City Developments
Market Cap
S$10.1b
Last Updated
2020/01/23 12:34 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.
Rewards
Snowflake Analysis
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 has not had significant price volatility in the past 3 months.
Market Performance
7 Day Return
-4.2%
C09
-1.0%
SG Real Estate
-0.3%
SG Market
1 Year Return
20.9%
C09
-0.2%
SG Real Estate
2.1%
SG Market
Return vs Industry: C09 exceeded the SG Real Estate industry which returned 1.1% over the past year.
Return vs Market: C09 exceeded the SG Market which returned 2.1% over the past year.
Shareholder returns
| C09 | Industry | Market | |
|---|---|---|---|
| 7 Day | -4.2% | -1.0% | -0.3% |
| 30 Day | -0.4% | 1.6% | 1.4% |
| 90 Day | 1.7% | 3.7% | 2.8% |
| 1 Year | 23.6%20.9% | 2.9%-0.2% | 6.3%2.1% |
| 3 Year | 25.7%19.1% | 5.7%-2.7% | 14.9%2.6% |
| 5 Year | 16.8%6.8% | -2.9%-15.3% | 11.1%-7.4% |
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 year ago | Simply Wall St
How City Developments Limited's (SGX:C09) Earnings Growth Stacks Up Against The Industry1 year ago | Simply Wall St
What Does City Developments Limited's (SGX:C09) Share Price Indicate?1 year ago | Simply Wall St
Why City Developments Limited (SGX:C09) Is A Financially Healthy CompanyValuation
Is City Developments undervalued compared to its fair value and its price relative to the market?
18.27x
Price to Earnings (PE) ratio
Share Price vs. Fair Value
Below Fair Value: C09 (SGD11.2) is trading above our estimate of fair value (SGD2.86)
Significantly Below Fair Value: C09 is trading above our estimate of fair value.
Price To Earnings Ratio
PE vs Industry: C09 is poor value based on its PE Ratio (18.7x) compared to the Real Estate industry average (10.3x).
PE vs Market: C09 is poor value based on its PE Ratio (18.7x) compared to the SG market (13.5x).
Price to Earnings Growth Ratio
PEG Ratio: C09 is poor value based on its PEG Ratio (3.3x)
Price to Book Ratio
PB vs Industry: C09 is overvalued based on its PB Ratio (1x) compared to the SG Real Estate industry average (0.5x).
Future Growth
How is City Developments forecast to perform in the next 1 to 3 years based on estimates from 13 analysts?
6.0%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: C09's forecast earnings growth (5.6% per year) is above the savings rate (1.8%).
Earnings vs Market: C09's earnings (6% per year) are forecast to grow faster than the SG market (5.9% per year).
High Growth Earnings: C09's earnings are forecast to grow, but not significantly.
Revenue vs Market: C09's revenue (11% per year) is forecast to grow faster than the SG market (5.6% per year).
High Growth Revenue: C09's revenue (11% 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 (7.1%).
Past Performance
How has City Developments performed over the past 5 years?
-6.2%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: C09 has high quality earnings.
Growing Profit Margin: C09's current net profit margins (16.6%) are higher than last year (13.3%).
Past Earnings Growth Analysis
Earnings Trend: C09's earnings have declined by -6.2% per year over the past 5 years.
Accelerating Growth: C09's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: C09 had negative earnings growth (-14.3%) over the past year, making it difficult to compare to the Real Estate industry average (-7.2%).
Return on Equity
High ROE: C09's Return on Equity (4.7%) is considered low.
Return on Assets
Return on Capital Employed
Financial Health
How is City Developments's financial position?
Financial Position Analysis
Short Term Liabilities: C09's short term assets (SGD9.9B) exceed its short term liabilities (SGD3.4B).
Long Term Liabilities: C09's short term assets (SGD9.9B) exceed its long term liabilities (SGD7.1B).
Debt to Equity History and Analysis
Debt Level: C09's debt to equity ratio (65.9%) is considered high.
Reducing Debt: C09's debt to equity ratio has reduced from 68.1% to 65.9% over the past 5 years.
Debt Coverage: C09's debt is not well covered by operating cash flow (10.3%).
Interest Coverage: C09's interest payments on its debt are well covered by EBIT (8.9x coverage).
Balance Sheet
Inventory Level: C09 has a high level of physical assets or inventory.
Debt Coverage by Assets: C09's debt is covered by short term assets (assets are 1.2x debt).
