City Developments Limited (SG:C09)
SGX:C09
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City Developments
(SGX:C09)
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Rating:58Neutral
Price Target:
S$9.00
▲(6.89% 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 business model
CDL's mix of project-driven development, recurring investment-property income, and hospitality operations provides structural revenue diversification. Over 2–6 months this reduces reliance on any single segment, smoothing earnings volatility and supporting cash generation when one segment lags.
Negative Factors
Meaningful leverage
Elevated leverage materially limits balance-sheet flexibility and increases sensitivity to interest-rate moves or funding shocks. In a cyclical property market, a 1.1–1.5x debt-to-equity range raises refinancing and covenant risk, constraining capital allocation and growth optionality over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified business model
CDL's mix of project-driven development, recurring investment-property income, and hospitality operations provides structural revenue diversification. Over 2–6 months this reduces reliance on any single segment, smoothing earnings volatility and supporting cash generation when one segment lags.
Read all positive factors
City Developments (C09) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$7.64B
Dividend Yield1.23%
Average Volume (3M)1.80M
Price to Earnings (P/E)11.3
Beta (1Y)0.96
Revenue Growth-10.52%
EPS Growth-39.75%
CountrySG
Employees8,354
SectorReal Estate
Sector Strength53
IndustryReal Estate - Development
Share Statistics
EPS (TTM)0.60
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 Upside32.14% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)0.44
Revenue Forecast (FY)S$3.97B
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 makes money through a mix of development profits, recurring property income, and hospitality earnings. (1) Property development (lumpy, project-driven): CDL acquires land, develops residential and commercial projects, and recognizes revenue an...
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
Neutral
8.42
Price Trends
9.09
Negative
8.54
Negative
7.57
Positive
Market Momentum
-0.18
Negative
44.99
Neutral
68.67
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 8.42 is below the 20-day moving average (MA) of 8.44, below the 50-day MA of 9.09, and above the 200-day MA of 7.57, indicating a neutral trend. The MACD of -0.18 indicates Negative momentum. The RSI at 44.99 is Neutral, neither overbought nor oversold. The STOCH value of 68.67 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$8.51B | 6.69 | 4.14% | 2.06% | 18.74% | -38.36% | |
72 Outperform | S$5.43B | 16.53 | 3.20% | 1.42% | 8.44% | 41.63% | |
67 Neutral | S$4.04B | ― | 2.24% | 4.02% | -18.20% | 40.87% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
63 Neutral | S$2.74B | ― | 2.32% | 3.20% | 4.58% | -14.92% | |
63 Neutral | S$14.07B | 93.20 | 2.29% | 4.44% | -11.37% | 171.65% | |
58 Neutral | S$7.64B | 11.35 | 6.76% | 1.23% | -10.52% | -39.75% |
* Real Estate Sector Average
SG:C09
City Developments
8.42
4.00
90.63%
SG:TQ5
Frasers Property
1.03
0.30
41.87%
SG:U06
Singapore Land Group Limited
3.79
1.95
106.31%
SG:U14
UOL Group
10.05
4.70
87.85%
SG:F17
GuocoLand Limited
2.47
1.09
78.60%
SG:9CI
CapitaLand Investment Limited
2.82
0.52
22.61%
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.