How does C09's PE Ratio compare to its peers?

C09 is good value based on its Price-To-Earnings Ratio (13.9x) compared to the peer average (15.8x).

How does C09's PE Ratio compare vs other companies in the SG Real Estate Industry?

C09 is good value based on its Price-To-Earnings Ratio (13.9x) compared to the SG Real Estate industry average (13.9x).

What is C09's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

C09 is good value based on its Price-To-Earnings Ratio (13.9x) compared to the estimated Fair Price-To-Earnings Ratio (17.5x).

What is the Fair Price of C09 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

C09 (SGD5.09) is trading above our estimate of [[fair value]] (SGD3.77)

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

C09 Stock Overview

City Developments Limited (CDL) is a leading global real estate company with a network spanning 112 locations in 29 countries and regions. More details

C09 fundamental analysis
Snowflake Score
Valuation	3/6
Future Growth	2/6
Past Performance	4/6
Financial Health	1/6
Dividends	2/6

Rewards

Earnings are forecast to grow 15.71% per year

Earnings grew by 49.3% over the past year

Trading at good value compared to peers and industry

Risk Analysis

Interest payments are not well covered by earnings

Large one-off items impacting financial results

My Notes

Capture your thoughts, links and company narrative

City Developments Limited Competitors

UOL Group

SGX:U14

S$4.4b

Singapore Land Group

SGX:U06

S$2.5b

Far East Orchard

SGX:O10

S$503.8m

Low Keng Huat (Singapore)

SGX:F1E

S$232.7m

Price History & Performance

Summary of share price highs, lows and changes for City Developments
Historical stock prices
Current Share Price	S$5.09
52 Week High	S$6.74
52 Week Low	S$5.03
Beta	0.74
1 Month Change	-1.17%
3 Month Change	-4.86%
1 Year Change	-20.59%
3 Year Change	-23.23%
5 Year Change	-53.56%
Change since IPO	54.24%

City Developments Limited's (SGX:C09) Business Is Yet to Catch Up With Its Share Price

Oct 25

City Developments (SGX:C09) Has A Somewhat Strained Balance Sheet

Oct 04

Recent updates

City Developments Limited's (SGX:C09) Business Is Yet to Catch Up With Its Share Price

Oct 25

City Developments (SGX:C09) Has A Somewhat Strained Balance Sheet

Oct 04

Revenues Working Against City Developments Limited's (SGX:C09) Share Price

Jul 26

City Developments Limited (SGX:C09) Shares Could Be 20% Below Their Intrinsic Value Estimate

Jun 28

What Is City Developments Limited's (SGX:C09) Share Price Doing?

May 21

Shareholders May Not Be So Generous With City Developments Limited's (SGX:C09) CEO Compensation And Here's Why

Apr 17

City Developments' (SGX:C09) Sluggish Earnings Might Be Just The Beginning Of Its Problems

Apr 01

Is City Developments (SGX:C09) Using Too Much Debt?

Mar 22

City Developments Limited Just Missed Earnings - But Analysts Have Updated Their Models

Mar 01

City Developments Limited's (SGX:C09) Intrinsic Value Is Potentially 77% Above Its Share Price

Dec 08

Is There Now An Opportunity In City Developments Limited (SGX:C09)?

Nov 20

Is City Developments (SGX:C09) A Risky Investment?

Nov 01

City Developments Limited's (SGX:C09) Intrinsic Value Is Potentially 46% Above Its Share Price

Sep 04

At S$7.12, Is It Time To Put City Developments Limited (SGX:C09) On Your Watch List?

Aug 09

These 4 Measures Indicate That City Developments (SGX:C09) Is Using Debt Extensively

May 19

Is There Now An Opportunity In City Developments Limited (SGX:C09)?

Apr 20

These 4 Measures Indicate That City Developments (SGX:C09) Is Using Debt Extensively

Dec 23

Is There An Opportunity With City Developments Limited's (SGX:C09) 35% Undervaluation?

Aug 03

Why City Developments Limited (SGX:C09) Could Be Worth Watching

Jul 06

A Look At The Fair Value Of City Developments Limited (SGX:C09)

Apr 30

Is City Developments (SGX:C09) Using Too Much Debt?

