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City Developments

OTCPK:CDEV.F
Snowflake Description

Undervalued with adequate balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CDEV.F
OTCPK
SGD8B
Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

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 6 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.
CDEV.F Share Price and Events
7 Day Returns
0%
OTCPK:CDEV.F
-0.9%
US Real Estate
-0.7%
US Market
1 Year Returns
-26.8%
OTCPK:CDEV.F
-15.7%
US Real Estate
3%
US Market
CDEV.F Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
City Developments (CDEV.F) 0% 0% - -26.8% - -17.1%
US Real Estate -0.9% -6.6% -8.6% -15.7% 22.9% 4.2%
US Market -0.7% -2% 2.4% 3% 39.2% 42%
1 Year Return vs Industry and Market
  • CDEV.F underperformed the Real Estate industry which returned -15.7% over the past year.
  • CDEV.F underperformed the Market in United States of America which returned 3% over the past year.
Price Volatility
CDEV.F
Industry
5yr Volatility vs Market

CDEV.F Value

 Is City Developments undervalued based on future cash flows and its price relative to the stock market?

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.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for City Developments.

OTCPK:CDEV.F Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 16 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 12.4%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for OTCPK:CDEV.F
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Real Estate Unlevered Beta Simply Wall St/ S&P Global 1.11
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.11 (1 + (1- 17%) (88.24%))
1.619
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.62
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.619 * 5.96%)
12.38%

Discounted Cash Flow Calculation for OTCPK:CDEV.F 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.

OTCPK:CDEV.F DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (SGD, Millions) Source Present Value
Discounted (@ 12.38%)
2019 704.00 Analyst x1 626.45
2020 1,421.50 Analyst x2 1,125.59
2021 2,818.00 Analyst x1 1,985.59
2022 4,141.50 Est @ 46.97% 2,596.71
2023 5,536.98 Est @ 33.7% 3,089.26
2024 6,888.32 Est @ 24.41% 3,419.88
2025 8,121.52 Est @ 17.9% 3,588.00
2026 9,205.83 Est @ 13.35% 3,619.05
2027 10,141.58 Est @ 10.16% 3,547.75
2028 10,946.24 Est @ 7.93% 3,407.45
Present value of next 10 years cash flows SGD27,005.73
OTCPK:CDEV.F DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= SGD10,946.24 × (1 + 2.73%) ÷ (12.38% – 2.73%)
SGD116,546.17
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= SGD116,546.17 ÷ (1 + 12.38%)10
SGD36,279.54
OTCPK:CDEV.F Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= SGD27,005.73 + SGD36,279.54
SGD63,285.27
Equity Value per Share
(SGD)
= Total value / Shares Outstanding
= SGD63,285.27 / 906.90
SGD69.78
OTCPK:CDEV.F Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in OTCPK:CDEV.F represents 0.79675x of SGX:C09
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.79675x
Value per Share
(Listing Adjusted, USD)
= Value per Share (SGD) x Listing Adjustment Factor
= SGD 69.78 x 0.79675
$55.60
Value per share (USD) From above. $55.60
Current discount Discount to share price of $6.86
= -1 x ($6.86 - $55.60) / $55.60
87.7%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price City Developments is available for.
Intrinsic value
>50%
Share price is $6.86 vs Future cash flow value of $55.6
Current Discount Checks
For City Developments to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • 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?
Raw Data
OTCPK:CDEV.F PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in SGD SGD0.73
SGX:C09 Share Price ** SGX (2019-04-12) in SGD SGD8.61
United States of America Real Estate Industry PE Ratio Median Figure of 26 Publicly-Listed Real Estate Companies 15.37x
United States of America Market PE Ratio Median Figure of 3,088 Publicly-Listed Companies 17.89x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of City Developments.

OTCPK:CDEV.F PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SGX:C09 Share Price ÷ EPS (both in SGD)

= 8.61 ÷ 0.73

11.87x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • City Developments is good value based on earnings compared to the US Real Estate industry average.
  • City Developments is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does City Developments's expected growth come at a high price?
Raw Data
OTCPK:CDEV.F PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 11.87x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 16 Analysts
2.1%per year
United States of America Real Estate Industry PEG Ratio Median Figure of 12 Publicly-Listed Real Estate Companies 0.44x
United States of America Market PEG Ratio Median Figure of 2,117 Publicly-Listed Companies 1.56x

*Line of best fit is calculated by linear regression .

