City Developments
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City Developments Limited (CDL) is a leading global real estate operating company with a network spanning 100 locations in 28 countries and regions. The last earnings update was 24 days ago. More info.
Add to Portfolio Compare Print
- City Developments is a fund or ETF! Currently our data availability for these is poor, we only recommend using them as part of a portfolio.
C09 Share Price and Events
7 Day Returns
1 Year Returns
C09 Shareholder Return
| 7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|---|
| City Developments (C09) | -1% | 1.7% | 2.8% | -27.1% | 2.9% | -16.1% |
| SG Real Estate | 0.5% | 2.3% | 6.4% | -7% | 6% | -4.9% |
| SG Market | 0.3% | 3.3% | 3.7% | -6.2% | 8.5% | -3% |
1 Year Return vs Industry and Market
- C09 underperformed the Real Estate industry which returned -7% over the past year.
- C09 underperformed the Market in Singapore which returned -6.2% over the past year.
Value
Value is all about what a company is worth versus what price it is
available for. If you went into a grocery store and all the bananas were on sale
at half price, they could be considered
undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current
share
price of
City Developments
to its discounted cash flow analysis.value.The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Below are the data sources, inputs and calculation used to determine the intrinsic value for City Developments.
| Data Point | Source | Value |
|---|---|---|
| Valuation Model | 2 Stage Free Cash Flow to Equity | |
| Levered Free Cash Flow | Average of 19 Analyst Estimates (S&P Global) | See below |
| Discount Rate (Cost of Equity) | See below | 11.5% |
| Perpetual Growth Rate | 10-Year SG Government Bond Rate | 2.3% |
An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.
| Data Point | Calculation/ Source | Result |
|---|---|---|
| Risk-Free Rate | 10-Year SG Govt Bond Rate | 2.3% |
| Equity Risk Premium | S&P Global | 6% |
| Real Estate Unlevered Beta | Simply Wall St/ S&P Global | 1.1 |
| Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.099 (1 + (1- 17%) (78.37%)) |
1.545 |
| Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
1.55 |
| Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.3% + (1.545 * 5.96%) |
11.51% |
Discounted Cash Flow Calculation for SGX:C09 using 2 Stage Free Cash Flow to Equity Model
The calculations below outline how an intrinsic value for City Developments is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.
| Levered FCF (SGD, Millions) | Source |
Present Value Discounted (@ 11.51%) |
|
|---|---|---|---|
| 2019 | 338.00 | Analyst x1 | 303.10 |
| 2020 | 1,466.67 | Analyst x3 | 1,179.46 |
| 2021 | 2,818.00 | Analyst x1 | 2,032.21 |
| 2022 | 4,082.56 | Est @ 44.87% | 2,640.20 |
| 2023 | 5,393.19 | Est @ 32.1% | 3,127.71 |
| 2024 | 6,642.42 | Est @ 23.16% | 3,454.48 |
| 2025 | 7,765.33 | Est @ 16.91% | 3,621.53 |
| 2026 | 8,737.89 | Est @ 12.52% | 3,654.39 |
| 2027 | 9,564.32 | Est @ 9.46% | 3,587.06 |
| 2028 | 10,263.62 | Est @ 7.31% | 3,451.92 |
| Present value of next 10 years cash flows | SGD27,052.09 | ||
| Calculation | Result | |
|---|---|---|
| Terminal Value |
= FCF2028
× (1 + g) ÷ (Discount Rate – g)
= SGD10,263.62 × (1 + 2.3%) ÷ (11.51% – 2.3%) |
SGD114,011.44 |
| Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)10
= SGD114,011.44 ÷ (1 + 11.51%)10 |
SGD38,345.06 |
| Calculation | Result | |
|---|---|---|
| Total Equity Value |
= Present value of next 10 years cash flows +
Terminal Value
= SGD27,052.09 + SGD38,345.06 |
SGD65,397.15 |
| Equity Value per Share (SGD) |
= Total value / Shares Outstanding
= SGD65,397.15 / 906.90 |
SGD72.11 |
| Calculation | Result | |
|---|---|---|
| Value per share (SGD) | From above. | SGD72.11 |
| Current discount | Discount to share price of
SGD9.23
= -1 x (SGD9.23 - SGD72.11) / SGD72.11 |
87.2% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
Current Discount
Current Discount Checks
- City Developments's share price is below the future cash flow value, and at a moderate discount (> 20%).
