# City Developments (CDEVY.US)

Canonical: https://gigainvestors.com/s/CDEVY

Analysis as of: 2026-10-16T07:33:38.147Z. Financial observations: FY2016–FY2025.

Listing currency: USD. Reporting currency: SGD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $5.48 per share; close as of 2026-10-15.

Estimated value: low $3.88 per share, central $4.18 per share, high $4.58 per share. Buy at or below the central value $4.18 per share. Valuation as of 2026-10-16T07:33:38.147Z; scenarios are not confidence intervals.

Expected annual return: 7.5% at the stated quote. About 7.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; SG 10-year bond 2.3% + 4 points).

## Checklist

### understandable: fail

- 4 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 1

- Operating margin variation: 1.39×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.24×

- FY2017: 0.21×

- FY2018: 0.21×

- FY2019: 0.19×

- FY2020: -0.40×

- FY2021: 0.12×

- FY2022: 0.57×

- FY2023: 0.17×

- FY2024: 0.21×

- FY2025: 0.11×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 16.6pp below the typical margin (limit 4pp)

- ROIC, median of available years: 3.1%

- ROIC, second-lowest year: 1.1%

- Typical minus recent gross margin: 16.6 pp

- Typical gross margin (annual median): 41.7%

- Recent gross margin (lower of latest and 3-year median): 25.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 10.4%

- ROIC including acquisitions, ten-year median: 2.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 6.8%

- FY2017: 5.3%

- FY2018: 4.9%

- FY2019: 3.1%

- FY2020: -3.9%

- FY2021: 1.1%

- FY2022: 7.8%

- FY2023: 3.2%

- FY2024: 2.2%

- FY2025: 1.4%

### economics: fail

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 0.85×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: SGD 2.1B

- Net income, five-year total: SGD 2.5B

- Return on incremental invested capital: -15.6%

- Working capital / revenue, annual change: 6.0 pp

- Working capital / revenue, change between three-year averages: 35.0 pp

- Working capital / revenue, final three-year average: 191.7%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: 1.00×

- FY2024: -0.87×

- FY2025: 1.00×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 5.3% vs 2.2%

- Per-share earnings: 0.58 to 0.33 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.4%

- Market cap gain: SGD 188M

- Cumulative retained earnings: SGD 383M

- Diluted shares, 5-year annual growth: 0.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -7.7%

- Per-share value change: SGD -0.25

- Per-share value, starting three-year median: SGD 0.58

- Per-share value, ending three-year median: SGD 0.33

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 0.7%

- Buyback history: 4 years

- Debt-funded buybacks: Yes

- Acquisition spending: SGD 73M

- Cumulative net income, 10 years: SGD 2.9B

- ROIC, first three-year median: 5.3%

- ROIC, last three-year median: 2.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: SGD 0.68

- FY2017: SGD 0.56

- FY2018: SGD 0.58

- FY2019: SGD 0.59

- FY2020: SGD -2.07

- FY2021: SGD 0.09

- FY2022: SGD 1.35

- FY2023: SGD 0.33

- FY2024: SGD 0.23

- FY2025: SGD 0.67

### accounting: fail

- earnings not backed by cash

- Sloan accruals: 9.1%

- Receivables to sales index (DSRI): 0.84×

- Restructuring years, last five: 0

- Earnings backed by cash: No

- Operating cash / earnings: -2.99×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.7%

- FY2017: -2.8%

- FY2018: 5.5%

- FY2019: -1.2%

- FY2020: -6.4%

- FY2021: -4.4%

- FY2022: 6.1%

- FY2023: -2.6%

- FY2024: -2.8%

- FY2025: 9.1%

## Holders

## Price story

Down 29% since Feb 2026 · sales +8.5%

Story as of 2026-10-16T09:59:56.232Z; price observation 2026-10-15.

