C09 Stock Analysis: CITY DEVELOPMENTS | SG
Real Estate - Development | SG, Singapore | Market Cap: 6.736m SGD | 12M Return: 31.1% | SG1R89002252 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 10.7M
Warnings
Tailwinds
No distinct edge detected
Seasonality 11.6 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 with a diversified portfolio spanning residences, offices, hotels, serviced apartments, student accommodation, retail malls, and integrated developments across 28 countries and regions. Established in 1963, the company has over 60 years of experience in real estate development, investment, and management, and operates more than 160 hotels worldwide, primarily through its flagship Millennium Hotels and Resorts brand.
The business model spans the full real estate value chain, combining development, ownership of investment properties (~23 million sq ft of gross floor area globally), and hospitality operations, which provides revenue diversification across asset classes with differing lease terms and occupancy drivers. CDLs mid-cap status on the Singapore Exchange situates it among the larger listed property groups in a market where REITs and developers form the core of the Real Estate GICS sub-industry.
- Singapore residential cooling measures limit launch pricing power
- Millennium Hotels occupancy recovers as global tourism rebounds
- High interest rates pressure office portfolio valuations and refinancing costs
| 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 August 07, 2026, the stock is trading at SGD 7.79 with a total of 1,031,800 shares traded. Over the past week, the price has changed by +1.29%, over one month by -0.76%, over three months by -4.03% and over the past year by +31.05%.
Current recommended Stop Loss: 7.30 (which is 6.3% or 3.1 ATR below the current price).
CITY DEVELOPMENTS has no consensus analysts rating.
P/E Trailing = 11.2647
P/E Forward = 17.6678
P/S = 1.9078
P/B = 0.7032
P/EG = 0.5703
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 = 5.39b SGD (6.74b + Debt 658.0m - CCE 2.01b)
Interest Coverage Ratio = 0.90 (Ebit TTM 409.6m / Interest Expense TTM 457.0m)
EV/FCF = -2.29x (Enterprise Value 5.39b / FCF TTM -2.36b)
FCF Yield = -43.73% (FCF TTM -2.36b / Enterprise Value 5.39b)
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 = 0.20 (Enterprise Value 5.39b / 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 = 7.08% (E(6.74b)/V(7.39b) * 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=0.39 | Chg30d=-0.54% | Revisions=-25% | GrowthEPS=-47.6% | GrowthRev=+9.4%
EPS next Year (2027-12-31): EPS=0.53 | Chg30d=-2.15% | Revisions=+0% | GrowthEPS=+36.7% | GrowthRev=+14.1%
[Analyst] Revisions Ratio: -17% (up=1, down=2)