- City Developments's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for
it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing
when they are out of season, or how much your home is worth.The amount the stock market is willing to pay for City Developments's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are
City Developments's earnings available for a low price, and how does
this compare to other companies in the same industry?
| Data Point | Source | Value |
|---|---|---|
| Earnings Per Share * | Company Filings (2018-12-31) in SGD | SGD0.60 |
| SGX:C09 Share Price ** | SGX (2019-04-18) in SGD | SGD9.23 |
| Singapore Real Estate Industry PE Ratio | Median Figure of 38 Publicly-Listed Real Estate Companies | 9.52x |
| Singapore Market PE Ratio | Median Figure of 328 Publicly-Listed Companies | 13.2x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of City Developments.
| Calculation | Outcome | |
|---|---|---|
| PE Ratio | = SGX:C09 Share Price ÷ EPS (both in SGD) = 9.23 ÷ 0.60 |
15.4x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- City Developments is overvalued based on earnings compared to the SG Real Estate industry average.
- City Developments is overvalued based on earnings compared to the Singapore market.
Price based on expected Growth
Does
City Developments's expected growth come at a high price?
| Data Point | Source | Value |
|---|---|---|
| PE Ratio | See PE Ratio Section | 15.4x |
| Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 19 Analysts |
5.5%per year |
| Singapore Real Estate Industry PEG Ratio | Median Figure of 14 Publicly-Listed Real Estate Companies | -0.16x |
| Singapore Market PEG Ratio | Median Figure of 119 Publicly-Listed Companies | 1.55x |
*Line of best fit is calculated by linear regression .
| Calculation | Outcome | |
|---|---|---|
| PEG Ratio | = PE Ratio ÷ Net Income Annual Growth Rate = 15.4x ÷ 5.5% |
2.82x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- City Developments is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on
City Developments's
assets?
| Data Point | Source | Value |
|---|---|---|
| Book Value per Share | Company Filings (2018-12-31) in SGD | SGD10.71 |
| SGX:C09 Share Price * | SGX (2019-04-18) in SGD | SGD9.23 |
| Singapore Real Estate Industry PB Ratio | Median Figure of 46 Publicly-Listed Real Estate Companies | 0.59x |
| Singapore Market PB Ratio | Median Figure of 432 Publicly-Listed Companies | 0.75x |
| Calculation | Outcome | |
|---|---|---|
| PB Ratio | = SGX:C09 Share Price ÷ Book Value per Share (both in SGD) = 9.23 ÷ 10.71 |
0.86x |
* Primary Listing of City Developments.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- City Developments is overvalued based on assets compared to the SG Real Estate industry average.
Value checks
We assess City Developments's value by looking at:- Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
- Is the PE ratio less than the market average, and/ or less than the Real Estate industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the Real Estate industry average (and greater than 0)? (1 check) City Developments has a total score of 2/6, see the detailed checks below.
Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.
Full details on the Value part of the Simply Wall St company analysis model.
Future Performance
The future performance of a company is measured in the same way as past
performance, by looking at estimated
growth
and how much profit it is expected to make.Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Earnings growth vs Low Risk Savings
- City Developments's earnings growth is expected to exceed the low risk savings rate of 2.3%.
Growth vs Market Checks
- City Developments's earnings growth is positive but not above the Singapore market average.
- City Developments's revenue growth is positive but not above the Singapore market average.
Annual Growth Rates Comparison
| Data Point | Source | Value (per year) |
|---|---|---|
| SGX:C09 Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 19 Analysts | 5.5% |
| SGX:C09 Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 19 Analysts | 3% |
| Singapore Real Estate Industry Earnings Growth Rate | Market Cap Weighted Average | -10.1% |
| Singapore Real Estate Industry Revenue Growth Rate | Market Cap Weighted Average | 3.1% |
| Singapore Market Earnings Growth Rate | Market Cap Weighted Average | 5.8% |
| Singapore Market Revenue Growth Rate | Market Cap Weighted Average | 4.8% |
*Line of best fit is calculated by linear regression .
Industry and Market average data is calculated daily.
Learn more about our growth rate calculations in Simply Wall St’s analysis model.
