C09 Stock Analysis: CITY DEVELOPMENTS | SG
Real Estate - Development | SG, Singapore | Market Cap: 6.290m SGD | 12M Return: 3.1% | SG1R89002252 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 18.6M
Warnings
Tailwinds
No distinct edge detected
Seasonality 11.7 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
City Developments Limited (CDL) is a Singapore-listed global real estate company operating across 167 locations in 28 countries, with a diversified portfolio spanning residences, offices, hotels, serviced apartments, student accommodation, retail malls, and integrated developments. Founded in 1963, the Group has built more than 55,000 homes and holds a sizeable global portfolio of assets for lease and hospitality operations, supported by its hotel platform Millennium Hotels and Resorts (MHR), which manages over 160 hotels worldwide. CDL earns revenue through a mix of property development sales, recurring rental income from owned commercial and residential assets, and hospitality operations, a structure common among large diversified real estate developers that helps offset the cyclical nature of property sales with more stable leasing and operating income.
- Singapore residential pricing and cooling measures drive development margins
- Millennium Hotels RevPAR recovery lifts hospitality segment earnings
- Office portfolio occupancy pressured by hybrid work and supply glut
| Net Income: 629.7m TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.09 > 0.02 and ΔFCF/TA -9.68 > 1.0 |
| NWC/Revenue: 176.5% < 20% (prev 102.5%; Δ 73.98% < -1%) |
| CFO/TA -0.06 > 3% & CFO -1.51b > Net Income 629.7m |
| Net Debt (-1.36b) to EBITDA (699.3m): -1.95 < 3 |
| Current Ratio: 2.26 > 1.5 & < 3 |
| Outstanding Shares: last quarter (893.4m) vs 12m ago 0.0% < -2% |
| Gross Margin: 40.79% > 18% (prev 44.69%; Δ -3.90% > 0.5%) |
| Asset Turnover: 13.51% > 50% (prev 12.71%; Δ 0.80% > 0%) |
| Interest Coverage Ratio: 0.90 > 6 (EBIT TTM 409.6m / Interest Expense TTM 457.0m) |
| A: 0.23 (Total Current Assets 11.4b - Total Current Liabilities 5.02b) / Total Assets 27.4b |
| B: 0.29 (Retained Earnings 8.03b / Total Assets 27.4b) |
| C: 0.02 (EBIT TTM 409.6m / Avg Total Assets 26.6b) |
| D: 0.56 (Book Value of Equity 9.59b / Total Liabilities 17.1b) |
| Altman-Z'' = 3.17 = A |
| DSRI: 0.98 (Receivables 269.6m/250.4m, Revenue 3.59b/3.27b) |
| GMI: 1.10 (GM 44.69% / 40.79%) |
| AQI: 0.89 (AQ_t 0.38 / AQ_t-1 0.43) |
| SGI: 1.10 (Revenue 3.59b / 3.27b) |
| TATA: 0.08 (NI 629.7m - CFO -1.51b) / TA 27.4b) |
| Beneish M = -2.94 (Cap -4..+1) = A |
As of October 20, 2026, the stock is trading at SGD 7.01 with a total of 1,022,900 shares traded. Over the past week, the price has changed by -0.57%, over one month by -13.35%, over three months by -7.80% and over the past year by +3.07%.
Current recommended Stop Loss: 6.80 (which is 3% or 1.2 ATR below the current price).
CITY DEVELOPMENTS has no consensus analysts rating.
P/E Trailing = 7.7363
P/E Forward = 16.5017
P/S = 1.3617
P/B = 0.7842
P/EG = 0.5703
Revenue TTM = 3.59b SGD
EBIT TTM = 409.6m SGD
EBITDA TTM = 699.3m SGD
Long Term Debt = 10.3b SGD (from longTermDebt, last quarter)
Short Term Debt = 3.54b SGD (from shortLongTermDebt, last quarter)
Debt = 653.0m SGD (Leases only: 653.0m)
Net Debt = -1.36b SGD (calculated: Debt 653.0m - CCE 2.02b)
Enterprise Value = 4.93b SGD (6.29b + Debt 653.0m - CCE 2.02b)
Interest Coverage Ratio = 0.90 (Ebit TTM 409.6m / Interest Expense TTM 457.0m)
EV/FCF = -2.09x (Enterprise Value 4.93b / FCF TTM -2.36b)
FCF Yield = -47.83% (FCF TTM -2.36b / Enterprise Value 4.93b)
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 = 0.18 (Enterprise Value 4.93b / Total Assets 27.4b)
Interest Expense / Debt = 69.98% (Interest Expense 457.0m / Debt 653.0m)
Taxrate = 17.61% (135.9m / 771.5m)
NOPAT = 337.4m (EBIT 409.6m * (1 - 17.61%))
Current Ratio = 2.26 (Total Current Assets 11.4b / Total Current Liabilities 5.02b)
Debt / Equity = 0.07 (Debt 653.0m / totalStockholderEquity, last quarter 9.59b)
Debt / EBITDA = -1.95 (Net Debt -1.36b / EBITDA 699.3m)
Debt / FCF = 0.58 (negative FCF - burning cash) (Net Debt -1.36b / FCF TTM -2.36b)
Total Stockholder Equity = 9.32b (last 4 quarters mean from totalStockholderEquity)
RoA = 2.37% (Net Income 629.7m / Total Assets 27.4b)
RoE = 6.75% (Net Income TTM 629.7m / Total Stockholder Equity 9.32b)
RoCE = 2.08% (EBIT 409.6m / Capital Employed (Equity 9.32b + L.T.Debt 10.3b))
RoIC = 1.52% (NOPAT 337.4m / Invested Capital 22.2b)
WACC = 7.04% (E(6.29b)/V(6.94b) * Re(7.77%) + (debt cost/tax rate unavailable))
Discount Rate = 7.77% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -52.22 | 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=0.48 | Chg30d=+0.00% | Revisions=+0% | GrowthEPS=-35.0% | GrowthRev=+14.4%
EPS next Year (2027-12-31): EPS=0.51 | Chg30d=-3.74% | Revisions=+0% | GrowthEPS=+5.9% | GrowthRev=+5.7%
[Analyst] Revisions Ratio: +0% (up=1, down=1)