CITY DEVELOPMENTS LIMITED (C09) fair value: what the stock is really worth
As of Oct 19, 2026: fair value (intrinsic value) of CITY DEVELOPMENTS LIMITED stock S$9.25, price S$7.01, upside +32.0%, quality 41 out of 100. Rating: undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 14, 2026.
How to read this chart
60‑month range 4.10 SGD – 9.63 SGD · fair‑value band 8.84 SGD – 10.73 SGD · the 7.01 SGD price screens below the 9.25 SGD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 14, 2026.
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City Developments Limited (CDL) is a leading global real estate company with a network spanning 167 locations across 28 countries and regions. Listed on the Singapore Exchange, the Group is one of the largest companies by market capitalization.
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Its income-stable and geographically diverse portfolio comprises residences, offices, hotels, serviced apartments, student accommodation, retail malls and integrated developments.
With a proven track record of over 60 years in real estate development, investment, and management, the Group has developed over 55,000 homes and owns around 23 million square feet of gross floor area in residential for lease, commercial and hospitality assets globally.
The Group owns, operates and manages more than 160 hotels worldwide, many in key gateway cities, primarily through its flagship Millennium Hotels and Resorts (MHR). City Developments Limited was established on September 7th, 1963 and incorporated in Singapore.
Stock analysis
CITY DEVELOPMENTS LIMITED (C09) currently trades at 7.01 SGD, while our model-based Fair Value estimate is 9.25 SGD, implying the stock looks roughly 24.2% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 11.98 SGD per share, and 4 of the 6 models we run sit above the 7.01 SGD price.
Bear case: the Dividend Discount group reads lowest at 2.44 SGD, and 2 of the 6 models stay below the price. Data coverage for this calculation is medium.
Scenario range: 8.84 SGD (bear) to 10.73 SGD (bull), the price of 7.01 SGD sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 41/100 (below-average quality), in the Real Estate sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
CITY DEVELOPMENTS LIMITED reported revenue of 3.6B SGD in FY2025 versus 2.6B SGD in FY2021, a compound +8.1%/yr. Reported net income was 630M SGD in FY2025, compounding +59.4%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap 7.4B SGD (≈ $5.8B) Mid · P/E ratio 7.7 · P/S ratio 1.60 · EPS (TTM) 0.9100 SGD · Dividend yield 4.4% · Net margin 18.2% · Return on equity 8.5% · Return on assets (EBIT) 1.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 43 out of 100 (medium confidence).
What moves the price
The share trades about 27% below its 52-week high and 4% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at 6% fair-value upside, at 32%, C09 screens cheaper than that median.
Fair Value models
Bear8.84 SGDFair Value 9.25 SGDBull10.73 SGD
Price 7.01 SGD · Upside +32.0%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (0.4816 SGD per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.51/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+9.7%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+2.9%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.2%
Start year 2020 (pandemic). Over 10 years: +0.8% a year
Revenue growth 12 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+0.9%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis.
≈ −3.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year−7.8%
Dividend (yield on the price)4.4%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.14.1% vs 0.1%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−40% → 8%
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Rate on operating basis: 2025 sits 101% above its own trend.
Compare CITY DEVELOPMENTS LIMITED with another stock
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Real Estate - Development · 568 stocks
Beats the industry median on 10/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score41 · Below median
Fair Value upside+32.0% · Above median
Profitability
Return on equity (12 months)8.5% · Above median
Return on assets2.3% · Above median
Net margin (12 months)18.2% · Above median
Operating margin (12 months)16.4% · Above median
Growth and dividend
Revenue growth (quarter YoY)61.1% · Top 25%
Dividend yield (12 months)4.4% · Above median
Balance sheet
Debt / equity1.07× · Highest 25%
Valuation Multiplesvs Real Estate - Development median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is CITY DEVELOPMENTS LIMITED (C09) overvalued or undervalued?
As of Oct 14, 2026, our model estimates a fair value of 9.25 SGD versus a price of 7.01 SGD, about +32% upside (undervalued).
What is the fair value of C09?
Our model-based fair value for CITY DEVELOPMENTS LIMITED is 9.25 SGD (as of Oct 14, 2026), built from audited fundamentals. The current price: 7.01 SGD.
What is the quality score of C09?
CITY DEVELOPMENTS LIMITED has a Quality Score of 41/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for CITY DEVELOPMENTS LIMITED (C09)?
Our model-based price target is the fair value of 9.25 SGD (as of Oct 14, 2026) from 7 valuation models. Cautious scenario 8.84 SGD, optimistic scenario 10.73 SGD. It is a calculation from audited fundamentals, not an analyst target.
What is the CITY DEVELOPMENTS LIMITED stock forecast for 2026?
Our models put fair value at 9.25 SGD, about +32% upside versus a price of 7.01 SGD (undervalued). Cautious scenario 8.84 SGD, optimistic scenario 10.73 SGD. The calculation is refreshed regularly with new filings.
What is the revenue of CITY DEVELOPMENTS LIMITED (C09)?
CITY DEVELOPMENTS LIMITED reported trailing-twelve-month revenue of about 4.6B SGD (latest available figure, as of Oct 14, 2026).
Does CITY DEVELOPMENTS LIMITED pay a dividend?
CITY DEVELOPMENTS LIMITED currently shows a dividend yield of 4.42% relative to its recent price (as of Oct 14, 2026).