Analysts growth expectations
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (3 months ago) | See Below |
| Future Estimates | Average of up to 19 Analyst Estimates (S&P Global) | See Below |
| Date (Data in SGD Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
|---|---|---|---|---|
| 2022-12-31 | 5,051 | 811 | 1 | |
| 2021-12-31 | 4,629 | 730 | 581 | 7 |
| 2020-12-31 | 4,244 | 1,356 | 631 | 19 |
| 2019-12-31 | 3,875 | 1,056 | 604 | 19 |
| Date (Data in SGD Millions) | Revenue | Cash Flow | Net Income * |
|---|---|---|---|
| 2018-12-31 | 4,223 | -600 | 544 |
| 2018-09-30 | 4,761 | -375 | 616 |
| 2018-06-30 | 4,608 | -386 | 600 |
| 2018-03-31 | 4,103 | 957 | 510 |
| 2017-12-31 | 3,829 | 1,087 | 509 |
| 2017-09-30 | 3,668 | 988 | 587 |
| 2017-06-30 | 3,727 | 1,329 | 611 |
| 2017-03-31 | 3,966 | 1,086 | 631 |
| 2016-12-31 | 3,905 | 1,181 | 640 |
| 2016-09-30 | 3,593 | 378 | 807 |
| 2016-06-30 | 3,480 | -11 | 743 |
| 2016-03-31 | 3,212 | 166 | 743 |
*GAAP earnings excluding extraordinary items.
Past and Future Earnings per Share
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (3 months ago) | See Below |
| Future Estimates | Average of up to 19 Analyst Estimates (S&P Global) | See Below |
All data from City Developments Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in SGD Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
|---|---|---|---|---|
| 2022-12-31 | 0.85 | 0.85 | 0.85 | 1.00 |
| 2021-12-31 | 0.56 | 0.66 | 0.35 | 5.00 |
| 2020-12-31 | 0.66 | 0.92 | 0.41 | 17.00 |
| 2019-12-31 | 0.65 | 0.87 | 0.49 | 16.00 |
| Date (Data in SGD Millions) | EPS * |
|---|---|
| 2018-12-31 | 0.60 |
| 2018-09-30 | 0.68 |
| 2018-06-30 | 0.66 |
| 2018-03-31 | 0.56 |
| 2017-12-31 | 0.56 |
| 2017-09-30 | 0.65 |
| 2017-06-30 | 0.67 |
| 2017-03-31 | 0.69 |
| 2016-12-31 | 0.70 |
| 2016-09-30 | 0.89 |
| 2016-06-30 | 0.82 |
| 2016-03-31 | 0.82 |
*GAAP earnings excluding extraordinary items.
Future performance checks
We assess City Developments's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Singapore market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Singapore market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
City Developments has a total score of 1/6, see the detailed checks below.
Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.
Full details on the Future part of the Simply Wall St company analysis model.
Past Performance
How has City Developments performed over the past 5 years?
The past performance of a company can be measured by how much
growth
it has experienced and how much profit it makes relative to the funds and assets
it has available.
Past earnings growth
Past Earnings growth analysis
- City Developments's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
- City Developments's 1-year earnings growth exceeds its 5-year average (6.9% vs -4.4%)
- City Developments's earnings growth has exceeded the SG Real Estate industry average in the past year (6.9% vs 5.7%).
Earnings and Revenue History
All data from City Developments Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in SGD Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 2018-12-31 | 4,222.56 | 544.43 | 528.84 | |
| 2018-09-30 | 4,761.43 | 615.64 | 532.14 | |
| 2018-06-30 | 4,608.37 | 600.41 | 524.39 | |
| 2018-03-31 | 4,102.79 | 509.73 | 523.30 | |
| 2017-12-31 | 3,829.20 | 509.28 | 521.51 | |
| 2017-09-30 | 3,668.40 | 587.17 | 527.95 | |
| 2017-06-30 | 3,727.40 | 610.89 | 535.52 | |
| 2017-03-31 | 3,965.81 | 630.58 | 534.84 | |
| 2016-12-31 | 3,905.45 | 640.30 | 536.03 | |
| 2016-09-30 | 3,593.47 | 806.95 | 526.54 | |
| 2016-06-30 | 3,479.91 | 743.05 | 533.24 | |
| 2016-03-31 | 3,212.48 | 742.77 | 533.68 | |
| 2015-12-31 | 3,304.11 | 760.46 | 529.25 | |
| 2015-09-30 | 3,296.06 | 734.91 | 535.64 | |
| 2015-06-30 | 3,808.43 | 755.73 | 524.75 | |
| 2015-03-31 | 3,844.64 | 760.10 | 524.89 | |
| 2014-12-31 | 3,763.94 | 756.73 | 509.41 | |
| 2014-09-30 | 3,705.73 | 593.85 | 494.60 | |
| 2014-06-30 | 3,219.01 | 588.12 | 480.92 | |
| 2014-03-31 | 3,171.34 | 655.30 | 473.31 | |
| 2013-12-31 | 3,213.34 | 673.34 | 474.96 | |
| 2013-09-30 | 3,310.99 | 700.69 | 487.79 | |
| 2013-06-30 | 3,308.94 | 713.74 | 494.34 | |
| 2013-03-31 | 3,283.23 | 646.39 | 497.01 | |
| 2012-12-31 | 3,353.73 | 665.44 | 505.86 | |
| 2012-09-30 | 3,188.88 | 579.29 | 485.13 | |
| 2012-06-30 | 3,161.83 | 576.86 | 488.99 |
*GAAP earnings excluding extraordinary items.
