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City Developments
(SGX:C09)
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Rating:61Neutral
Price Target:
S$8.50
▲(13.64% Upside)
Action:Reiterated
Date:08/19/26
The score is primarily held back by weaker financial quality—especially negative 2025 operating/free cash flow and meaningful leverage—despite improved profitability. It is supported by attractive valuation (low P/E and decent yield) and a positive earnings update showing strong H1 2026 performance and solid liquidity, while technicals are mildly constructive rather than strongly bullish.
Positive Factors
Strong H1 2026 operating growth
The sharp improvement shows strong earnings capture from completed developments and supports near-term profitability. Continued project completions and sales provide a visible operational foundation, although the mix remains development-led.
Negative Factors
Elevated leverage limits financial flexibility
High leverage increases sensitivity to interest costs, asset values and property-market weakness. It can constrain new investment and shareholder distributions, making successful capital recycling and gearing reduction important to long-term resilience.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong H1 2026 operating growth
The sharp improvement shows strong earnings capture from completed developments and supports near-term profitability. Continued project completions and sales provide a visible operational foundation, although the mix remains development-led.
Read all positive factors
City Developments (C09) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$7.53B
Dividend Yield3.69%
Average Volume (3M)1.80M
Price to Earnings (P/E)8.9
Beta (1Y)0.82
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. 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$11.30Price Target Upside51.10% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.48
Revenue Forecast (FY)S$4.15B
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 | 4.64B | 3.61B | 3.27B | 4.94B | 3.29B | 2.63B |
| Gross Profit | 1.33B | 903.55M | 1.46B | 1.65B | 1.25B | 977.71M |
| EBITDA | 1.76B | 1.56B | 1.20B | 918.49M | 433.47M | 439.48M |
| 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
Positive
7.48
Price Trends
7.87
Positive
8.02
Positive
8.08
Positive
Market Momentum
0.13
Negative
71.81
Negative
55.67
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 7.48 is below the 20-day moving average (MA) of 7.93, below the 50-day MA of 7.87, and below the 200-day MA of 8.08, indicating a bullish trend. The MACD of 0.13 indicates Negative momentum. The RSI at 71.81 is Negative, neither overbought nor oversold. The STOCH value of 55.67 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 |
|---|---|---|---|---|---|---|---|
83 Outperform | S$4.70B | 12.69 | 3.20% | 1.34% | 4.36% | 27.58% | |
72 Outperform | S$8.06B | 15.10 | 4.44% | 1.91% | 1.56% | 21.82% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | S$4.04B | 20.98 | 2.18% | 4.33% | -21.12% | -34.48% | |
63 Neutral | S$13.27B | 51.74 | 2.05% | 4.82% | -15.36% | -57.57% | |
61 Neutral | S$7.53B | 8.92 | 8.76% | 3.74% | 36.24% | 326.79% | |
58 Neutral | S$2.50B | 23.39 | 2.56% | 3.20% | -2.64% | -9.64% |
* Real Estate Sector Average
SG:C09
City Developments
8.40
1.87
28.62%
SG:TQ5
Frasers Property
1.02
0.06
6.58%
SG:U06
Singapore Land Group Limited
3.30
0.18
5.70%
SG:U14
UOL Group
9.55
2.28
31.27%
SG:F17
GuocoLand Limited
2.25
0.43
23.76%
SG:9CI
CapitaLand Investment Limited
2.67
0.04
1.48%
City Developments Corporate Events
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...
CDL Investments Wins Fast-Track Approval for Major Havelock North Housing Project
Jun 26, 2026
CDL Investments New Zealand has secured fast-track referral approval for its Middle Road residential development in Havelock North, Hawke’s Bay. The project, to be delivered through its wholly owned subsidiary, is planned to provide approxim...
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.