Earnings Troubles May Signal Larger Issues for City Developments (SGX:C09) Shareholders
Apr 15
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Singaporean (SGX) Real Estate Industry Analysis
UpdatedApr 20, 2025
DataAggregated Company Financials
Companies52
- 7D3.3%
- 3M-1.2%
- 1Y8.2%
- YTD-4.0%
The Real Estate industry is up 3.3% in the last week, with CapitaLand Investment up 4.4%. During this same period, the Capital World underperformed, falling 50%. This takes the industry's 12 month performance to a gain of 8.2%. As for the next few years, earnings are expected to grow by 25% per annum.
Industry Valuation and Performance
Has the Singaporean Real Estate Industry valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Sun, 20 Apr 2025 | S$53.0b | S$32.5b | S$523.1m | 13.5x | 101.3x | 1.6x |
| Tue, 18 Mar 2025 | S$54.6b | S$32.6b | S$522.0m | 14.9x | 104.7x | 1.7x |
| Thu, 13 Feb 2025 | S$53.6b | S$35.1b | S$1.0b | 14.4x | 53.1x | 1.5x |
| Sat, 11 Jan 2025 | S$53.8b | S$35.2b | S$749.0m | 14.2x | 71.8x | 1.5x |
| Mon, 09 Dec 2024 | S$56.7b | S$35.2b | S$725.4m | 14.4x | 78.2x | 1.6x |
| Wed, 06 Nov 2024 | S$58.1b | S$34.5b | S$468.5m | 12.5x | 124x | 1.7x |
| Fri, 04 Oct 2024 | S$57.2b | S$34.5b | S$459.3m | 12.2x | 124.5x | 1.7x |
| Sun, 01 Sep 2024 | S$52.8b | S$34.5b | S$481.4m | 9.7x | 109.7x | 1.5x |
| Tue, 30 Jul 2024 | S$51.7b | S$34.5b | S$1.4b | 11.9x | 37.8x | 1.5x |
| Thu, 27 Jun 2024 | S$51.0b | S$35.2b | S$1.4b | 11.9x | 37.1x | 1.4x |
| Sat, 25 May 2024 | S$52.4b | S$34.9b | S$1.3b | 13x | 40.1x | 1.5x |
| Mon, 22 Apr 2024 | S$49.9b | S$35.4b | S$1.5b | 14.7x | 34.1x | 1.4x |
| Wed, 20 Mar 2024 | S$51.9b | S$35.2b | S$1.5b | 13.9x | 35.6x | 1.5x |
| Fri, 16 Feb 2024 | S$53.9b | S$33.6b | S$2.3b | 11.7x | 23.7x | 1.6x |
| Sun, 14 Jan 2024 | S$57.4b | S$34.7b | S$2.2b | 16.1x | 25.8x | 1.7x |
| Tue, 12 Dec 2023 | S$56.4b | S$34.8b | S$2.2b | 16.6x | 25.1x | 1.6x |
| Thu, 09 Nov 2023 | S$56.8b | S$34.7b | S$3.1b | 16.1x | 18.6x | 1.6x |
| Sat, 07 Oct 2023 | S$58.6b | S$34.7b | S$3.1b | 16.6x | 19.2x | 1.7x |
| Mon, 04 Sep 2023 | S$59.9b | S$34.6b | S$3.0b | 16x | 19.7x | 1.7x |
| Wed, 02 Aug 2023 | S$63.4b | S$32.6b | S$5.4b | 12.7x | 11.7x | 1.9x |
| Fri, 30 Jun 2023 | S$62.1b | S$32.9b | S$6.2b | 9.9x | 10.1x | 1.9x |
| Sun, 28 May 2023 | S$64.4b | S$33.0b | S$6.1b | 9.1x | 10.5x | 2x |
| Tue, 25 Apr 2023 | S$68.0b | S$32.8b | S$6.1b | 9.1x | 11.1x | 2.1x |
| Thu, 23 Mar 2023 | S$65.4b | S$32.8b | S$6.1b | 8.9x | 10.6x | 2x |
| Sat, 18 Feb 2023 | S$69.5b | S$32.5b | S$7.5b | 8.9x | 9.3x | 2.1x |
| Mon, 16 Jan 2023 | S$69.3b | S$32.5b | S$7.5b | 7.7x | 9.3x | 2.1x |
| Wed, 14 Dec 2022 | S$68.2b | S$32.4b | S$7.5b | 8.9x | 9.1x | 2.1x |
| Fri, 11 Nov 2022 | S$64.0b | S$32.5b | S$7.3b | 8.8x | 8.7x | 2x |
| Sun, 09 Oct 2022 | S$67.2b | S$32.7b | S$7.4b | 9x | 9.1x | 2.1x |
| Tue, 06 Sep 2022 | S$71.2b | S$32.8b | S$7.4b | 9.5x | 9.6x | 2.2x |
| Thu, 04 Aug 2022 | S$73.6b | S$32.3b | S$5.5b | 11.7x | 13.3x | 2.3x |
| Sat, 02 Jul 2022 | S$72.5b | S$32.4b | S$4.4b | 11.1x | 16.5x | 2.2x |
| Mon, 30 May 2022 | S$72.7b | S$32.3b | S$4.3b | 10.7x | 16.9x | 2.3x |
| Wed, 27 Apr 2022 | S$74.6b | S$32.6b | S$4.5b | 10.4x | 16.5x | 2.3x |
Price to Earnings Ratio
16.5x
Current Industry PE
- Investors are optimistic on the Singaporean Real Estate industry, and appear confident in long term growth rates.
- The industry is trading at a PE ratio of 101x which is higher than its 3-year average PE of 36.0x.
- The industry is trading close to its 3-year average PS ratio of 1.8x.
Past Earnings Growth
- The earnings for companies in the Real Estate industry have declined 51% per year over the last three years.
- Meanwhile revenues have remained mostly flat.
- This means that although sales have remained flat, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.
Industry Trends
Which industries have driven the changes within the Singaporean Real Estate industry?
| SG Market | 5.05% | |
| Real Estate | 3.92% | |
| Real Estate | 3.26% | |
| Diversified Real Estate | 3.67% | |
| Real Estate Operating Companies | 3.37% | |
| Real Estate Services | 2.79% | |
| Real Estate Development | 2.66% | |
Industry PE
- Investors are most optimistic about the Real Estate Services industry which is trading above its 3-year average PE ratio of 23.0x.
- Analysts are expecting annual earnings growth of 13.3%, which is higher than its past year's earnings decline of 26.6% per year.
Forecasted Growth
- Analysts are most optimistic on the Real Estate Operating Companies industry, expecting annual earnings growth of 29% over the next 5 years.
- However this is lower than its past earnings growth rate of 125% per year.
- In contrast, the Real Estate Services industry is expected to see its earnings grow by 13% per year over the next few years.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | |
|---|---|---|---|---|---|
| 9CI CapitaLand Investment | S$2.59 | 4.4% +S$548.4m | 5.3% | PE27x | |
| H78 Hongkong Land Holdings | US$4.12 | 1.7% +US$154.5m | 45.6% | PS4.5x | |
| C09 City Developments | S$4.69 | 4.7% +S$187.6m | -18.3% | PE22x | |
| U06 Singapore Land Group | S$1.96 | 5.4% +S$143.3m | 8.9% | PE9.9x | |
| U14 UOL Group | S$5.64 | 2.7% +S$126.7m | 0.7% | PE13.3x |
