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City Developments
(SGX:C09)
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Rating:58Neutral
Price Target:
S$8.00
â–Ľ(-4.53% Downside)
Action:Reiterated
Date: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, investment, management and hospitality, creating multiple income sources. This structural diversification reduces reliance on any single cycle, allowing recurring rental/management income to offset development cyclicality and support long-term stability.
Negative Factors
Weak cash conversion and negative FCF
Earnings have not consistently converted into cash; negative operating and free cash flow in 2025 increases reliance on external funding or asset disposals. For a development-led group, persistent weak cash conversion heightens liquidity risk and reduces ability to self-fund projects or weather rate shocks.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified, complementary revenue streams
CDL's business spans property development, investment, management and hospitality, creating multiple income sources. This structural diversification reduces reliance on any single cycle, allowing recurring rental/management income to offset development cyclicality and support long-term stability.
Read all positive factors
City Developments (C09) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$7.17B
Dividend Yield1.23%
Average Volume (3M)1.80M
Price to Earnings (P/E)11.3
Beta (1Y)0.86
Revenue Growth10.19%
EPS Growth226.12%
CountrySG
Employees9,343
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$11.03Price Target Upside31.66% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)0.43
Revenue Forecast (FY)S$4.05B
City Developments Business Overview & Revenue Model
Company Description
City Developments Limited (CDL) is a leading global real estate company with a network spanning 168 locations in 29 countries and regions. Listed on the Singapore Exchange, the Group is one of the largest companies by market capitalisation. Its in...
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 | 726.97M | -982.99M | -1.86B | 779.97M | -863.41M |
| Financing Cash Flow | 440.09M | 692.40M | 725.97M | -290.11M | -1.28B |
City Developments Technical Analysis
Neutral
8.38
Price Trends
8.17
Negative
8.41
Negative
7.97
Negative
Market Momentum
-0.12
Positive
45.37
Neutral
69.44
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:C09, the sentiment is Neutral. The current price of 8.38 is above the 20-day moving average (MA) of 8.09, above the 50-day MA of 8.17, and above the 200-day MA of 7.97, indicating a bearish trend. The MACD of -0.12 indicates Positive momentum. The RSI at 45.37 is Neutral, neither overbought nor oversold. The STOCH value of 69.44 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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$8.18B | 16.82 | 4.14% | 2.06% | 15.72% | 34.49% | |
72 Outperform | S$4.61B | 16.86 | 3.20% | 1.42% | 6.89% | -4.23% | |
67 Neutral | S$4.32B | 18.60 | 1.48% | 4.02% | -21.12% | -34.48% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
63 Neutral | S$2.45B | 86.38 | 1.51% | 3.20% | -2.64% | -9.64% | |
59 Neutral | S$12.52B | 168.50 | 2.29% | 4.44% | -24.20% | -69.37% | |
58 Neutral | S$7.17B | 11.28 | 6.76% | 1.23% | 10.19% | 226.12% |
* Real Estate Sector Average
SG:C09
City Developments
7.95
2.77
53.53%
SG:TQ5
Frasers Property
1.09
0.23
26.60%
SG:U06
Singapore Land Group Limited
3.17
0.91
40.14%
SG:U14
UOL Group
9.59
3.35
53.69%
SG:F17
GuocoLand Limited
2.20
0.71
47.75%
SG:9CI
CapitaLand Investment Limited
2.50
-0.04
-1.77%
City Developments Corporate Events
CDL Investments Wins Fast-Track Approval for Major Havelock North Housing Project
Jun 26, 2026
CDL Investments New Zealand has secured fast-track referral approval for its Middle Road residential development in Havelock North, Hawke’s Bay. The project, to be delivered through its wholly owned subsidiary, is planned to provide approxim...
City Developments’ AGM backs dividend, board slate and expanded share issuance mandate
May 28, 2026
City Developments Limited held its 63rd annual general meeting in a hybrid format, combining an in-person session at M Hotel Singapore with a live webcast to facilitate broader shareholder participation. The board and senior management, along with...
CDL Shareholders Approve New Performance Share Plan 2026
May 28, 2026
City Developments Limited secured shareholder approval at an extraordinary general meeting held in hybrid format in Singapore to adopt its new CDL Performance Share Plan 2026. The plan allows the company to grant fully paid-up ordinary shares, fre...
CDL Investments profits fall in soft housing market as developer leans on pipeline and rentals
May 26, 2026
CDL Investments New Zealand reported profit after tax of $11.1 million for 2025, down from $15.4 million a year earlier, as subdued residential demand, cost-of-living pressures and broader economic uncertainty weighed on section sales despite easi...
MCK Posts Strong 2025 Results and Enters 2026 with Cautious Optimism
May 26, 2026
MCK reported another strong year in 2025, with hotel revenue rising 19.5% to $130.9 million and total revenue reaching a five-year high of $186.7 million, driven by portfolio growth, refurbishments and robust demand from international, corporate a...
Grand Plaza Hotel Gets Clean Audit Opinion on 2025 Financials
May 25, 2026
Grand Plaza Hotel Corporation has released its audited financial statements for the years ended December 31, 2025 and 2024, accompanied by a clean opinion from independent auditor R.G. Manabat Co. The auditors concluded that the company’s f...
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.