Mar 25

Shareholder Returns

	C09	SG Real Estate	SG Market
7D	-2.3%	-1.8%	-0.5%
1Y	-20.6%	1.0%	14.7%

Return vs Industry: C09 underperformed the SG Real Estate industry which returned 1% over the past year.

Return vs Market: C09 underperformed the SG Market which returned 14.7% over the past year.

Price Volatility

Is C09's price volatile compared to industry and market?
C09 volatility
C09 Average Weekly Movement	2.0%
Real Estate Industry Average Movement	4.8%
Market Average Movement	4.5%
10% most volatile stocks in SG Market	13.2%
10% least volatile stocks in SG Market	2.0%

Stable Share Price: C09 has not had significant price volatility in the past 3 months compared to the SG market.

Volatility Over Time: C09's weekly volatility (2%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1963	8,083	Sherman Kwek	www.cdl.com.sg

City Developments Limited (CDL) is a leading global real estate company with a network spanning 112 locations in 29 countries and regions. Listed on the Singapore Exchange, the Group is one of the largest companies by market capitalisation. Its income-stable and geographically-diverse portfolio comprises residences, offices, hotels, serviced apartments, shopping malls and integrated developments.

City Developments Limited Fundamentals Summary

How do City Developments's earnings and revenue compare to its market cap?
C09 fundamental statistics
Market cap	S$4.55b
Earnings (TTM)	S$327.54m
Revenue (TTM)	S$3.80b

13.9x

P/E Ratio

1.2x

P/S Ratio

Is C09 overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report (TTM)
C09 income statement (TTM)
Revenue	S$3.80b
Cost of Revenue	S$2.24b
Gross Profit	S$1.56b
Other Expenses	S$1.23b
Earnings	S$327.54m

Last Reported Earnings

Jun 30, 2024

Next Earnings Date

n/a

Earnings per share (EPS)	0.37
Gross Margin	40.93%
Net Profit Margin	8.62%
Debt/Equity Ratio	130.3%

How did C09 perform over the long term?

See historical performance and comparison

Dividends

2.0%

Current Dividend Yield

22%

Payout Ratio

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2024/12/19 23:01
End of Day Share Price	2024/12/19 00:00
Earnings	2024/06/30
Annual Earnings	2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

City Developments Limited is covered by 32 analysts. 10 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Tricia Song	Barclays
Chin Hong Pang	BNP Paribas Securities (Asia)
Donald Chua	BofA Global Research

C09 Stock Overview

Rewards

Risk Analysis

City Developments Limited Competitors

SGX:U14

S$4.4b

SGX:U06

S$2.5b

SGX:O10

S$503.8m

SGX:F1E

S$232.7m

Price History & Performance

Recent News & Updates

City Developments Limited Announces the Resignation of Tan Kian Seng as Independent Non-Executive Director and Member of the Audit & Risk Committee Member of the Board Sustainability Committee, Effective from 31 December 2024

City Developments Limited's (SGX:C09) Business Is Yet to Catch Up With Its Share Price

City Developments (SGX:C09) Has A Somewhat Strained Balance Sheet

Consensus EPS estimates fall by 14%

City Developments Limited Proposes Declaration of the Tax-Exempt (One-Tier) Special Interim Ordinary Dividend for the Financial Year Ended 31 December 2024

Final dividend of S$0.02 announced

Recent updates

City Developments Limited Announces the Resignation of Tan Kian Seng as Independent Non-Executive Director and Member of the Audit & Risk Committee Member of the Board Sustainability Committee, Effective from 31 December 2024

City Developments Limited's (SGX:C09) Business Is Yet to Catch Up With Its Share Price

City Developments (SGX:C09) Has A Somewhat Strained Balance Sheet

Consensus EPS estimates fall by 14%

City Developments Limited Proposes Declaration of the Tax-Exempt (One-Tier) Special Interim Ordinary Dividend for the Financial Year Ended 31 December 2024

Final dividend of S$0.02 announced

Revenues Working Against City Developments Limited's (SGX:C09) Share Price

City Developments Limited to Report First Half, 2024 Results on Aug 14, 2024

Now 69% overvalued

City Developments Limited (SGX:C09) Shares Could Be 20% Below Their Intrinsic Value Estimate

Now 20% undervalued after recent price drop

City Developments Limited Approves Final One-Tier Tax-Exempt Ordinary Dividend for the Fiscal Year 2023

What Is City Developments Limited's (SGX:C09) Share Price Doing?

