City Developments (C09) AI Stock Analysis

• Market Cap: S$4.71B
• Dividend Yield: 1.52%
• Average Volume (3M): 1.70M
• Price to Earnings (P/E): 24.4
• Beta (1Y): 0.92
• Revenue Growth: -33.84%
• EPS Growth: -36.71%
• Country: SG
• Employees: 8,354
• Sector: Real Estate
• Sector Strength: 63
• Industry: Real Estate - Development
• EPS (TTM): 0.21
• Shares Outstanding: 909,301,330
• 10 Day Avg. Volume: 2,823,590
• 30 Day Avg. Volume: 1,701,240
• PEG Ratio: -0.25
• Price to Book (P/B): 0.65
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 16.65
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: S$5.57
• Price Target Upside: 7.09% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 5

• Rating: 67 Neutral
• Price Target: S$5.50 ▲(5.77%Upside)

City Developments' overall stock score is driven primarily by its financial performance, which shows robust gross margins and a strong equity base but faces challenges in profitability and leverage management. Technical analysis supports a stable outlook with positive momentum. The valuation indicates fair pricing relative to industry standards, though dividend yield is limited.

Positive Factors

Asset management

CDL's sale of its 50.1% stake in the South Beach development unlocked S$465m in disposal gains, significantly boosting financial metrics.

Property market

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

Valuation

City Dev is trading at an attractive valuation below the lows seen during the Global Financial Crisis, with potential for recovery in share price.

Negative Factors

Dividend

The company has declared a lower dividend per share compared to the previous year, reflecting its challenging financial performance.

Financial performance

CDL's 2024 results missed analyst and consensus estimates, with revenue and PATMI significantly lower than expected due to timing issues and higher interest costs.

Leadership uncertainty

A very public leadership tussle involving the Executive Chairman and the CEO has overshadowed the company's financial performance, creating uncertainty about its future direction.

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 property development, where the company designs, constructs, and sells residential and commercial properties. Additionally, it earns rental income from its extensive portfolio of investment properties, including office buildings and retail spaces. The hospitality segment, operating under various global brands, contributes significantly to its earnings through hotel operations and services. City Developments also engages in joint ventures and strategic partnerships to enhance its growth and revenue potential, leveraging its expertise and market presence to maximize returns on investments across its diversified asset base.

City Developments Financial Statement Overview

Summary

City Developments exhibits strong gross margins and a stable equity base. However, challenges exist in sustaining profitability and managing leverage, as indicated by fluctuating revenue trends and decreased ROE. Cash flow from operations is strong, but free cash flow management requires attention.

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
2.02B	3.27B	4.94B	3.29B	2.63B	2.11B
	Gross Profit
947.50M	1.46B	1.65B	1.25B	977.71M	828.94M
	EBIT
525.08M	685.67M	818.53M	420.11M	321.87M	-411.69M
	EBITDA
689.46M	1.20B	918.49M	696.54M	439.48M	-330.63M
	Net Income Common Stockholders
357.86M	201.32M	317.31M	1.29B	139.84M	-1.88B
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
2.11B	3.01B	2.41B	2.37B	2.11B	3.15B
	Total Assets
23.89B	25.61B	24.23B	22.98B	23.89B	23.68B
	Total Debt
11.41B	13.98B	12.30B	10.37B	11.41B	11.81B
	Net Debt
9.32B	10.98B	9.90B	8.00B	9.32B	8.68B
	Total Liabilities
14.56B	16.30B	14.69B	13.42B	14.56B	14.43B
	Stockholders Equity
8.41B	9.09B	9.18B	9.22B	8.41B	8.50B
Cash Flow		Free Cash Flow
625.27M	275.44M	360.08M	-514.24M	719.49M	-749.97M
	Operating Cash Flow
715.06M	929.67M	639.67M	-125.51M	1.13B	-356.15M
	Investing Cash Flow
773.15M	-982.99M	-2.01B	779.97M	-863.41M	-1.08B
	Financing Cash Flow
-1.03B	692.40M	725.97M	-290.11M	-1.28B	1.56B

City Developments Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 5.20
• 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 5.2 is above the 20-day moving average (MA) of 4.88, above the 50-day MA of 4.79, and above the 200-day MA of 5.02, indicating a bullish trend. The MACD of 0.09 indicates Negative momentum. The RSI at 74.33 is Negative, neither overbought nor oversold. The STOCH value of 85.17 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
C09	67 Neutral	S$4.71B	24.39	2.21%	1.52%	-33.84%	-36.71%
Sector *	61 Neutral	$2.86B	10.96	0.41%	6.08%	5.73%	-21.25%
FRZCF		$3.41B	21.19	5.08%	3.92%	―	―
FSRPF		$2.55B	13.71	2.80%	3.65%	―	―
UOLGF		$4.07B	15.13	3.19%	2.90%	―	―
F1E	68 Neutral	S$232.73M	112.50	0.35%	4.76%	31.28%	―
5JK	58 Neutral	S$242.34M	36.79	0.92%	1.94%	12.04%	18.64%

City Developments Corporate Events

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.

City Developments Increases Stake in Millennium & Copthorne Hotels

City Developments Limited’s subsidiary, CDL Hotels Holdings New Zealand Limited, has completed its takeover offer for Millennium & Copthorne Hotels New Zealand Limited, increasing its stake to 83.915%. The revised offer price was set at NZ$2.80 per share, with the total cash consideration amounting to NZ$23,787,066.80. This strategic move strengthens City Developments’ position in the hospitality sector, although the company advises caution to shareholders in dealing with their securities.

CDLHH NZ Increases Offer for MCK Shares Amidst Mixed Responses

CDL Hotels Holdings New Zealand Limited (CDLHH NZ) has increased its offer price to acquire all ordinary shares of Millennium & Copthorne Hotels New Zealand Limited from $2.25 to $2.80 per share. Despite the increased offer, MCK’s independent directors recommend shareholders not accept it, as they consider it inadequate. CDLHH NZ has waived all remaining conditions, making the offer unconditional, and has secured agreements with some institutional shareholders, now holding 78.678% of the shares. However, the largest institutional shareholder, Accident Compensation Corporation, has declined the offer. The outcome of this offer could significantly impact minority shareholders, especially if CDLHH NZ reaches the 90% threshold required for compulsory acquisition.

CDLHH NZ Raises Takeover Offer for MCK

CDL Hotels Holdings New Zealand Limited has increased its takeover offer for Millennium & Copthorne Hotels New Zealand Limited to $2.80 per share, making the offer unconditional and waiving the 90% minimum acceptance condition. The Independent Directors Committee is reviewing the new offer and will advise shareholders by 28 April 2025, recommending no immediate action until then.

City Developments Settles Court Proceedings, Maintains Leadership Structure

City Developments Limited has announced the settlement and discontinuation of court proceedings involving its directors. The leadership structure remains unchanged with Mr. Kwek Leng Beng as Executive Chairman and Mr. Sherman Kwek as Group CEO. The Board emphasizes its commitment to good corporate governance and shareholder value enhancement.