OTCPK:CDEV.F PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 11.87x ÷ 2.1%

5.57x

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?
Raw Data
OTCPK:CDEV.F PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in SGD SGD11.32
SGX:C09 Share Price * SGX (2019-04-12) in SGD SGD8.61
United States of America Real Estate Industry PB Ratio Median Figure of 52 Publicly-Listed Real Estate Companies 1.44x
United States of America Market PB Ratio Median Figure of 5,195 Publicly-Listed Companies 1.83x
OTCPK:CDEV.F PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SGX:C09 Share Price ÷ Book Value per Share (both in SGD)

= 8.61 ÷ 11.32

0.76x

* Primary Listing of City Developments.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • City Developments is good value based on assets compared to the US Real Estate industry average.
X
Value checks
We assess City Developments's value by looking at:
  1. 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. )
  2. Is the PE ratio less than the market average, and/ or less than the Real Estate industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Real Estate industry average (and greater than 0)? (1 check)
  5. City Developments has a total score of 5/6, 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.

CDEV.F Future Performance

 How is City Developments expected to perform in the next 1 to 3 years based on estimates from 16 analysts?

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!
Annual Growth Rate
2.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is City Developments expected to grow at an attractive rate?
  • City Developments's earnings growth is positive but not above the low risk savings rate of 2.7%.
Growth vs Market Checks
  • City Developments's earnings growth is positive but not above the United States of America market average.
  • City Developments's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
OTCPK:CDEV.F Future Growth Rates Data Sources
Data Point Source Value (per year)
OTCPK:CDEV.F Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 16 Analysts 2.1%
OTCPK:CDEV.F Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 16 Analysts 7.3%
United States of America Real Estate Industry Earnings Growth Rate Market Cap Weighted Average 6.9%
United States of America Real Estate Industry Revenue Growth Rate Market Cap Weighted Average 6.8%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.9%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*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
Raw Data
OTCPK:CDEV.F Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 16 Analyst Estimates (S&P Global) See Below
All numbers in SGD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
OTCPK:CDEV.F Future Estimates Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 5,051 811 1
2021-12-31 4,550 788 616 8
2020-12-31 4,171 1,003 612 16
2019-12-31 3,908 1,034 619 15
OTCPK:CDEV.F Past Financials Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income *
2019-03-31 3,911 -349 659
2018-12-31 4,223 -600 544
2018-09-30 4,762 -364 605
2018-06-30 4,609 -375 590
2018-03-31 4,103 968 499
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

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • City Developments's earnings are expected to grow by 2.1% yearly, however this is not considered high growth (20% yearly).
  • City Developments's revenue is expected to grow by 7.3% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
OTCPK:CDEV.F Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 16 Analyst Estimates (S&P Global) See Below

All data from City Developments Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:CDEV.F Future Estimates Data
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 0.67 0.84 0.48 6.00
2020-12-31 0.65 0.92 0.48 13.00
2019-12-31 0.66 0.89 0.49 12.00
OTCPK:CDEV.F Past Financials Data
Date (Data in SGD Millions) EPS *
2019-03-31 0.73
2018-12-31 0.60
2018-09-30 0.67
2018-06-30 0.65
2018-03-31 0.55
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

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • City Developments is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess City Developments's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
City Developments has a total score of 0/6, 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.

CDEV.F 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
Below we compare City Developments's growth in the last year to its industry (Real Estate).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • City Developments's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • City Developments's 1-year earnings growth exceeds its 5-year average (32% vs -4.4%)
  • City Developments's earnings growth has exceeded the US Real Estate industry average in the past year (32% vs -15.8%).
Earnings and Revenue History
City Developments's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from City Developments Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:CDEV.F Past Revenue, Cash Flow and Net Income Data
Date (Data in SGD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 3,910.90 658.65 542.83
2018-12-31 4,222.56 544.43 528.84
2018-09-30 4,762.01 604.91 527.18
2018-06-30 4,608.94 589.68 516.19
2018-03-31 4,103.36 499.00 515.10
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 US Real Estate industry average last year based on Return on Assets.
  • City Developments has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess City Developments's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Real Estate industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
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.

CDEV.F 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.
Net Worth
  • 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
This treemap shows a more detailed breakdown of City Developments's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • 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.
Raw Data

All data from City Developments Company Filings, last reported 1 month ago.

OTCPK:CDEV.F Past Debt and Equity Data
Date (Data in SGD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 12,468.75 6,890.43 2,190.14
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 (55.3%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (59.6% vs 55.3% today).
  • Operating cash flow is negative therefore debt is not well covered.
  • Interest payments on debt are well covered by earnings (EBIT is 12.9x coverage).
X
Financial health checks
We assess City Developments's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. City Developments has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. 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.