Performance last year
We want to ensure a company is making the most of what it has available. This is
done by comparing the return (profit) to a company's available
funds,
assets
and
capital.
- City Developments has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
- City Developments used its assets less efficiently than the SG Real Estate industry average last year based on Return on Assets.
- City Developments has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
Past performance checks
We assess City Developments's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the Real Estate industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
City Developments has a total score of 3/6, see the detailed checks below.
Note: We use GAAP Net Income excluding extraordinary items in all our calculations.
Full details on the Past part of the Simply Wall St company analysis model.
Health
How is City Developments's financial health and their level of debt?
A company's financial position is much like your own financial position,
it includes everything you own
(assets)
and owe
(liabilities).The boxes below represent the relative size of what makes up City Developments's finances.
The net worth of a company is the difference between its assets and liabilities.
- City Developments is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
- City Developments's cash and other short term assets cover its long term commitments.
Balance sheet
Assets
Liabilities and shares
- High level of physical assets or inventory.
- Debt is covered by short term assets, assets are 1.4x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t
bad,
however if the debt is too high, or the company can’t afford to pay the interest
on its debts this may have impacts in the future.The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.
If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
All data from City Developments Company Filings, last reported 3 months ago.
| Date (Data in SGD Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
|---|---|---|---|
| 2018-12-31 | 12,273.94 | 6,560.28 | 2,310.20 |
| 2018-09-30 | 12,408.09 | 5,643.31 | 2,630.52 |
| 2018-06-30 | 12,387.37 | 5,404.75 | 2,727.60 |
| 2018-03-31 | 12,309.21 | 4,823.45 | 3,423.20 |
| 2017-12-31 | 11,646.13 | 5,145.52 | 3,895.59 |
| 2017-09-30 | 11,690.09 | 5,189.94 | 3,518.75 |
| 2017-06-30 | 11,414.89 | 5,351.06 | 3,313.15 |
| 2017-03-31 | 11,374.24 | 5,577.33 | 3,523.17 |
| 2016-12-31 | 11,408.68 | 5,875.65 | 3,773.70 |
| 2016-09-30 | 11,146.58 | 6,035.78 | 3,024.90 |
| 2016-06-30 | 11,020.76 | 6,350.75 | 3,307.88 |
| 2016-03-31 | 11,111.13 | 6,172.59 | 3,371.87 |
| 2015-12-31 | 11,213.02 | 6,629.51 | 3,672.92 |
| 2015-09-30 | 10,842.64 | 6,133.77 | 2,970.43 |
| 2015-06-30 | 10,758.52 | 6,634.67 | 3,726.63 |
| 2015-03-31 | 10,929.86 | 6,592.25 | 3,697.99 |
| 2014-12-31 | 10,775.60 | 6,837.48 | 4,118.07 |
| 2014-09-30 | 10,390.28 | 7,081.52 | 3,349.32 |
| 2014-06-30 | 10,340.49 | 6,748.54 | 3,397.85 |
| 2014-03-31 | 10,341.51 | 6,152.83 | 3,380.33 |
| 2013-12-31 | 10,215.84 | 5,388.75 | 2,841.62 |
| 2013-09-30 | 9,535.86 | 4,643.65 | 2,628.08 |
| 2013-06-30 | 9,488.21 | 4,590.72 | 2,551.69 |
| 2013-03-31 | 9,449.65 | 4,603.75 | 2,290.20 |
| 2012-12-31 | 9,257.06 | 4,612.85 | 2,242.68 |
| 2012-09-30 | 8,945.09 | 4,467.74 | 2,396.08 |
| 2012-06-30 | 8,848.41 | 4,174.71 | 2,339.48 |
- City Developments's level of debt (53.4%) compared to net worth is high (greater than 40%).
