City Developments (C09) AI Stock Analysis

• Market Cap: S$7.64B
• Dividend Yield: 1.23%
• Average Volume (3M): 1.80M
• Price to Earnings (P/E): 11.3
• Beta (1Y): 0.96
• Revenue Growth: -10.52%
• EPS Growth: -39.75%
• Country: SG
• Employees: 8,354
• Sector: Real Estate
• Sector Strength: 53
• Industry: Real Estate - Development
• EPS (TTM): 0.60
• Shares Outstanding: 909,301,330
• 10 Day Avg. Volume: 1,632,500
• 30 Day Avg. Volume: 1,799,860
• PEG Ratio: 0.05
• Price to Book (P/B): 0.75
• Price to Sales (P/S): 1.98
• P/FCF Ratio: -2.99
• 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$11.09
• Price Target Upside: 31.66% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 5
• EPS Forecast (FY): 0.45
• Revenue Forecast (FY): S$3.98B

• Rating: 58 Neutral
• Price Target: S$9.00 ▲(6.89% Upside)
• Action: Reiterated Date: 03/03/26
• Date: Action: Reiterated 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 revenue streams

A multi-segment model (development, investment properties, hospitality) gives CDL structural diversification. Recurring rental and hospitality income can smooth earnings when development is lumpy, enabling cross-cycle cash flow support and more flexible capital allocation over months to years.

Improved 2025 profitability

Material improvement in 2025 margins shows management can extract higher returns from projects and operations. If sustained, stronger profitability improves internal cash generation potential, ROE, and reinvestment capacity, strengthening the firm's operating foundation over the medium term.

Recurring rental income base

An investment-property portfolio generates predictable rental streams that bolster recurring revenue and offset development cyclicality. Stable rental income supports debt servicing capacity and provides a lasting earnings floor useful for funding operations and strategic investments.

Negative Factors

Weak cash conversion

Negative operating and free cash flow despite reported profits indicates earnings are not reliably converting to cash. This raises reliance on external financing for projects, heightens liquidity and refinancing risk, and constrains durable capital returns or opportunistic investment capacity.

Meaningful leverage

Sustained debt-to-equity near 1.1–1.5x reduces financial flexibility and increases sensitivity to rising funding costs or market stress. In a cyclical property sector, higher leverage limits ability to weather downturns and raises refinancing and interest-service pressures over the medium term.

Volatile revenue and margins

Large swings in revenue and margin reflect project-driven, transaction-dependent earnings. Such volatility makes cash flow and profit sustainability harder to forecast, complicates long-term capital allocation, and increases exposure to property-cycle downturns and execution timing risks.

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

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 and profits from selling completed units (or as permitted under applicable accounting/contract rules). Earnings in this segment are driven by launch timing, sales volumes and pricing, construction and financing costs, and the pace of project completions and handovers. (2) Property investment (recurring): CDL owns investment properties (e.g., office, retail, or other commercial assets) and earns recurring rental income from leasing space to tenants. It can also generate income from property-related fees such as leasing/management services where applicable, and may realize gains or losses upon divestment of investment assets when properties are sold. (3) Hospitality (operating income): Through its hospitality operations, the group earns revenue from hotel rooms and serviced residences, as well as ancillary streams such as food and beverage and other hotel-related services. Hospitality performance is influenced by occupancy, average daily rates, travel demand, and operating costs. Across these segments, group earnings are also affected by joint ventures/associates where CDL participates in projects with partners and recognizes its share of results, and by broader factors such as property market conditions, interest rates, and regulatory or macroeconomic changes.

City Developments Financial Statement Overview

Summary

Profitability improved in 2025 versus 2023–2024, but results have been volatile across years. Leverage is meaningful (debt-to-equity ~1.1–1.5x), and the biggest concern is weak cash conversion: operating cash flow and free cash flow turned negative in 2025 despite positive net income, increasing liquidity/financing risk.

Income Statement

Revenue has been volatile (sharp jump in 2023, contraction in 2024, and a return to growth in 2025). Profitability improved materially in 2025 with a much higher net margin versus 2023–2024, and results are well above the 2020 loss year. However, margins have swung significantly over time (including an unusually strong 2022 net margin), which suggests earnings are not consistently repeatable and are more cyclical/transaction-driven than steady-state.

Balance Sheet

The balance sheet is asset-heavy with meaningful leverage: debt-to-equity sits around ~1.1–1.5x across the period and rose again in 2024–2025. Equity has grown modestly, and returns on equity improved in 2025 versus 2023–2024, but remain moderate relative to the risk implied by the leverage. Overall, the company appears adequately capitalized, but the debt load reduces flexibility if property markets weaken or funding costs rise.