CDEV.F 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
Dividend payments
2.32%
Current annual income from City Developments dividends. Estimated to be 2.31% next year.
If you bought $2,000 of City Developments shares you are expected to receive $46 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • City Developments's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.44%).
  • City Developments's dividend is below the markets top 25% of dividend payers in United States of America (3.69%).
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.
Raw Data
OTCPK:CDEV.F Annualized Past and Future Dividends
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 16 Analyst Estimates (S&P Global) See Below
United States of America Real Estate Industry Average Dividend Yield Market Cap Weighted Average of 16 Stocks 2.7%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2000 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

OTCPK:CDEV.F Future Dividends Estimate Data
Date (Data in SGD) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 0.20 1.00
2021-12-31 0.20 10.00
2020-12-31 0.20 18.00
2019-12-31 0.20 12.00
OTCPK:CDEV.F Past Annualized Dividends Data
Date (Data in SGD) Dividend per share (annual) Avg. Yield (%)
2019-03-27 0.200 2.207
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

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • City Developments has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Dividend payments have increased, but City Developments only paid a dividend in the past 9 years.
Current Payout to shareholders
What portion of City Developments's earnings are paid to the shareholders as a dividend.
  • Dividends paid are thoroughly covered by earnings (9.1x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (3.2x coverage).
X
Income/ dividend checks
We assess City Developments's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. 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)
  7. 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.

CDEV.F Management

 What is the CEO of City Developments's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Sherman Kwek
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 United States of America.
Management Team Tenure

Average tenure and age of the City Developments management team in years:

3.3
Average Tenure
47
Average Age
  • The tenure for the City Developments management team is about average.
Management Team

Leng Beng Kwek

TITLE
Executive Chairman of the Board
COMPENSATION
SGD10M
AGE
77

Sherman Kwek

TITLE
Group Chief Executive Officer
COMPENSATION
SGD2M
AGE
43
TENURE
1.3 yrs

Ngiang Hong Chia

TITLE
Group General Manager

Yim Ming Yiong

TITLE
Group Chief Financial Officer
AGE
45
TENURE
3.3 yrs

Frank Khoo

TITLE
Group Chief Investment Officer
AGE
49
TENURE
1.3 yrs

Ivan Ng

TITLE
Chief Technology Officer
TENURE
3.3 yrs

Cindy Tan

TITLE
Head of Administration Department

Belinda Lee

TITLE
VP, Head of Corporate Communication & Investor Relations

Sharifah Shah

TITLE
Head of Legal Department

Mark Yip

TITLE
Chief Marketing Officer
TENURE
4.9 yrs
Board of Directors Tenure

Average tenure and age of the City Developments board of directors in years:

7.3
Average Tenure
65
Average Age
  • The tenure for the City Developments board of directors is about average.
Board of Directors

Philip Yeo

TITLE
Independent Non-Executive Director
COMPENSATION
SGD132K
AGE
72
TENURE
10 yrs

Leng Beng Kwek

TITLE
Executive Chairman of the Board
COMPENSATION
SGD10M
AGE
77
TENURE
24.3 yrs

Jenny Lim

TITLE
Lead Independent Director
COMPENSATION
SGD121K
AGE
65
TENURE
0.9 yrs

Leng Peck Kwek

TITLE
Non-Executive Director
COMPENSATION
SGD198K
AGE
62
TENURE
31.8 yrs

Poay Tan

TITLE
Independent Non-Executive Director
COMPENSATION
SGD95K
AGE
52
TENURE
7.3 yrs

Yee Tan

TITLE
Independent Non-Executive Director
COMPENSATION
SGD179K
AGE
44
TENURE
5 yrs

Alan Koh

TITLE
Independent Non-Executive Director
COMPENSATION
SGD175K
AGE
67
TENURE
2.7 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
X
Management checks
We assess City Developments's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. 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.

CDEV.F News

Simply Wall St News

CDEV.F Company 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
CDEV.F
Exchange: OTCPK
Founded: 1963
SGD5,670,067,787
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
Staff numbers
15,000
City Developments employees.
Industry
Diversified Real Estate Activities
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/20 01:55
End of day share price update: 2019/04/12 00:00
Last estimates confirmation: 2019/05/17
Last earnings filing: 2019/05/14
Last earnings reported: 2019/03/31
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.