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City Developments
(SGX:C09)
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Rating:59Neutral
Price Target:
S$8.00
â–¼(-4.08% Downside)
Action:Reiterated
Date:09/29/26
The score is held back primarily by weaker financial quality (notably negative latest-year operating/free cash flow and meaningful leverage) and bearish technical trend signals. These are partially offset by attractive valuation (low P/E and solid dividend yield) and a strong, positively framed latest earnings update, despite ongoing gearing and capital recycling execution risks.
Positive Factors
Strong development-led growth
The sharp H1 growth reflects completions and strong sales across multiple projects, while the sizeable launch pipeline supports continued development activity. This gives CDL a credible earnings platform over the next several quarters, although delivery remains cycle-dependent.
Negative Factors
Elevated and rising gearing
A 75% gearing level reduces financial flexibility and leaves CDL more exposed to higher funding costs or weaker property markets. The recent increase, driven by land acquisitions and investment-property capex, means deleveraging and disciplined capital allocation remain important to future resilience.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong development-led growth
The sharp H1 growth reflects completions and strong sales across multiple projects, while the sizeable launch pipeline supports continued development activity. This gives CDL a credible earnings platform over the next several quarters, although delivery remains cycle-dependent.
Read all positive factors
City Developments (C09) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$6.39B
Dividend Yield4.34%
Average Volume (3M)2.99M
Price to Earnings (P/E)7.7
Beta (1Y)0.89
Revenue Growth36.24%
EPS Growth326.79%
CountrySG
Employees9,546
SectorReal Estate
Sector Strength53
IndustryReal Estate - Development
Share Statistics
EPS (TTM)0.93
Shares Outstanding909,301,330
10 Day Avg. Volume4,616,010
30 Day Avg. Volume2,986,856
Financial Highlights & Ratios
PEG Ratio0.05
Price to Book (P/B)0.75
Price to Sales (P/S)1.99
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$11.60Price Target Upside39.14% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)0.52
Revenue Forecast (FY)S$4.41B
City Developments Business Overview & Revenue Model
Company Description
City Developments Limited (CDL) is a leading global real estate company with a network spanning 168 locations in 29 countries and regions. Listed on the Singapore Exchange, the Group is one of the largest companies by market capitalisation. Its in...
How the Company Makes Money
CDL primarily makes money through (1) property development sales, (2) recurring income from investment properties, and (3) hospitality-related revenue.
1) Property development sales (development profits): CDL develops residential and/or mixed-us...
City Developments Earnings Call Summary
Earnings Call Date:Aug 12, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Feb 25, 2027
Earnings Call Sentiment Positive
The call conveyed a clearly positive operational and financial performance for H1 2026: material revenue growth (+61%), EBITDA (+26%), and PATMI (c.3x) improvements driven by Singapore property development and a hotel turnaround. Management emphasized strong liquidity (SGD 2.0bn cash, SGD 4.9bn committed facilities), active land replenishment and a forthcoming strategic review to address capital recycling and gearing. The principal negatives were a slower-than-expected pace of divestments (reducing capital recycling gains), elevated gearing (75%), and softer pockets in the living and some Asian hotel markets. On balance, the company appears operationally strong with clear plans to address balance-sheet and portfolio optimization risks.Positive Updates
Strong Revenue Growth
Group revenue for H1 2026 was SGD 2.7 billion, up from SGD 1.7 billion in H1 2025 — an increase of c.61%, driven primarily by Singapore property development and faster recognition from projects that reached completion.
Negative Updates
Slow Pace of Capital Recycling / Divestments
Management acknowledged capital recycling was limited in H1 2026, resulting in lower capital recycling gains and reducing investment property EBITDA and PBT compared with prior-year gains (e.g., absence of large gains like City Industrial Building). Several planned divestments remain in pipeline and may be weighted to H2 or slip into next year.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Revenue Growth
Group revenue for H1 2026 was SGD 2.7 billion, up from SGD 1.7 billion in H1 2025 — an increase of c.61%, driven primarily by Singapore property development and faster recognition from projects that reached completion.
