SGX:C09

Stock Analysis Report

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Executive Summary

City Developments Limited (CDL) is a leading global real estate operating company with a network spanning 103 locations in 29 countries and regions. More Details


Snowflake Analysis

Reasonable growth potential and slightly overvalued.


Similar Companies

Share Price & News

How has City Developments's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: C09 is less volatile than 75% of SG stocks over the past 3 months, typically moving +/- 3% a week.

Volatility Over Time: C09's weekly volatility (3%) has been stable over the past year.


Market Performance


7 Day Return

0%

C09

0.6%

SG Real Estate

1.1%

SG Market


1 Year Return

-23.4%

C09

-11.0%

SG Real Estate

-4.0%

SG Market

Return vs Industry: C09 underperformed the SG Real Estate industry which returned -11% over the past year.

Return vs Market: C09 underperformed the SG Market which returned -4% over the past year.


Shareholder returns

C09IndustryMarket
7 Day0%0.6%1.1%
30 Day2.9%1.6%1.9%
90 Day-6.5%2.5%6.1%
1 Year-22.2%-23.4%-7.7%-11.0%1.0%-4.0%
3 Year-38.6%-42.0%-19.4%-26.5%-7.1%-18.5%
5 Year8.9%-0.4%3.1%-10.9%17.0%-4.4%

Long-Term Price Volatility Vs. Market

How volatile is City Developments's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is City Developments undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: C09 (SGD7.51) is trading below our estimate of fair value (SGD80.14)

Significantly Below Fair Value: C09 is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: C09 is unprofitable, so we can't compare its PE Ratio to the SG Real Estate industry average.

PE vs Market: C09 is unprofitable, so we can't compare its PE Ratio to the SG market.


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate C09's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: C09 is overvalued based on its PB Ratio (0.8x) compared to the SG Real Estate industry average (0.5x).


Next Steps

Future Growth

How is City Developments forecast to perform in the next 1 to 3 years based on estimates from 14 analysts?

108.3%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: C09 is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (2%).

Earnings vs Market: C09 is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: C09's is expected to become profitable in the next 3 years.

Revenue vs Market: C09's revenue (17.9% per year) is forecast to grow faster than the SG market (9.1% per year).

High Growth Revenue: C09's revenue (17.9% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: C09's Return on Equity is forecast to be low in 3 years time (5.7%).


Next Steps

Past Performance

How has City Developments performed over the past 5 years?

-38.7%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: C09 is currently unprofitable.

Growing Profit Margin: C09 is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: C09 is unprofitable, and losses have increased over the past 5 years at a rate of 38.7% per year.

Accelerating Growth: Unable to compare C09's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: C09 is unprofitable, making it difficult to compare its past year earnings growth to the Real Estate industry (-45.7%).


Return on Equity

High ROE: C09 has a negative Return on Equity (-20.32%), as it is currently unprofitable.


Next Steps

Financial Health

How is City Developments's financial position?


Financial Position Analysis

Short Term Liabilities: C09's short term assets (SGD10.8B) exceed its short term liabilities (SGD5.0B).

Long Term Liabilities: C09's short term assets (SGD10.8B) exceed its long term liabilities (SGD9.4B).


Debt to Equity History and Analysis

Debt Level: C09's debt to equity ratio (125%) is considered high.

Reducing Debt: C09's debt to equity ratio has increased from 59% to 125% over the past 5 years.

Debt Coverage: C09's operating cash flow is negative, therefore debt is not well covered.

Interest Coverage: Insufficient data to determine if C09's interest payments on its debt are well covered by EBIT.


Balance Sheet


Next Steps

Dividend

What is City Developments's current dividend yield, its reliability and sustainability?

1.60%

Current Dividend Yield


Upcoming Dividend Payment


Dividend Yield vs Market

Notable Dividend: C09's dividend (1.6%) isn’t notable compared to the bottom 25% of dividend payers in the SG market (1.98%).

High Dividend: C09's dividend (1.6%) is low compared to the top 25% of dividend payers in the SG market (4.79%).


Stability and Growth of Payments

Stable Dividend: C09's dividend payments have been volatile in the past 10 years.

