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City Developments Limited (SG:C09)
SGX:C09

City Developments (C09) AI Stock Analysis

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City Developments

(SGX:C09)

Rating:67Neutral
Price Target:
S$5.50
▲(5.97%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 (C09) vs. iShares MSCI Singapore ETF (EWS)

City Developments Business Overview & Revenue Model

Company DescriptionCity Developments Limited (C09) is a leading global real estate company headquartered in Singapore. It operates in diverse sectors including residential, commercial, and hospitality real estate. The company's core services encompass property development, investment, and management, offering a broad portfolio of residential homes, office spaces, hotels, serviced apartments, and integrated developments. With a presence in over 30 countries, City Developments is recognized for its commitment to sustainable and innovative urban development.
How the Company Makes MoneyCity 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
65
Positive
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
70
Positive
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
60
Neutral
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
TTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income StatementTotal Revenue
4.95B3.27B4.94B3.29B2.63B2.11B
Gross Profit
1.66B1.46B1.65B1.25B977.71M828.94M
EBIT
317.31M685.67M818.53M420.11M321.87M-411.69M
EBITDA
123.76M1.20B918.49M696.54M439.48M-330.63M
Net Income Common Stockholders
1.81B201.32M317.31M1.29B139.84M-1.88B
Balance SheetCash, Cash Equivalents and Short-Term Investments
2.41B3.01B2.41B2.37B2.11B3.15B
Total Assets
24.23B25.61B24.23B22.98B23.89B23.68B
Total Debt
12.30B13.98B12.30B10.37B11.41B11.81B
Net Debt
9.90B10.98B9.90B8.00B9.32B8.68B
Total Liabilities
14.69B16.30B14.69B13.42B14.56B14.43B
Stockholders Equity
9.18B9.09B9.18B9.22B8.41B8.50B
Cash FlowFree Cash Flow
360.08M275.44M360.08M-514.24M719.49M-749.97M
Operating Cash Flow
639.67M929.67M639.67M-125.51M1.13B-356.15M
Investing Cash Flow
-2.01B-982.99M-2.01B779.97M-863.41M-1.08B
Financing Cash Flow
1.21B692.40M725.97M-290.11M-1.28B1.56B

City Developments Technical Analysis

Technical Analysis Sentiment
Positive
Last Price5.19
Price Trends
50DMA
4.78
Positive
100DMA
4.88
Positive
200DMA
5.02
Positive
Market Momentum
MACD
0.07
Negative
RSI
73.92
Negative
STOCH
81.20
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 5.19 is above the 20-day moving average (MA) of 4.84, above the 50-day MA of 4.78, and above the 200-day MA of 5.02, indicating a bullish trend. The MACD of 0.07 indicates Negative momentum. The RSI at 73.92 is Negative, neither overbought nor oversold. The STOCH value of 81.20 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

Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
SGTQ5
75
Outperform
$3.26B12.392.80%5.24%19.82%
SGU14
72
Outperform
S$5.16B14.413.19%2.87%4.22%-49.39%
69
Neutral
$4.38B19.065.08%5.13%1.49%5.99%
SGF1E
68
Neutral
S$232.73M112.500.35%4.76%31.28%
SGC09
67
Neutral
$4.76B24.672.21%1.48%-33.84%-36.71%
61
Neutral
$2.83B10.920.41%8438.90%5.75%-21.03%
SG5JK
55
Neutral
S$235.28M35.710.92%1.50%12.04%18.64%
* Real Estate Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
SG:C09
City Developments
5.16
-0.13
-2.49%
SG:5JK
Hiap Hoe Ltd.
0.51
-0.11
-17.74%
SG:F1E
Low Keng Huat Singapore Ltd
0.32
0.05
18.52%
SG:TQ5
Frasers Property
0.83
0.07
9.07%
SG:U14
UOL Group
6.07
0.88
16.84%
SG:J69U
Frasers Centrepoint
2.14
0.10
4.65%

City Developments Corporate Events

CDI Reports Profit Growth and Strategic Expansion Amid Leadership Change
May 30, 2025

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
May 30, 2025

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
May 22, 2025

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
May 20, 2025

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
May 9, 2025

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
Apr 28, 2025

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
Apr 22, 2025

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
Mar 12, 2025

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.

Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.

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.