(C09) CITY DEVELOPMENTS - SG
Sector: Real Estate | Industry: Real Estate - Development | Exchange: SG (Singapore) | Market Cap: 7.639m SGD | Total Return: 69.9% in 12m
Avg Turnover: 13.4M
Warnings
Interest Coverage Ratio 0.9 is critical
Tailwinds
Idiosyncratic Leader
City Developments Limited (CDL) is a Singapore-based global real estate firm operating across 28 countries. Its business model focuses on a diversified portfolio that includes residential development, commercial leasing, and hospitality management through its Millennium Hotels and Resorts brand. The company manages approximately 23 million square feet of gross floor area and has delivered over 55,000 residential units since its founding in 1963.
The real estate development sector typically relies on high capital intensity and cyclical demand, where geographic diversification helps mitigate localized economic downturns. CDL maintains a significant presence in key gateway cities, balancing income-stable rental assets with high-turnover residential projects. For a deeper look into these financial metrics, ValueRay offers additional data points for your analysis. The Groups integration of serviced apartments and student accommodation further broadens its exposure within the global property market.
- Singapore residential sales volume slows amid cooling measures and high rates
- Global hospitality RevPAR recovers through Millennium & Resorts portfolio expansion
- Asset recycling and divestments drive capital reallocation and shareholder returns
- Strategic acquisitions in UK and Japan build recurring rental income base
| Net Income: 629.7m TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.09 > 0.02 and ΔFCF/TA -9.79 > 1.0 |
| NWC/Revenue: 170.4% < 20% (prev 112.1%; Δ 58.30% < -1%) |
| CFO/TA -0.06 > 3% & CFO -1.51b > Net Income 629.7m |
| Net Debt (-1.35b) to EBITDA (699.3m): -1.93 < 3 |
| Current Ratio: 2.23 > 1.5 & < 3 |
| Outstanding Shares: last quarter (893.4m) vs 12m ago -1.49% < -2% |
| Gross Margin: 40.79% > 18% (prev 44.69%; Δ -3.90% > 0.5%) |
| Asset Turnover: 13.62% > 50% (prev 12.77%; Δ 0.85% > 0%) |
| Interest Coverage Ratio: 0.90 > 6 (EBIT TTM 409.6m / Interest Expense TTM 457.0m) |
| A: 0.23 (Total Current Assets 11.1b - Total Current Liabilities 4.97b) / Total Assets 27.0b |
| B: 0.29 (Retained Earnings 7.96b / Total Assets 27.0b) |
| C: 0.02 (EBIT TTM 409.6m / Avg Total Assets 26.3b) |
| D: 0.57 (Book Value of Equity 9.59b / Total Liabilities 16.8b) |
| Altman-Z'' = 3.15 = A |
| DSRI: 0.75 (Receivables 284.9m/345.2m, Revenue 3.59b/3.27b) |
| GMI: 1.10 (GM 44.69% / 40.79%) |
| AQI: 0.90 (AQ_t 0.39 / AQ_t-1 0.43) |
| SGI: 1.10 (Revenue 3.59b / 3.27b) |
| TATA: 0.08 (NI 629.7m - CFO -1.51b) / TA 27.0b) |
| Beneish M = -3.12 (Cap -4..+1) = AA |
As of June 19, 2026, the stock is trading at SGD 8.37 with a total of 2,338,800 shares traded.
Over the past week, the price has changed by +1.70%,
over one month by +6.76%,
over three months by -2.33% and
over the past year by +69.87%.
CITY DEVELOPMENTS has no consensus analysts rating.
P/E Trailing = 12.5735
P/E Forward = 19.6078
P/S = 2.1295
P/B = 0.8038
P/EG = 0.6129
Revenue TTM = 3.59b SGD
EBIT TTM = 409.6m SGD
EBITDA TTM = 699.3m SGD
Long Term Debt = 10.2b SGD (from longTermDebt, last quarter)
Short Term Debt = 3.18b SGD (from shortLongTermDebt, last quarter)
Debt = 658.0m SGD (Leases only: 658.0m)
Net Debt = -1.35b SGD (calculated: Debt 658.0m - CCE 2.01b)
Enterprise Value = 6.29b SGD (7.64b + Debt 658.0m - CCE 2.01b)
Interest Coverage Ratio = 0.90 (Ebit TTM 409.6m / Interest Expense TTM 457.0m)
EV/FCF = -2.67x (Enterprise Value 6.29b / FCF TTM -2.36b)
FCF Yield = -37.45% (FCF TTM -2.36b / Enterprise Value 6.29b)
FCF Margin = -65.68% (FCF TTM -2.36b / Revenue TTM 3.59b)
Net Margin = 17.55% (Net Income TTM 629.7m / Revenue TTM 3.59b)
Gross Margin = 40.79% ((Revenue TTM 3.59b - Cost of Revenue TTM 2.12b) / Revenue TTM)
Gross Margin QoQ = none% (prev none%)
Tobins Q-Ratio = 0.23 (Enterprise Value 6.29b / Total Assets 27.0b)
Interest Expense / Debt = 69.45% (Interest Expense 457.0m / Debt 658.0m)
Taxrate = 17.61% (135.9m / 771.5m)
NOPAT = 337.4m (EBIT 409.6m * (1 - 17.61%))
Current Ratio = 2.23 (Total Current Assets 11.1b / Total Current Liabilities 4.97b)
Debt / Equity = 0.07 (Debt 658.0m / totalStockholderEquity, last quarter 9.59b)
Debt / EBITDA = -1.93 (Net Debt -1.35b / EBITDA 699.3m)
Debt / FCF = 0.57 (negative FCF - burning cash) (Net Debt -1.35b / FCF TTM -2.36b)
Total Stockholder Equity = 9.19b (last 4 quarters mean from totalStockholderEquity)
RoA = 2.39% (Net Income 629.7m / Total Assets 27.0b)
RoE = 6.85% (Net Income TTM 629.7m / Total Stockholder Equity 9.19b)
RoCE = 2.11% (EBIT 409.6m / Capital Employed (Equity 9.19b + L.T.Debt 10.2b))
RoIC = 1.54% (NOPAT 337.4m / Invested Capital 21.9b)
WACC = 7.25% (E(7.64b)/V(8.30b) * Re(7.87%) + (debt cost/tax rate unavailable))
Discount Rate = 7.87% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -44.72 | Cagr: -2.12%
[DCF] Fair Price = unknown (Cash Flow -2.36b)
Revenue Correlation: -73.97 | Revenue CAGR: -14.80% | SUE: N/A | # QB: 0
EPS current Year (2026-12-31): EPS=0.37 | Chg30d=-5.10% | Revisions=-20% | GrowthEPS=-50.0% | GrowthRev=+10.1%
EPS next Year (2027-12-31): EPS=0.53 | Chg30d=-3.06% | Revisions=-20% | GrowthEPS=+41.9% | GrowthRev=+14.6%
[Analyst] Revisions Ratio: -20%