CITY DEVELOPMENTS LIMITED (C09) Fair Value & Analysis
Real Estate · SG · Market cap 7.0B SGD (≈ $5.5B) · ISIN SG1R89002252
What is CITY DEVELOPMENTS LIMITED really worth?
Below-average quality, trading 28% below our fair value of 11.98 SGD.
Strengths
Risks
For context
Fair value as of: Aug 23, 2026
From 7 valuation models · updated 13 days ago
Share price +9.6% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The large discount to fair value meets weak quality (40/100). That raises the risk this is a value trap rather than a bargain.
- The price is below even our cautious bear case (8.99 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.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 23, 2026.
How to read this chart
60‑month range 4.13 SGD – 9.71 SGD · fair‑value band 8.99 SGD – 14.97 SGD · the 8.60 SGD price screens below the 11.98 SGD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 23, 2026.
Analysis
CITY DEVELOPMENTS LIMITED (C09) currently trades at 8.60 SGD, while our model-based Fair Value estimate is 11.98 SGD, implying the stock looks roughly 28.2% undervalued today. The Quality Score stands at 40/100 (below-average quality), in the Real Estate sector. Bull case: the Multiples group reads highest at a median of 11.98 SGD per share, and 3 of the 7 models we run sit above the 8.60 SGD price. Bear case: the Dividend Discount group reads lowest at 2.09 SGD, and 4 of the 7 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, CITY DEVELOPMENTS LIMITED generated revenue of 3.6B SGD at a net margin of 17.6%. Revenue grew 11.1% year over year. It earns a return on equity of 6.4%. Net debt stands at 11.3B SGD. Fundamentals as of Aug 23, 2026
Our scenario range runs from 8.99 SGD (bear case) to 14.97 SGD (bull case); at 8.60 SGD, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 12% below its 52-week high and 67% above its 52-week low, currently above its 200-day average. For context, the median of 10 Real Estate peers we cover trades at −19% fair-value upside, at 39%, C09 screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly 0.2910 SGD per share, which is 2.4 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 7 models by family
Widest divergence: Multiples (11.98 SGD) versus Dividend Discount (2.09 SGD). Highest evidence: Residual Income (76).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 23, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 37 · Market factors (momentum, volatility) 67
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
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.
Full company description
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. 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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
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.
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Peer Group
Real Estate - Development · 567 stocks
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.
Valuation Multiples vs Real Estate - Development median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Real Estate - Development stocks, each showing price versus our Fair Value estimate (as of Aug 23, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Sun Hung Kai Properties Limited 80016 | HK$109.70 | HK$88.93 | −19% |
| China Resources Land Limited 1109 | HK$35.24 | HK$72.16 | +105% |
| Vinhomes Joint Stock Company VHM | 71,700 VND | 109,431 VND | +53% |
| CK Asset Holdings 1113 | HK$47.34 | HK$68.85 | +45% |
| Hongkong Land Holdings H78 | $8.20 | $1.52 | −81% |
| DLF Limited DLF | ₹667.10 | ₹170.24 | −74% |
| China Overseas Land & Investment Limited 0688 | HK$13.76 | HK$22.92 | +67% |
| Macrotech Developers Limited LODHA | ₹1,244 | ₹583.42 | −53% |
| Sino Land Company 0083 | HK$10.33 | HK$6.99 | −32% |
| PT Pantai Indah Kapuk Dua Tbk, PANI | 5,925 IDR | 1,325 IDR | −78% |
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