- The level of debt compared to net worth has increased over the past 5 years (52.8% vs 53.4% today).
- Operating cash flow is negative therefore debt is not well covered.
- Interest payments on debt are well covered by earnings (EBIT is 13.8x coverage).
Financial health checks
We assess City Developments's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) City Developments has a total score of 3/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
Full details on the Health part of the Simply Wall St company analysis model.
Dividends
What is City Developments's current dividend yield, its reliability and sustainability?
Dividends are regular cash payments to you from the company, similar to a
bank paying you interest on a savings account.
Annual Dividend Income
If you bought
SGD2,000 of
City Developments
shares you are expected to receive
SGD43
in your first year as a dividend.
Dividend Amount
- City Developments's pays a lower dividend yield than the bottom 25% of dividend payers in Singapore (2.5%).
- City Developments's dividend is below the markets top 25% of dividend payers in Singapore (5.44%).
Upcoming dividend payment
Purchase City Developments before the 'Buy Limit' to receive their next dividend payment.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not
wildly increasing/decreasing each year. This graph shows you the historical rate
to count toward your assessment of the stock.We also check to see if the dividend has increased in the past 10 years.
| Data Point | Source | Value |
|---|---|---|
| Past Annualized Dividend Yield | S&P Global Market Data | See Below |
| Past Dividends per Share | Company Filings/ Annualized Dividend Payments | See Below |
| Future Dividends per Share Estimates | Average of up to 19 Analyst Estimates (S&P Global) | See Below |
| Singapore Real Estate Industry Average Dividend Yield | Market Cap Weighted Average of 34 Stocks | 3% |
| Singapore Market Average Dividend Yield | Market Cap Weighted Average of 278 Stocks | 3.9% |
| Singapore Minimum Threshold Dividend Yield | 10th Percentile | 1.6% |
| Singapore Bottom 25% Dividend Yield | 25th Percentile | 2.5% |
| Singapore Top 25% Dividend Yield | 75th Percentile | 5.4% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
| Date (Data in SGD) | Dividend per Share (annual) | Avg. No. Analysts |
|---|---|---|
| 2022-12-31 | 0.20 | 1.00 |
| 2021-12-31 | 0.20 | 8.00 |
| 2020-12-31 | 0.20 | 20.00 |
| 2019-12-31 | 0.19 | 19.00 |
| Date (Data in SGD) | Dividend per share (annual) | Avg. Yield (%) |
|---|---|---|
| 2019-03-27 | 0.200 | 2.160 |
| 2019-02-20 | 0.200 | 2.219 |
| 2018-11-08 | 0.200 | 2.321 |
| 2018-08-07 | 0.200 | 2.278 |
| 2018-03-27 | 0.180 | 1.586 |
| 2018-02-27 | 0.180 | 1.379 |
| 2017-11-09 | 0.160 | 1.271 |
| 2017-08-10 | 0.160 | 1.353 |
| 2017-03-27 | 0.160 | 1.491 |
| 2017-02-23 | 0.160 | 1.602 |
| 2016-11-10 | 0.160 | 1.842 |
| 2016-08-10 | 0.160 | 1.818 |
| 2016-03-28 | 0.160 | 1.892 |
| 2015-11-12 | 0.160 | 2.182 |
| 2015-08-12 | 0.160 | 1.941 |
| 2015-04-22 | 0.160 | 1.610 |
| 2014-11-12 | 0.040 | 0.394 |
| 2014-08-13 | 0.120 | 1.241 |
| 2014-02-26 | 0.160 | 1.571 |
| 2013-11-12 | 0.160 | 1.680 |
| 2013-02-28 | 0.130 | 1.219 |
| 2012-04-04 | 0.180 | 1.597 |
| 2012-02-29 | 0.180 | 1.621 |
| 2011-02-24 | 0.080 | 0.772 |
| 2010-05-12 | 0.080 | 0.678 |
| 2009-04-21 | 0.075 | 0.764 |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
- Dividends per share have increased over the past 10 years.
