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C09

City DevelopmentsSGX:C09 Stock Report

Last Price

S$7.11

Market Cap

S$6.4b

7D

3.9%

1Y

-7.1%

Updated

16 Jan, 2022

Data

Company Financials +
C09 fundamental analysis
Snowflake Score
Valuation2/6
Future Growth4/6
Past Performance0/6
Financial Health2/6
Dividends3/6

C09 Stock Overview

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

City Developments Competitors

Singapore Land Group

SGX:U06

S$3.8b

Simon Property Group

NYSE:SPG

US$58.5b

Prudential Financial

NYSE:PRU

US$44.4b

AvalonBay Communities

NYSE:AVB

US$34.7b

Price History & Performance

Summary of all time highs, changes and price drops for City Developments
Historical stock prices
Current Share PriceS$7.11
52 Week HighS$8.38
52 Week LowS$6.55
Beta1.37
1 Month Change4.87%
3 Month Change-4.31%
1 Year Change-7.06%
3 Year Change-20.82%
5 Year Change-20.47%
Change since IPO115.46%

Recent News & Updates

Dec 28
Is City Developments (SGX:C09) Using Debt Sensibly?

Is City Developments (SGX:C09) Using Debt Sensibly?

Warren Buffett famously said, 'Volatility is far from synonymous with risk.' When we think about how risky a company...

Sep 20
Is City Developments (SGX:C09) Using Too Much Debt?

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

Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...

Aug 03
Is There An Opportunity With City Developments Limited's (SGX:C09) 35% Undervaluation?

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

In this article we are going to estimate the intrinsic value of City Developments Limited ( SGX:C09 ) by taking the...

Jul 06
Why City Developments Limited (SGX:C09) Could Be Worth Watching

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

City Developments Limited ( SGX:C09 ), might not be a large cap stock, but it received a lot of attention from a...

Shareholder Returns

C09SG Real EstateSG Market
7D3.9%-0.07%1.5%
1Y-7.1%2.7%4.4%

Return vs Industry: C09 underperformed the SG Real Estate industry which returned 2.7% over the past year.

Return vs Market: C09 underperformed the SG Market which returned 4.4% over the past year.

Price Volatility

Is C09's price volatile compared to industry and market?
C09 volatility
C09 Average Weekly Movement2.0%
Real Estate Industry Average Movement3.1%
Market Average Movement4.7%
10% most volatile stocks in SG Market13.5%
10% least volatile stocks in SG Market2.1%

Stable Share Price: C09 is less volatile than 75% of SG stocks over the past 3 months, typically moving +/- 2% a week.

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

About the Company

FoundedEmployeesCEOWebsite
1963n/aSherman Kwekhttps://www.cdl.com.sg

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.

City Developments Fundamentals Summary

How do City Developments's earnings and revenue compare to its market cap?
C09 fundamental statistics
Market CapS$6.45b
Earnings (TTM)-S$1.97b
Revenue (TTM)S$2.23b

2.9x

P/S Ratio

-3.3x

P/E Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
C09 income statement (TTM)
RevenueS$2.23b
Cost of RevenueS$1.43b
Gross ProfitS$799.27m
ExpensesS$2.76b
Earnings-S$1.97b

Last Reported Earnings

Jun 30, 2021

Next Earnings Date

n/a

Earnings per share (EPS)-2.17
Gross Margin35.88%
Net Profit Margin-88.23%
Debt/Equity Ratio124.1%

How did C09 perform over the long term?

See historical performance and comparison

Dividends

2.1%

Current Dividend Yield

-4%

Payout Ratio

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 (SGD7.11) is trading below our estimate of fair value (SGD14.3)

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).


Future Growth

How is City Developments forecast to perform in the next 1 to 3 years based on estimates from 15 analysts?

33.0%

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 (1.8%).

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 (16.5% per year) is forecast to grow faster than the SG market (7.7% per year).

High Growth Revenue: C09's revenue (16.5% 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 (6.7%).


Past Performance

How has City Developments performed over the past 5 years?

-57.4%

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 57.4% 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 (19.9%).


Return on Equity

High ROE: C09 has a negative Return on Equity (-20.48%), as it is currently unprofitable.


Financial Health

How is City Developments's financial position?


Financial Position Analysis

Short Term Liabilities: C09's short term assets (SGD12.3B) exceed its short term liabilities (SGD6.9B).

Long Term Liabilities: C09's short term assets (SGD12.3B) exceed its long term liabilities (SGD8.4B).


Debt to Equity History and Analysis

Debt Level: C09's net debt to equity ratio (95%) is considered high.

Reducing Debt: C09's debt to equity ratio has increased from 57.6% to 124.1% over the past 5 years.

Debt Coverage: C09's debt is not well covered by operating cash flow (6.7%).

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


Balance Sheet


Dividend

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

2.11%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: C09's dividend (2.11%) is higher than the bottom 25% of dividend payers in the SG market (2%).

High Dividend: C09's dividend (2.11%) is low compared to the top 25% of dividend payers in the SG market (5.49%).


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 (33.7% payout ratio).


Next Steps

Management

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

5.5yrs

Average management tenure


CEO

Sherman Kwek (46 yo)

4yrs

Tenure

S$1,015,000

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 ($USD753.24K) is about average for companies of similar size in the SG market ($USD946.58K).

Compensation vs Earnings: Sherman's compensation has been consistent with company performance over the past year.


Leadership Team

Experienced Management: C09's management team is seasoned and experienced (5.5 years average tenure).


Board Members

Experienced Board: C09's board of directors are not considered experienced ( 1.2 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 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
  • Implied Market Cap: S$6.448b
  • 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


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/01/16 11:02
End of Day Share Price2022/01/14 00:00
Earnings2021/06/30
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.