Growing Dividend: C09's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: C09 is paying a dividend but the company is unprofitable.


Future Payout to Shareholders

Future Dividend Coverage: C09's dividends in 3 years are forecast to be well covered by earnings (31.7% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

4.7yrs

Average management tenure


CEO

Sherman Kwek (45 yo)

3.17yrs

Tenure

S$2,835,000

Compensation

Mr. Eik Tse Kwek, also known as Sherman, has been Group Chief Executive Officer of City Developments Limited (“CDL”) since January 1, 2018. Mr. Kwek serves as Executive Director of City Developments Limite...


CEO Compensation Analysis

Compensation vs Market: Sherman's total compensation ($USD2.13M) is below average for companies of similar size in the SG market ($USD3.17M).

Compensation vs Earnings: Sherman's compensation has increased whilst the company is unprofitable.


Leadership Team

NamePositionTenureCompensationOwnership
Leng Beng Kwek
Executive Chairman of the Board26.17yrsS$8.88m0.044%
SGD 3.0m
Eik Tse Kwek
Group CEO & Executive Director3.17yrsS$2.84mno data
Yim Ming Yiong
Group Chief Financial Officer5.17yrsno datano data
Shao-Hong Khoo
Group Chief Investment Officer3.08yrsno datano data
Ong Siew Toh
Senior Vice President of Group Accountsno datano datano data
Ivan Ng
Chief Technology Officer5.17yrsno datano data
Cindy Tan
Head of Administration Departmentno datano datano data
Belinda Lee
VP, Head of IR & Corporate Communicationsno datano datano data
Sharifah Shah
Senior Vice President of Legalno datano datano data
Adeline Ong
Senior Vice President of Sales & Marketingno datano datano data
Steven Tan
Chief Human Resource Officer4.67yrsno datano data
Ngiang Hong Chia
Group General Managerno datano datano data

4.7yrs

Average Tenure

49yo

Average Age

Experienced Management: C09's management team is considered experienced (4.7 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Leng Beng Kwek
Executive Chairman of the Board26.17yrsS$8.88m0.044%
SGD 3.0m
Eik Tse Kwek
Group CEO & Executive Director3.17yrsS$2.84mno data
Liat Kok Yeo
Independent Non-Executive Director11.83yrsS$172.00kno data
Poay Tan
Independent Non-Executive Director9.08yrsS$115.00kno data
Daniel Marie Ghislain Desbaillets
Non-Executive & Independent Director0.33yrno datano data
Yoon Chong
Non Executive & Independent Director0.33yrno datano data
Yin Nee Lim
Lead Independent Director2.75yrsS$299.00kno data
Carolina Liang Chan Swee
Independent Non-Executive Director0.25yrno datano data
Lian Jin Ong
Non-Executive & Independent Director0.42yrno datano data
Jee Cheng Lee
Independent Non-Executive Director0.17yrno datano data

1.1yrs

Average Tenure

67yo

Average Age

Experienced Board: C09's board of directors are not considered experienced ( 1.1 years average tenure), which suggests a new board.


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

City Developments Limited's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: City Developments Limited
  • Ticker: C09
  • Exchange: SGX
  • Founded: 1963
  • Industry: Diversified Real Estate Activities
  • Sector: Real Estate
  • Market Cap: S$6.856b
  • Shares outstanding: 906.90m
  • Website: https://www.cdl.com.sg

Number of Employees


Location

  • City Developments Limited
  • 9 Raffles Place
  • Suite 12-01 Republic Plaza
  • Singapore
  • 48619
  • Singapore

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
CDEV.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDJan 1992
C09SGX (Singapore Exchange)YesOrdinary SharesSGSGDJan 1992
CDEDB (Deutsche Boerse AG)YesOrdinary SharesDEEURJan 1992
CDEV.YOTCPK (Pink Sheets LLC)SPONSORED ADRUSUSDSep 1995

Biography

City Developments Limited (CDL) is a leading global real estate operating company with a network spanning 103 locations in 29 countries and regions. Listed on the Singapore Exchange, the Group is one of th...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/03/04 11:07
End of Day Share Price2021/03/04 00:00
Earnings2020/12/31
Annual Earnings2020/12/31


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.