Upcoming dividend of S$0.08 per share

Shareholders May Not Be So Generous With City Developments Limited's (SGX:C09) CEO Compensation And Here's Why

City Developments' (SGX:C09) Sluggish Earnings Might Be Just The Beginning Of Its Problems

Is City Developments (SGX:C09) Using Too Much Debt?

New minor risk - Earnings quality

Consensus revenue estimates increase by 11%, EPS downgraded

Final dividend of S$0.08 announced

City Developments Limited Just Missed Earnings - But Analysts Have Updated Their Models

Developments Limited (SGX:C09) acquired Summervale Properties Pte Ltd. for SGD 2.

Full year 2023 earnings released: EPS: S$0.34 (vs S$1.40 in FY 2022)

City Developments Limited (SGX:C09) acquired 209 co-living studio units Yardhouse in White City, London for £88 million.

City Developments Limited to Report Q4, 2023 Results on Feb 28, 2024

City Developments Limited Provides Earnings Guidance for the Full Year Ending 31 December 2023

City Developments Limited's (SGX:C09) Intrinsic Value Is Potentially 77% Above Its Share Price

Is There Now An Opportunity In City Developments Limited (SGX:C09)?

Galliard Homes Limited and City Developments Limited (SGX:C09) acquired 13.8-acre Morden Wharf development in the Royal Borough of Greenwich from U and I Group PLC and Morden College.

Is City Developments (SGX:C09) A Risky Investment?

City Developments Limited (SGX:C09) acquired Portfolio of tokyo residential rental freehold assets from BentallGreenOak (U.S.) Limited Partnership for JPY 35 billion.

City Developments Limited Announces Resignation of Tan Li Lian as Group Chief Human Resources Officer, Effective on September 30, 2023

City Developments Limited's (SGX:C09) Intrinsic Value Is Potentially 46% Above Its Share Price

Consensus revenue estimates increase by 12%, EPS downgraded

New minor risk - Profit margin trend

First half 2023 earnings released: EPS: S$0.066 (vs S$1.23 in 1H 2022)

At S$7.12, Is It Time To Put City Developments Limited (SGX:C09) On Your Watch List?

City Developments Limited to Report First Half, 2023 Results on Aug 10, 2023

City Developments Limited Approves Special Final One-Tier Tax-Exempt Ordinary Dividend for the Fiscal Year 2022

These 4 Measures Indicate That City Developments (SGX:C09) Is Using Debt Extensively

Upcoming dividend of S$0.16 per share at 3.8% yield

Is There Now An Opportunity In City Developments Limited (SGX:C09)?

Full year 2022 earnings: EPS and revenues exceed analyst expectations

Full year 2022 earnings: EPS and revenues exceed analyst expectations

City Developments Limited to Report Fiscal Year 2022 Results on Feb 23, 2023

City Developments Limited Appoints Tan Li Lian as the Group Chief Human Resources Officer

These 4 Measures Indicate That City Developments (SGX:C09) Is Using Debt Extensively

City Developments Limited (SGX:C09) acquired Four Purpose-Built Student Accommodation Assets In UK for approximately £190 million.

City Developments Limited (SGX:C09) acquired Four Purpose-Built Student Accommodation Assets In UK for £85 million.

High number of new directors

What Does City Developments Limited's (SGX:C09) Share Price Indicate?

Consensus forecasts updated

Consensus forecasts updated

City Developments (SGX:C09) Takes On Some Risk With Its Use Of Debt

First half 2022 earnings released: EPS: S$1.24 (vs S$0.042 loss in 1H 2021)

City Developments Limited Declares Tax-Exempt (One-Tier) Special Interim Dividend for the Financial Year Ending 31 December 2022

City Developments Limited to Report First Half, 2022 Results on Aug 11, 2022

City Developments Limited Announces Resignation of Frank Khoo Shao Hong as Group Chief Investment Officer

City Developments Limited (SGX:C09) and HThree Capital Pte.Ltd agreed to acquire 18-storey building in downtown Melbourne from AMP Capital Investors Limited for $162 million.