Income/ dividend checks
We assess City Developments's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 1.6%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- How sustainable is the dividend, can City Developments afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks) City Developments has a total score of 3/6, see the detailed checks below.
Full details on the Dividends part of the Simply Wall St company analysis model.
Management
CEO
| COMPENSATION | SGD2,258,000 |
| AGE | 43 |
| TENURE AS CEO | 1.3 years |
CEO Bio
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 was Deputy CEO of CDL from April 11, 2016 to August 10, 2017, during which he led the investment team to source for new investment opportunities and drove the growth of the Group’s international portfolio. He also assisted in the management of the domestic operations in Singapore. Prior to this, he had served as Chief Investment Officer of CDL and CEO of CDL China Limited, during which he established a presence for the Group in Japan and Australia, as well as spearheaded the expansion into China for the past 7 years, helping to obtain prime sites in Shanghai, Suzhou and Chongqing and investing in various innovative startups. Before joining CDL, Mr. Kwek has taken on various executive management roles in companies both within the Hong Leong Group and in multinational corporations. He has experience in the areas of investments, mergers and acquisitions, real estate and hospitality, and has worked in New York, Hong Kong, Shanghai and Singapore. He graduated from Boston University with a Bachelor of Science in Business Administration, majoring in Finance and Marketing with a minor in Psychology. He has been serving as a Council Member of the Singapore Chinese Chamber of Commerce and Industry (SCCCI) since March 2013. He serves as a Director of Actas Holdings Pte. Ltd.; Agapier Investments Limited; Anting Investments Limited; Astoria Holdings Limited; Baynes Investments Pte Ltd; Beijing Hong Gong Garden Villa House Property Development Co., Ltd; Blest Investments Pte. Ltd.; Busy Bee Ventures Limited; CDL Acquisitions Pte. Ltd.; CDL Australia Holdings Pty Ltd; CDL China (Shanghai) Consulting Co., Ltd.; CDL China Investments Limited; CDL China Limited; CDL Crestview Holdings Pte. Ltd.; CDL Evergreen Pte. Ltd.; CDL Pro Star Development Pty Ltd; CDL Properties Ltd; Centro Investment Holding Pte. Ltd.; Centro Property Holding Pte. Ltd.; China Star Development Limited; China Venture Investments Limited; Choice Hospitality Investments Limited; Chongqing Eling Property Development Co. Ltd; Chongqing Huang Huayuan Property Development Co., Ltd; City Connected Communities Pte. Ltd.; City CoWorking Investments Pte. Ltd.; City Developments Investments Pte. Ltd.; City Ikonik Pte. Ltd.; City Montage Pte. Ltd.; City Platinum Holdings Pte. Ltd.; City Sceptre Holdings Limited; City Sceptre Investments Pte. Ltd.; Colink Limited; Cosmic Hospitality China Limited; Crown Pacific Development Limited; Easy Thrive Ventures Limited; First Platinum Holdings Pte. Ltd.; Global City International Limited; Golden Crest Holdings Pte. Ltd.; Heidelberg Company Limited; Hong Leong International (Hong Kong) Limited; Hong Leong International Trading Limited; Iconique Tokutei Mokuteki Kaisha; Kwek Holdings Pte Ltd; Land Equity Development Pte Ltd; Merit City Global Limited; Merivale JV Pty Limited; Orient Star Enterprises Limited; Pentagon Galaxy Limited; Pentagon Rainbow Limited; Pentagon Sky Pte. Ltd.; Pentagon Star Limited; Pentagon Universe Limited; Senton North Limited; Shanghai Anting Waratah Real Estate Developments Co. Ltd; Shanghai Distrii Technology Development Co., Ltd.; Shanghai Hengshan Equatorial Hotel Management Co., Ltd; Shanghai Jingwen Zhaoxiang Real Estate Limited; Shanghai Puman Investment Management Limited; Shanghai Victory Star Investment Consulting Ltd; Shanghai Xinshun Investment Management Limited; Shanghai Zhongfulvju E-Commerce Co., Ltd.; Singapura Developments (Private) Limited; Suzhou Global City Genway Properties Co., Ltd.; T-Grande Investment Holding Pte. Ltd.; T-Grande Property Holding Pte. Ltd.; Trentwell Management Pte. Ltd.; Tempus Platinum Investments Tokutei Mokuteki Kaisha; Tomorrow City (Singapore) Pte. Ltd.; Top Globe International Limited; Victorian Investment Holding Pte. Ltd. and Victorian Property Holding Pte. Ltd. He served as a Director of CDL Hotels (Singapore) Pte Ltd; CES Capital Limited; Citydev Estate Holdings Pte. Ltd.; Citydev Viva Holdings Pte. Ltd.; Copthorne Hotel Qingdao Co., Ltd.; HL Global Enterprises Limited; LKN Investment International Pte. Ltd.; M and C Rakindo Hospitality Private Limited; Shanghai Equatorial Hotel Management Co., Ltd.; Shanghai International Equatorial Hotel Company Ltd.; SWAN Holdings Limited and Richfield Hospitality China Limited.