What is the intrinsic value of CITY DEVELOPMENTS LIMITED (C09)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For CITY DEVELOPMENTS LIMITED it is 9.25 SGD per share (as of Oct 14, 2026), against a price of 7.01 SGD. It is the blended result of 7 valuation models (cash flow, earnings, asset, dividend).
Is CITY DEVELOPMENTS LIMITED stock overvalued or undervalued in 2026?
As of Oct 14, 2026, C09 trades below its calculated fair value: price 7.01 SGD, fair value 9.25 SGD, a gap of about +32% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of C09?
No. The price is what the market pays today (7.01 SGD); the fair value is what the company's own numbers justify (9.25 SGD). For CITY DEVELOPMENTS LIMITED the two are 2.24 SGD per share apart. That gap is exactly why we show both numbers side by side.
How much is CITY DEVELOPMENTS LIMITED worth?
The market values CITY DEVELOPMENTS LIMITED at about 7.4B SGD (market capitalisation, as of Oct 14, 2026). Per share that is 7.01 SGD; our models calculate a fair value of 9.25 SGD per share.
What do the bullish and bearish scenarios say about C09?
Our models span a range for CITY DEVELOPMENTS LIMITED: cautious scenario 8.84 SGD, base 9.25 SGD, optimistic 10.73 SGD per share (as of Oct 14, 2026, price 7.01 SGD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of C09?
CITY DEVELOPMENTS LIMITED trades at a price-to-earnings ratio of 7.7 (as of Oct 14, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 9.25 SGD is built from several models across several years. Other multiples: PEG 0.6, P/B 0.8, P/S 1.6, EV/EBITDA 17.2.
What is the PEG ratio of C09?
The PEG ratio of CITY DEVELOPMENTS LIMITED is 0.57 (P/E divided by earnings growth, as of Oct 14, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of CITY DEVELOPMENTS LIMITED (C09)?
Balance-sheet figures for CITY DEVELOPMENTS LIMITED (as of Oct 14, 2026): return on equity 8.5%, debt of 1.07 per unit of equity. They feed the Quality Score of 41/100, which measures business quality independently of the share price.
How far is C09 from its 52-week high?
CITY DEVELOPMENTS LIMITED trades at 7.01 SGD, about 27% below its 52-week high of 9.63 SGD and 4% above the low of 6.74 SGD (as of Oct 19, 2026). Distance from the high says nothing about value: that is what the fair value of 9.25 SGD is for.
Which stocks are comparable to CITY DEVELOPMENTS LIMITED?
From the same area (Real Estate) we also value Sun Hung Kai Properties Limited, Vinhomes Joint Stock Company, CK Asset Holdings, DLF Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is CITY DEVELOPMENTS LIMITED stock attractive at the current price?
The data as of Oct 14, 2026: price 7.01 SGD, calculated fair value 9.25 SGD (+32%), Quality Score 41/100, from 7 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of C09 calculated?
We run CITY DEVELOPMENTS LIMITED through 7 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 9.25 SGD, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.9 % above its aggregate fair value. CITY DEVELOPMENTS LIMITED currently trades 24 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of CITY DEVELOPMENTS LIMITED (C09)?
The closing price on Oct 19, 2026 was 7.01 SGD. Our model-based fair value is 9.25 SGD, about +32% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with CITY DEVELOPMENTS LIMITED right now?
The large discount to fair value meets weak quality (41/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (8.84 SGD). The market is more pessimistic than our downside scenario. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of CITY DEVELOPMENTS LIMITED
How large is the market capitalisation of CITY DEVELOPMENTS LIMITED (C09)?
The market capitalisation of CITY DEVELOPMENTS LIMITED is 7.4B SGD (≈ $5.8B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of CITY DEVELOPMENTS LIMITED (C09)?
The price-to-sales ratio of CITY DEVELOPMENTS LIMITED is 1.60 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of CITY DEVELOPMENTS LIMITED (C09)?
Earnings per share at CITY DEVELOPMENTS LIMITED are 0.9100 SGD (price ÷ EPS = P/E 7.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of CITY DEVELOPMENTS LIMITED (C09)?
The dividend yield of CITY DEVELOPMENTS LIMITED is 4.4% (payout 34.1%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of CITY DEVELOPMENTS LIMITED (C09)?
The net margin of CITY DEVELOPMENTS LIMITED is 18.2% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of CITY DEVELOPMENTS LIMITED (C09)?
The return on equity (ROE) of CITY DEVELOPMENTS LIMITED is 8.5% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of CITY DEVELOPMENTS LIMITED (C09)?
On an EBIT basis the return on assets of CITY DEVELOPMENTS LIMITED is 1.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of CITY DEVELOPMENTS LIMITED (C09)?
The operating margin of CITY DEVELOPMENTS LIMITED is 16.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at CITY DEVELOPMENTS LIMITED (C09)?
Revenue at CITY DEVELOPMENTS LIMITED is growing +61.1% versus a year earlier (3y avg +2.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at CITY DEVELOPMENTS LIMITED (C09)?
Earnings per share at CITY DEVELOPMENTS LIMITED are growing +237% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does CITY DEVELOPMENTS LIMITED (C09) generate?
The free cash flow of CITY DEVELOPMENTS LIMITED is −2.4B SGD (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does CITY DEVELOPMENTS LIMITED (C09) carry?
The net debt of CITY DEVELOPMENTS LIMITED is 11.3B SGD (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Oct 14, 2026