Read all positive updates
Company Guidance
Management guided that H1 was strong: group revenue S$2.7bn (+61% YoY), EBITDA S$694m (+25.9%), PBT S$404m (+189%) and PATMI S$302m (+230% / >3x), driven by property development (revenue +167%; 57% of group revenue but 84% of PBT); hotel revenue +6.4% with RevPAR +4% (Singapore), +10% (US) and +14% (Australasia), hotel EBITDA +27% and GOP ~30% (SG 35%, London 42%, Australasia 35%); investment properties revenue +3.2%. Balance sheet and capital metrics: cash S$2.0bn, committed undrawn facilities S$4.9bn, gearing 75% (up 4ppt since 31 Dec 2025), average interest ~3.4% (management target ≤3.5% by year‑end), net finance costs S$145m (−47%), exchange gain S$38m (vs loss S$63m prior) and IP depreciation ~S$68m. Operational and pipeline metrics: Lumina Grand TOP (Apr), Norwood Grand 92% sold/TOP (Aug), Newport Residences >80% sold, launch pipeline ~2,200 units, two GLS wins (Tanjong Rhu, Peck Hay), upcoming TOPs Myst and CanningHill Piers, office NLA additions of ~220,000 sq ft (Newport Tower H2 next year) and ~250,000 sq ft (Union Square 2029), IP capex ~S$144m this year and remaining redevelopment commitments sub‑S$400m, HIK occupancy 96% and PBSA yield‑on‑cost ~4%. Management reiterated a minimum dividend payout ratio of 35% (interim S$0.06, double prior H1), said capital recycling will be weighted to H2, and confirmed the Board has approved a strategic review to be unveiled end‑September.City Developments Financial Statement Overview
Summary
Income Statement
68
Positive
Balance Sheet
52
Neutral
Cash Flow
34
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 4.62B | 3.59B | 3.27B | 4.94B | 3.29B | 2.63B |
| Gross Profit | 1.75B | 1.46B | 1.46B | 1.65B | 1.25B | 977.71M |
| EBITDA | 940.24M | 678.53M | 684.03M | 918.44M | 496.14M | 445.58M |
| Net Income | 840.15M | 629.68M | 201.32M | 317.31M | 1.29B | 84.71M |
Balance Sheet | ||||||
| Total Assets | 27.36B | 27.05B | 25.61B | 24.23B | 22.98B | 23.89B |
| Cash, Cash Equivalents and Short-Term Investments | 2.02B | 2.06B | 3.01B | 2.41B | 2.37B | 2.13B |
| Total Debt | 14.52B | 14.67B | 13.98B | 12.30B | 10.37B | 11.41B |
| Total Liabilities | 17.08B | 16.79B | 16.30B | 14.69B | 13.42B | 14.56B |
| Stockholders Equity | 9.59B | 9.59B | 9.09B | 9.18B | 9.22B | 8.41B |
Cash Flow | ||||||
| Free Cash Flow | -1.70B | -2.39B | 275.44M | 360.08M | -514.24M | 719.49M |
| Operating Cash Flow | -1.46B | -1.88B | 929.67M | 639.67M | -125.51M | 1.13B |
| Investing Cash Flow | 959.08M | 726.97M | -982.99M | -1.86B | 779.97M | -863.41M |
| Financing Cash Flow | 533.06M | 440.09M | 692.40M | 725.97M | -290.11M | -1.28B |
City Developments Technical Analysis
Negative
8.34
Price Trends
7.95
Negative
7.96
Negative
8.23
Negative
Market Momentum
-0.30
Positive
29.68
Positive
14.70
Positive
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 8.34 is above the 20-day moving average (MA) of 7.62, above the 50-day MA of 7.95, and above the 200-day MA of 8.23, indicating a bearish trend. The MACD of -0.30 indicates Positive momentum. The RSI at 29.68 is Positive, neither overbought nor oversold. The STOCH value of 14.70 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
75 Outperform | S$4.30B | 11.38 | 4.29% | 1.52% | 4.36% | 27.58% | |
72 Outperform | S$6.66B | 12.33 | 4.44% | 2.32% | 1.56% | 21.82% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
60 Neutral | S$3.71B | 20.66 | 1.98% | 4.97% | -21.12% | -34.48% | |
60 Neutral | S$2.51B | 30.84 | 2.03% | 3.08% | -24.16% | -12.68% | |
59 Neutral | S$6.39B | 7.69 | 8.76% | 4.34% | 36.24% | 326.79% | |
59 Neutral | S$12.12B | 43.53 | 2.21% | 4.96% | -15.36% | -57.57% |
* Real Estate Sector Average
SG:C09
City Developments
7.15
0.39
5.74%
SG:TQ5
Frasers Property
0.91
-0.10
-10.40%
SG:U06
Singapore Land Group Limited
2.96
-0.05
-1.76%
SG:U14
UOL Group
7.77
-0.07
-0.92%
SG:F17
GuocoLand Limited
2.27
0.29
14.53%
SG:9CI
CapitaLand Investment Limited
2.42
-0.12
-4.54%
City Developments Corporate Events
CDL Launches Three-Year GET+ Strategy to Boost Returns and Double AUM
Sep 28, 2026
City Developments Limited has completed a strategic review and launched its GET+ strategy, a three-year roadmap for FY 2027 to 2029 designed to sharpen its focus on core geographies and four key sectors, with Singapore remaining its principal inve...
CDL Investments posts steady margins as interim profit eases and development pipeline grows
Aug 11, 2026
CDL Investments New Zealand reported a slight dip in interim profitability for the half year to 30 June 2026, as profit after tax eased to NZ$3.39 million from NZ$3.57 million a year earlier while revenue slipped to NZ$12.55 million. Gross profit ...
Millennium & Copthorne NZ lifts interim profit and strengthens equity base
Aug 11, 2026
Millennium Copthorne Hotels New Zealand reported a strong interim performance for the six months to 30 June 2026, with profit for the period rising to NZ$13.4 million from NZ$8.5 million a year earlier. Earnings for equity holders climbed to NZ$1...
Grand Plaza Hotel Hit by Loss of Main Tenant as Renovation Costs Weigh on Cash
Aug 7, 2026
Grand Plaza Hotel Corporation reported its June 30, 2026 quarterly results showing continued operational challenges, with a negative profit-before-tax margin of 20.2% and EBITDA of negative PHP24.4 million, primarily due to lower revenue after the...
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.