City Developments
Market Cap
S$6.9b
Last Updated
2021/03/04 11:07 UTC
Data Sources
Company Financials +
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
Rewards
Risk Analysis
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
| C09 | Industry | Market | |
|---|---|---|---|
| 7 Day | 0% | 0.6% | 1.1% |
| 30 Day | 2.9% | 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 Year | 8.9%-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
1 week ago | Simply Wall St
City Developments'(SGX:C09) Share Price Is Down 44% Over The Past Three Years.1 month ago | Simply Wall St
Something To Consider Before Buying City Developments Limited (SGX:C09) For The 2.7% Dividend1 month ago | Simply Wall St
What Type Of Shareholders Own The Most Number of City Developments Limited (SGX:C09) Shares?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
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Executive Chairman of the Board | 26.17yrs | S$8.88m | 0.044% SGD 3.0m | |
| Group CEO & Executive Director | 3.17yrs | S$2.84m | no data | |
| Group Chief Financial Officer | 5.17yrs | no data | no data | |
| Group Chief Investment Officer | 3.08yrs | no data | no data | |
| Senior Vice President of Group Accounts | no data | no data | no data | |
| Chief Technology Officer | 5.17yrs | no data | no data | |
| Head of Administration Department | no data | no data | no data | |
| VP, Head of IR & Corporate Communications | no data | no data | no data | |
| Senior Vice President of Legal | no data | no data | no data | |
| Senior Vice President of Sales & Marketing | no data | no data | no data | |
| Chief Human Resource Officer | 4.67yrs | no data | no data | |
| Group General Manager | no data | no data | no data |
4.7yrs
Average Tenure
49yo
Average Age
Experienced Management: C09's management team is considered experienced (4.7 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Executive Chairman of the Board | 26.17yrs | S$8.88m | 0.044% SGD 3.0m | |
| Group CEO & Executive Director | 3.17yrs | S$2.84m | no data | |
| Independent Non-Executive Director | 11.83yrs | S$172.00k | no data | |
| Independent Non-Executive Director | 9.08yrs | S$115.00k | no data | |
| Non-Executive & Independent Director | 0.33yr | no data | no data | |
| Non Executive & Independent Director | 0.33yr | no data | no data | |
| Lead Independent Director | 2.75yrs | S$299.00k | no data | |
| Independent Non-Executive Director | 0.25yr | no data | no data | |
| Non-Executive & Independent Director | 0.42yr | no data | no data | |
| Independent Non-Executive Director | 0.17yr | no data | no 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
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| CDEV.F | OTCPK (Pink Sheets LLC) | Yes | Ordinary Shares | US | USD | Jan 1992 |
| C09 | SGX (Singapore Exchange) | Yes | Ordinary Shares | SG | SGD | Jan 1992 |
| CDE | DB (Deutsche Boerse AG) | Yes | Ordinary Shares | DE | EUR | Jan 1992 |
| CDEV.Y | OTCPK (Pink Sheets LLC) | SPONSORED ADR | US | USD | Sep 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
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2021/03/04 11:07 |
| End of Day Share Price | 2021/03/04 00:00 |
| Earnings | 2020/12/31 |
| Annual Earnings | 2020/12/31 |
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.