Cash Flow

Cash generation is the key weak spot. Operating cash flow and free cash flow were negative in 2025 (and also negative in 2020 and 2022), despite positive net income in most recent years—indicating earnings are not consistently converting into cash, likely due to working-capital/investment swings typical in development. 2023–2024 were positive, but the sharp reversal in 2025 increases funding reliance and heightens liquidity/financing risk.

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

• Technical Analysis Sentiment: Negative
• Last Price: 8.42
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:C09, the sentiment is Negative. The current price of 8.42 is below the 20-day moving average (MA) of 9.19, below the 50-day MA of 9.29, and above the 200-day MA of 7.34, indicating a neutral trend. The MACD of -0.22 indicates Positive momentum. The RSI at 35.07 is Neutral, neither overbought nor oversold. The STOCH value of 20.71 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SG:C09.

City Developments Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
U14	73 Outperform	S$8.45B	15.33	4.14%	2.06%	18.74%	-38.36%
TQ5	67 Neutral	S$3.83B	―	2.24%	4.02%	-18.20%	40.87%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
J69U	65 Neutral	S$4.58B	22.23	4.49%	5.29%	10.82%	-5.02%
5JK	65 Neutral	S$319.98M	8.68	1.52%	0.46%	21.91%	82.03%
F1E	63 Neutral	S$576.28M	-15.94	-2.34%	2.05%	-39.12%	-326.51%
C09	58 Neutral	S$7.64B	11.35	6.76%	1.23%	-10.52%	-39.75%

City Developments Corporate Events

CDL wins fast-track consent for 171-lot Arataki housing project

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 project is expected to proceed following a 20-day appeal period, with earthworks planned for the 2026/27 construction season and delivery in three stages.

The company says the decision strengthens its Hawke’s Bay development pipeline and will add much-needed housing supply in a region where consented, well-located land is constrained. Management notes the approval aligns with its strategy of advancing consent-ready developments while maintaining disciplined capital management in a recovering residential market, following extensive engagement with local councils, iwi and the Expert Consenting Panel.

The most recent analyst rating on (SG:C09) stock is a Hold with a S$10.00 price target. To see the full list of analyst forecasts on City Developments stock, see the SG:C09 Stock Forecast page.

CDL Investments NZ Profit Falls on Weaker Property Sales in 2025

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 from NZ$29.8 million, and net profit declined to NZ$11.1 million versus NZ$15.4 million, with earnings per share slipping to 3.78 cents from 5.28 cents.

Operating expenses, including administrative, property, selling, and other costs, remained tightly controlled but could not offset weaker top-line performance. Net finance income also contracted significantly, contributing to the lower profit before tax, underscoring a tougher market environment for the company’s development and sales operations and implying constrained returns for shareholders compared with the previous year.

The most recent analyst rating on (SG:C09) stock is a Hold with a S$10.00 price target. To see the full list of analyst forecasts on City Developments stock, see the SG:C09 Stock Forecast page.

Millennium & Copthorne NZ Profit Surges on Higher Revenue and Lower Tax

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 swing from net finance income to a slight net finance expense, the group reported operating profit of NZ$30.6 million versus NZ$42.5 million in 2024.

Net profit rose sharply to NZ$24.8 million from NZ$8.8 million, aided by a much lower income tax charge and stronger contributions from a joint venture. Earnings attributable to the parent climbed to NZ$20.2 million, lifting basic earnings per share to 12.78 cents, while foreign exchange gains helped push total comprehensive income to NZ$28.8 million, signaling improved financial performance for shareholders despite margin pressure.

The most recent analyst rating on (SG:C09) stock is a Hold with a S$10.00 price target. To see the full list of analyst forecasts on City Developments stock, see the SG:C09 Stock Forecast page.

CDL Extends CDP A-List Streak and Secures EcoVadis Gold for Sustainability Leadership

City Developments Limited has reinforced its status as a regional sustainability leader after being named to the 2025 CDP A List for both Climate Change and Water Security, marking its eighth and seventh consecutive years, respectively, with top-tier scores. CDL remains the only company in Southeast Asia and Hong Kong to sustain this level of CDP recognition over such a long period, placing it among the top 4% of companies assessed globally and underscoring its appeal to investors and stakeholders focused on climate and environmental performance.

The company’s ESG credentials were further bolstered by an inaugural EcoVadis Gold Medal, ranking it in the top 5% of companies worldwide for sustainability management and responsible value-chain practices, alongside a continued ‘AAA’ MSCI ESG rating and top regional and industry rankings in Sustainalytics’ 2025 ESG Risk Rating. Collectively, these accolades strengthen CDL’s standing in global capital markets, highlight its robust governance and climate strategies, and reinforce its competitive position as institutional investors increasingly channel capital toward businesses with strong, transparent sustainability track records.

The most recent analyst rating on (SG:C09) stock is a Buy with a S$9.00 price target. To see the full list of analyst forecasts on City Developments stock, see the SG:C09 Stock Forecast page.