City Developments Limited CDEVY

Real EstateReal Estate OperationsSingapore

Last close 6.10 USD on Nov 1, 2026, +5.9% year to date

Quant rating

Quant rating D Rank 46 of 61 in Real Estate

Growth D 50 of 61
Valuation D 47 of 61
Quality D 48 of 61
Revisions D 43 of 61
Momentum A 6 of 61

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 5.2B
Enterprise value: 16.0B
52-week range: 5.15 – 8.20
3-year range: 3.26 – 8.20
Dividend yield: 3.97%
Beta (5 years): 0.31
Shares outstanding: 909M
Next earnings: –

About the company

City Developments Limited is a Singapore-based global real estate company with a network spanning 168 locations in 29 countries and regions. The Company’s diverse portfolio comprises residences, offices, hotels, serviced apartments, student accommodation, retail malls and integrated developments. The Company's segments include Property development, Hotel operations, Investment properties and Others. The Property development segment is engaged in developing and purchasing properties for sale. The Hotel operations segment owns and manages hotels. The Investment properties segment is engaged in developing and purchasing investment properties for lease. The Others segment comprises investment in shares, management and consultancy services, and provision of laundry services. It has developed over 53,000 homes and owns around 23,006,356 square meters feet of gross floor area in residential for lease, commercial and hospitality assets globally and has over 161 hotels worldwide.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2015	2014	2013	2012	2011	5Y avg
Revenue (mil)	2,790	2,396	3,746	2,458	1,947	–
Revenue growth	16.5%	−36.0%	52.4%	26.3%	21.9%	11.8%
EPS (basic, normalized)	–	0.64	0.57	0.57	0.67	–
EPS growth	–	12.3%	0.0%	−14.9%	–	–
Gross margin	40.8%	44.7%	33.4%	37.9%	37.2%	38.8%
Net margin	17.3%	5.8%	6.2%	38.6%	2.7%	14.1%
ROE	6.7%	2.2%	3.4%	14.6%	1.0%	5.6%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
Net debt / equity	–
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2015 actual	2,790	+16.5%	5.7x	–	–	–	–	–	–

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2016	–	–	–	–	–	–	–	–
2017	–	–	–	–	–	–	–	–
2018	–	–	–	–	–	–	–	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Real Estate Operations

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
CDEVY City Developments Limited	5.2B	–	17.3%	0.73x	–	–	–	–
8801 Mitsui Fudosan Co., Ltd.	27.0B	8.77x	10.3%	1.31x	14.7x	13.8x	15.8x	15.0x
0012 Henderson Land Development Co Ltd	17.3B	–	22.0%	0.42x	16.3x	14.4x	30.8x	27.5x
SUHJY Sun Hung Kai Properties Limited	40.2B	–	22.7%	0.50x	13.3x	12.8x	12.0x	11.5x
MITEY Mitsubishi Estate Company, Limited	29.3B	7.74x	12.7%	1.69x	–	–	–	–
HKLD Hongkong Land Holdings Ltd	17.7B	–	87.2%	0.57x	26.7x	26.3x	32.3x	29.9x
Mean		8.26x	28.7%	0.87x	17.7x	16.8x	22.7x	21.0x
Median		8.26x	19.6%	0.65x	15.5x	14.1x	23.3x	21.2x

Technical analysis

1M−3.5%
3M+6.7%
1Y+10.1%
3Y+48.0%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, City Developments Limited, fiscal years, most recent first
	2015	2014	2013	2012	2011	2010
Total revenue	2,790	2,396	3,746	2,458	1,947	1,596
Cost of revenue	1,652	1,325	2,496	1,527	1,222	969
Gross profit	1,138	1,071	1,250	931	725	628
Selling, general & administrative expenses	482	434	443	540	429	838
Research & development	–	–	–	–	–	–
Depreciation/amortization	225	203	193	206	211	217
Interest expense (income), operating	−370	–	–	–	–	–
Unusual expense (income)	−93.7	−192	−117	−1,299	−114	189
Other operating expenses	121	124	110	80.2	−30.0	28.0
Operating income	773	502	621	1,403	229	−645
Net interest income (expense)	−162	−216	−256	−12.1	−63.6	−704
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−11.4	−12.6	−5.9	−5.1	−6.2	−6.9
Net income before taxes	600	274	358	1,386	159	−1,356
Provision for taxes	106	119	93.8	405	65.2	66.4
Minority interest	−4.6	−7.8	−23.9	−21.6	−31.3	−29.4
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	490	147	241	959	62.8	−1,452
Extraordinary items	–	–	–	–	–	–
Net income	490	147	241	959	62.8	−1,452
EBIT, normalized	310	310	504	104	115	−455
EBITDA, normalized	535	612	696	311	405	−238
Basic EPS, normalized	–	0.64	0.57	0.57	0.67	–

