City Developments Limited (SG:C09)
SGX:C09
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City Developments
(SGX:C09)
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Rating:58Neutral
Price Target:
S$8.50
â–˛(1.43% Upside)
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 business model
CDL’s integrated model—development, investment, management and hospitality—creates multiple revenue levers and cross‑cycle optionality. Over the medium term this reduces single‑cycle dependency, supports capital recycling and JV risk sharing, and aids portfolio rebalancing.
Negative Factors
Weak cash conversion
Consistent negative operating and free cash flow despite reported profits shows earnings frequently fail to convert into cash. This raises reliance on external funding for land, construction and distributions, increasing liquidity and refinancing risk across property cycles.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified business model
CDL’s integrated model—development, investment, management and hospitality—creates multiple revenue levers and cross‑cycle optionality. Over the medium term this reduces single‑cycle dependency, supports capital recycling and JV risk sharing, and aids portfolio rebalancing.
Read all positive factors
City Developments (C09) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$7.57B
Dividend Yield1.23%
Average Volume (3M)1.80M
Price to Earnings (P/E)12.2
Beta (1Y)0.90
Revenue Growth10.19%
EPS Growth226.12%
CountrySG
Employees8,354
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$10.45Price Target Upside24.70% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.43
Revenue Forecast (FY)S$4.08B
City Developments Business Overview & Revenue Model
Company Description
City Developments Limited (CDL) stands as a prominent global real estate powerhouse, boasting an expansive operational footprint spanning 103 sites across 29 nations and territories. Publicly traded on the Singapore Exchange, it ranks among the la...
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 | 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
Positive
8.38
Price Trends
8.23
Positive
8.58
Positive
7.85
Positive
Market Momentum
0.05
Negative
61.59
Neutral
56.67
Neutral
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 8.38 is above the 20-day moving average (MA) of 8.27, above the 50-day MA of 8.23, and above the 200-day MA of 7.85, indicating a bullish trend. The MACD of 0.05 indicates Negative momentum. The RSI at 61.59 is Neutral, neither overbought nor oversold. The STOCH value of 56.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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$8.45B | 17.86 | 4.14% | 2.06% | 15.72% | 34.49% | |
72 Outperform | S$4.74B | 17.67 | 3.20% | 1.42% | 6.89% | -4.23% | |
67 Neutral | S$4.32B | 32.44 | 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$2.44B | 40.91 | 1.51% | 3.20% | -2.64% | -9.64% | |
59 Neutral | S$12.77B | 43.92 | 2.29% | 4.44% | -24.20% | -69.37% | |
58 Neutral | S$7.57B | 12.24 | 6.76% | 1.23% | 10.19% | 226.12% |
* Real Estate Sector Average
SG:C09
City Developments
8.63
3.68
74.48%
SG:TQ5
Frasers Property
1.12
0.32
40.35%
SG:U06
Singapore Land Group Limited
3.35
1.20
55.52%
SG:U14
UOL Group
10.18
4.30
73.16%
SG:F17
GuocoLand Limited
2.24
0.85
60.92%
SG:9CI
CapitaLand Investment Limited
2.58
0.13
5.35%
City Developments Corporate Events
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.