CEO Compensation
- Insufficient data for Sherman to compare compensation growth.
- Sherman's remuneration is lower than average for companies of similar size in Singapore.
Management Team Tenure
Average tenure and age of the City Developments management team in years:
- The tenure for the City Developments management team is about average.
Management Team
Leng Beng Kwek
Executive Chairman of the Board
SGD10M
77
Sherman Kwek
Group Chief Executive Officer
SGD2M
43
1.3 yrs
Ngiang Hong Chia
Group General Manager
Yim Ming Yiong
Group Chief Financial Officer
45
3.3 yrs
Frank Khoo
Group Chief Investment Officer
49
1.2 yrs
Ivan Ng
Chief Technology Officer
3.3 yrs
Cindy Tan
Head of Administration Department
Belinda Lee
VP, Head of Corporate Communication & Investor Relations
Sharifah Shah
Head of Legal Department
Mark Yip
Chief Marketing Officer
4.8 yrs
Board of Directors Tenure
Average tenure and age of the City Developments board of directors in years:
- The tenure for the City Developments board of directors is about average.
Board of Directors
Philip Yeo
Independent Non-Executive Director
SGD132K
72
9.9 yrs
Leng Beng Kwek
Executive Chairman of the Board
SGD10M
77
24.3 yrs
Jenny Lim
Lead Independent Director
SGD121K
65
0.8 yrs
Leng Peck Kwek
Non-Executive Director
SGD198K
62
31.7 yrs
Poay Tan
Independent Non-Executive Director
SGD95K
52
7.2 yrs
Yee Tan
Independent Non-Executive Director
SGD179K
44
4.9 yrs
Alan Koh
Independent Non-Executive Director
SGD175K
67
2.6 yrs
Who owns this company?
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price (SGD) | Value (SGD) | |
|---|---|---|---|---|---|---|---|---|---|---|
Management checks
We assess City Developments's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) City Developments has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.
Note: We use the top 6 management executives and board members in our calculations.
Note 2: Insider trading include any internal stakeholders and these transactions .
Full details on the Management part of the Simply Wall St company analysis model.
News
Simply Wall St News
How City Developments Limited's (SGX:C09) Earnings Growth Stacks Up Against The Industry
After looking at City Developments Limited's (SGX:C09) latest earnings announcement (31 March 2018), I found it useful to revisit the company's performance in the past couple of years and assess this against the most recent figures. … I also compare against an industry benchmark to check whether City Developments's performance has been impacted by industry movements. … Check out our latest analysis for City Developments.
Simply Wall St - – Full articleWhat Does City Developments Limited's (SGX:C09) Share Price Indicate?
This high level of volatility gives investors the opportunity to enter into the stock, and potentially buy at an artificially low price? … A question to answer is whether City Developments's current trading price of SGD11.21 reflective of the actual value of the? … Let’s take a look at City Developments’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change
Simply Wall St - – Full articleWhy City Developments Limited (SGX:C09) Is A Financially Healthy Company
Small and large cap stocks are widely popular for a variety of reasons, however, mid-cap companies such as City Developments Limited (SGX:C09), with a market cap of S$10.07b, often get neglected by retail investors. … Note that this information is centred entirely on financial health and is a top-level understanding, so I encourage you to look further. … Check out our latest analysis for City Developments
Simply Wall St - – Full articleDoes City Developments Limited's (SGX:C09) PE Ratio Warrant A Sell?
and want to begin learning the link between City Developments Limited (SGX:C09)’s fundamentals and stock market performance. … City Developments Limited (SGX:C09) is trading with a trailing P/E of 20.9x, which is higher than the industry average of 9.9x. … While this makes C09 appear like a stock to avoid or sell if you own it, you might change your mind after I explain the assumptions behind the P/E ratio.