Balance sheet in millions of USD, fiscal years

Balance sheet, City Developments Limited, fiscal years, most recent first
	2015	2014	2013	2012	2011	2010
Assets
Cash & short-term investments	1,569	2,162	1,717	1,678	1,394	2,169
Receivables	1,177	1,218	1,986	1,437	1,595	1,604
Total inventory	5,564	3,559	3,705	4,453	4,337	4,089
Prepaid expenses	58.0	61.1	85.8	75.0	45.7	39.8
Other current assets	251	303	160	254	604	283
Total current assets	8,618	7,304	7,654	7,896	7,975	8,185
Property, plant & equipment	9,423	8,332	7,963	6,738	7,668	7,642
Goodwill	–	–	–	–	–	–
Intangibles	1.4	1.5	1.2	1.3	1.4	1.2
Long-term investments	2,330	2,379	2,373	2,227	1,923	1,915
Note receivable	548	597	227	210	9.9	78.1
Other long-term assets	121	142	153	79.6	124	103
Total assets	21,042	18,757	18,372	17,153	17,702	17,925
Liabilities
Accounts payable	176	163	183	186	188	69.0
Payable/accrued	–	–	–	–	–	–
Accrued expenses	462	412	412	396	369	362
Short-term debt	9.8	11.8	90.1	219	184	177
Current portion of long-term debt	2,500	3,386	2,983	1,776	3,860	2,129
Other current liabilities	713	645	658	1,093	1,254	1,081
Total current liabilities	3,861	4,617	4,326	3,670	5,855	3,819
Long-term debt	8,433	6,852	6,339	5,962	4,595	6,809
Minority interest	801	162	272	260	681	560
Other liabilities	485	469	474	381	344	300
Total liabilities	13,580	12,100	11,412	10,274	11,475	11,488
Shareholders' equity
Preferred stock	202	206	231	246	245	250
Common stock	1,292	1,217	1,259	1,240	1,231	1,258
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	6,425	5,665	5,759	5,574	4,856	4,996
Treasury stock	−61.8	−58.2	–	–	–	–
Other equity	−396	−373	−289	−182	−104	−67.2
Total equity	7,461	6,657	6,960	6,879	6,227	6,437
Total liabilities & shareholders' equity	21,042	18,757	18,372	17,153	17,702	17,925

Cash flow statement in millions of USD, fiscal years

Cash flow statement, City Developments Limited, fiscal years, most recent first
	2015	2014	2013	2012	2011	2010
Operating activities
Net income	494	155	264	981	104	−1,422
Depreciation, depletion & amortization	225	203	193	206	206	217
Deferred taxes	–	–	–	–	–	–
Non-cash items	−189	209	252	−897	2.3	1,432
Changes in working capital	−1,707	113	11.9	−384	529	−497
Cash from operations	−1,176	681	720	−93.7	841	−270
Investing activities
Capital expenditures	−395	−137	−212	−86.5	−107	−203
Other investing cash flows	704	−583	−1,198	669	−533	−612
Cash from investing	309	−720	−1,410	582	−640	−815
Financing activities
Financing cash flow items	245	−564	−495	−100	−330	37.0
Cash dividends paid	−108	−92.5	−156	−166	−129	−144
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	192	1,163	1,202	49.7	−488	1,291
Cash from financing	328	507	550	−217	−947	1,184
Foreign exchange effects	−5.4	−10.0	−15.3	−45.0	−3.5	25.8
Net change in cash	−545	458	−155	227	−749	125
Free cash flow	−1,571	544	509	−180	734	−472

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.