Dividend
What is City Developments's current dividend yield, its reliability and sustainability?
1.83%
Current Dividend Yield
Dividend Yield vs Market
Current dividend yield vs market & industry
Notable Dividend: C09's dividend (1.79%) isn’t notable compared to the bottom 25% of dividend payers in the SG market (2.5%).
High Dividend: C09's dividend (1.79%) is low compared to the top 25% of dividend payers in the SG market (5.41%).
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: With its low payout ratio (13.4%), C09's dividend payments are thoroughly covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: C09's dividends in 3 years are forecast to be well covered by earnings (29.3% payout ratio).
Management
What is the CEO of City Developments's salary, the management and board of directors tenure and is there insider trading?
3.8yrs
Average management tenure
CEO
Sherman Kwek (44yo)
2yrs
Tenure
S$2,258,000
Compensation
Mr. Eik Tse Kwek, also known as Sherman, has been Group Chief Executive Officer of City Developments Limited (“CDL”) since January 1, 2018. Mr. Kwek serves as Executive Director of City Developments Limit ...
CEO Compensation Analysis
Compensation vs Market: Sherman's total compensation ($USD1.68M) is below average for companies of similar size in the SG market ($USD4.09M).
Compensation vs Earnings: Insufficient data to compare Sherman's compensation with company performance.
Management Age and Tenure
3.8yrs
Average Tenure
48yo
Average Age
Experienced Management: C09's management team is considered experienced (3.8 years average tenure).
Board Age and Tenure
6.8yrs
Average Tenure
64.5yo
Average Age
Experienced Board: C09's board of directors are considered experienced (6.8 years average tenure).
Insider Trading
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.
Management Team
Leng Beng Kwek (78yo)
Executive Chairman of the Board
- Tenure: 25yrs
- Compensation: S$8.87m
Frank Khoo (50yo)
Group Chief Investment Officer
- Tenure: 1.9yrs
Mark Yip
Chief Marketing Officer
- Tenure: 5.6yrs
Sherman Kwek (44yo)
Group CEO & Executive Director
- Tenure: 2yrs
- Compensation: S$2.26m
Ivan Ng
Chief Technology Officer
- Tenure: 4yrs
Sharifah Shah
Head of Legal Department
Yim Ming Yiong (46yo)
Group Chief Financial Officer
- Tenure: 4yrs
Belinda Lee
VP, Head of Corporate Communication & Investor Relations
Cindy Tan
Head of Administration Department
Steven Tan
Chief Human Resource Officer
- Tenure: 3.5yrs
Board Members
Leng Beng Kwek (78yo)
Executive Chairman of the Board
- Tenure: 25yrs
- Compensation: S$8.87m
Leng Peck Kwek (63yo)
Non-Executive Director
- Tenure: 32.4yrs
- Compensation: S$198.00k
Philip Yeo (73yo)
Independent Non-Executive Director
- Tenure: 10.7yrs
- Compensation: S$132.00k
Poay Tan (53yo)
Independent Non-Executive Director
- Tenure: 7.9yrs
- Compensation: S$95.00k
Sherman Kwek (44yo)
Group CEO & Executive Director
- Tenure: 2yrs
- Compensation: S$2.26m
Jenny Lim (66yo)
Lead Independent Director
- Tenure: 1.6yrs
- Compensation: S$121.00k
Yee Tan (45yo)
Independent Non-Executive Director
- Tenure: 5.7yrs
- Compensation: S$179.00k
Alan Koh (68yo)
Independent Non-Executive Director
- Tenure: 3.3yrs
- Compensation: S$175.00k
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$10.112b
- 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 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 55 years in real estate development, investment and management, CDL has developed over 43,000 homes and owns over 18 million square feet of lettable floor area globally. Its diversified global land bank offers 4.1 million square feet of developable gross floor area. The Group’s London-listed subsidiary, Millennium & Copthorne Hotels plc (M&C), is one of the world’s largest hotel chains, with over 135 hotels worldwide, many in key gateway cities. Leveraging its deep expertise in developing and managing a diversified asset base, the Group is focused on enhancing the performance of its portfolio and strengthening its recurring income streams to deliver long-term sustainable value to shareholders. The Group is also developing a fund management business and targets to achieve US$5 billion in Assets Under Management (AUM) by 2023.
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2020/01/23 12:34 |
| End of Day Share Price | 2020/01/23 00:00 |
| Earnings | 2019/09/30 |
| Annual Earnings | 2018/12/31 |
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.