia. These developments indicate a robust operational performance and strategic expansion in key markets.

The most recent analyst rating on (SG:C09) stock is a Hold with a S$4.60 price target. To see the full list of analyst forecasts on City Developments stock, see the SG:C09 Stock Forecast page.