Simply Wall St - – Full articleCity Developments Limited (SGX:C09): Can It Deliver A Superior ROE To The Industry?
View our latest analysis for City Developments Peeling the layers of ROE – trisecting a company’s profitability Return on Equity (ROE) weighs City Developments’s profit against the level of its shareholders’ equity. … Return on Equity = Net Profit ÷ Shareholders Equity ROE is measured against cost of equity in order to determine the efficiency of City Developments’s equity capital deployed. … This is called the Dupont Formula: Dupont Formula ROE = profit margin × asset turnover × financial leverage ROE = (annual net profit ÷ sales) × (sales ÷ assets) × (assets ÷ shareholders’ equity) ROE = annual net profit ÷ shareholders’ equity SGX:C09 Last Perf May 26th 18 Basically, profit margin measures how much of revenue trickles down into earnings which illustrates how efficient the business is with its cost management.
Simply Wall St - – Full articleDoes City Developments Limited's (SGX:C09) PE Ratio Warrant A Sell?
Formula Price-Earnings Ratio = Price per share ÷ Earnings per share P/E Calculation for C09 Price per share = SGD12.65 Earnings per share = SGD0.578 ∴ Price-Earnings Ratio = SGD12.65 ÷ SGD0.578 = 21.9x The P/E ratio isn’t a metric you view in isolation and only becomes useful when you compare it against other similar companies. … At 21.9x, C09’s P/E is higher than its industry peers (10.2x). … If this assumption does not hold true, C09’s higher P/E ratio may be because firms in our peer group are being undervalued by the market.
Simply Wall St - – Full articleWhy City Developments Limited (SGX:C09) Could Be A Buy
Let’s take a look at City Developments’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change. … This means that if you believe the current share price should move towards its intrinsic value over time, a low beta could suggest it is not likely to reach that level anytime soon, and once it’s there, it may be hard to fall back down into an attractive buying range again. … Its prosperous future outlook isn’t fully reflected in the current share price yet, which means it’s not too late to buy C09.
Simply Wall St - – Full articleWhat Should We Expect From City Developments Limited's (SGX:C09) Earnings Over The Next Few Years?
Below is my commentary, albeit very simple and high-level, on how market analysts perceive City Developments's earnings growth outlook over the next few years and whether the future looks brighter. … View our latest analysis for City Developments Market analysts' consensus outlook for this coming year seems buoyant, with earnings growing by a robust 27.89%. … The slope of this line is the rate of earnings growth, which in this case is 9.42%.
Simply Wall St - – Full articleCompany Info
Description
City Developments Limited (CDL) is a leading global real estate operating company with a network spanning 100 locations in 28 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, integrated developments and shopping malls. With a proven track record of over 50 years in real estate development, investment and management, CDL has developed over 40,000 homes and owns over 18 million square feet of lettable floor area globally. Its diversified land bank offers a solid development pipeline in Singapore as well as its key overseas markets of China, UK, Japan and Australia.
Details
| Name: | City Developments Limited |
| C09 | |
| Exchange: | SGX |
| Founded: | 1963 |
| SGD8,370,699,275 | |
| 906,901,330 | |
| Website: | http://www.cdl.com.sg |
| Address: |
City Developments Limited 9 Raffles Place, Suite 12-01 Republic Plaza, Singapore, 048619, Singapore |
Listings
| Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
|---|---|---|---|---|---|---|---|
| SGX | C09 | Ordinary Shares | Singapore Exchange | SG | SGD | 02. Jan 1992 | |
| OTCPK | CDEV.F | Ordinary Shares | Pink Sheets LLC | US | USD | 02. Jan 1992 | |
| DB | CDE | Ordinary Shares | Deutsche Boerse AG | DE | EUR | 02. Jan 1992 | |
| OTCPK | CDEV.Y | SPONSORED ADR | Pink Sheets LLC | US | USD | 25. Sep 1995 |
Number of employees
Current staff
Industry
| Diversified Real Estate Activities | |
| Real Estate |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2019/04/20 12:33 |
| End of day share price update: | 2019/04/18 00:00 |
| Last estimates confirmation: | 2019/04/19 |
| Last earnings filing: | 2019/03/27 |
| Last earnings reported: | 2018/12/31 |
| Last annual earnings reported: | 2018/12/31 |
All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.
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.