Price needs cash profits to grow 6.2% a year for ten years

### Sales · FY2024–2025

sales +8.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: SGD 3.9B 

- FY2017: SGD 3.8B 

- FY2018: SGD 4.2B 

- FY2019: SGD 3.4B 

- FY2020: SGD 2.1B 

- FY2021: SGD 2.6B 

- FY2022: SGD 3.3B 

- FY2023: SGD 4.9B 

- FY2024: SGD 3.3B 

- FY2025: SGD 3.5B 

### Gross margin · FY2025

gross margin 25.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 45.0% 

- FY2017: 44.0% 

- FY2018: 45.3% 

- FY2019: 47.8% 

- FY2020: 39.3% 

- FY2021: 37.2% 

- FY2022: 37.9% 

- FY2023: 33.4% 

- FY2024: 44.7% 

- FY2025: 25.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in real estate development; annual sales are SGD 3.5 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.147Z); FY2025: revenue 3549314385; grossProfit 889108928; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CDEVY.US: 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.

### Why customers stay

Margins ranged from 25.1% to 44.7% during 2023–25; it earns 3.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.147Z); FY2023: grossProfit / revenue = 33.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.147Z); FY2024: grossProfit / revenue = 44.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.147Z); FY2025: grossProfit / revenue = 25.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.147Z); 10-year return on capital observations [[2016,0.06794119736418455],[2017,0.05343488541376643],[2018,0.048540124892939684],[2019,0.03118725364760608],[2020,-0.03924733414558198],[2021,0.011383682080595524],[2022,0.07750761153948497],[2023,0.03172724651304277],[2024,0.022218988099864403],[2025,0.014200456408036828]]; median 0.03145725008032443. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 34.6% of cash earnings on expansion; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.147Z); FY2016: growth capex 0; upkeep 227515000; owner earnings 647592000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.147Z); FY2017: growth capex 0; upkeep 154410000; owner earnings 582992000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.147Z); FY2018: growth capex 42301000; upkeep 218840000; owner earnings 557330000. Growth capex / owner earnings = 0.07589937738862075.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.147Z); FY2019: growth capex 0; upkeep 307849000; owner earnings 532714000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.147Z); FY2021: growth capex 129743000; upkeep 285009000; owner earnings 84713000. Growth capex / owner earnings = 1.5315595009030492.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.147Z); FY2022: growth capex 112306000; upkeep 276426000; owner earnings 1285322000. Growth capex / owner earnings = 0.08737577042951104.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.147Z); FY2023: growth capex 25556000; upkeep 254030000; owner earnings 317313000. Growth capex / owner earnings = 0.0805387740180831.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.147Z); FY2025: growth capex 214488994; upkeep 285106918; owner earnings 619618346. Growth capex / owner earnings = 0.34616307826366394.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.147Z); Dividend observations: [[2016,237440000],[2017,243840000],[2018,285308000],[2019,268671000],[2020,190211000],[2021,173943000],[2022,222415000],[2023,206240000],[2024,126270000],[2025,139423000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.147Z); FY2025: cash repurchases 20570859 SGD.

### Are managers owners

Insiders own 0% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CDEVY.US SharesStats.PercentInsiders = 0 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 6.2% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.147Z); Ten-year compound average after fade. Initial solved rate 0.0758470034698969. Price 5.48; FX 0.7802; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $6.07 per share

- 2016-11: $5.94 per share

- 2016-12: $5.65 per share

- 2017-01: $6.52 per share

- 2017-02: $6.74 per share

- 2017-03: $7.23 per share

- 2017-04: $7.67 per share

- 2017-05: $7.60 per share

- 2017-06: $7.80 per share

- 2017-07: $8.35 per share

- 2017-08: $8.55 per share

- 2017-09: $8.41 per share

- 2017-10: $9.48 per share

- 2017-11: $9.03 per share

- 2017-12: $9.29 per share

- 2018-01: $9.98 per share

- 2018-02: $9.51 per share

- 2018-03: $9.85 per share

- 2018-04: $9.47 per share

- 2018-05: $8.26 per share

- 2018-06: $7.91 per share

- 2018-07: $7.43 per share

- 2018-08: $6.68 per share

- 2018-09: $6.64 per share

- 2018-10: $5.60 per share

- 2018-11: $6.13 per share

- 2018-12: $5.88 per share

- 2019-01: $6.83 per share

- 2019-02: $6.61 per share

- 2019-03: $6.60 per share

- 2019-04: $6.55 per share

- 2019-05: $5.99 per share

- 2019-06: $7.04 per share

- 2019-07: $6.93 per share

- 2019-08: $6.81 per share

- 2019-09: $7.01 per share

- 2019-10: $7.78 per share

- 2019-11: $7.46 per share

- 2019-12: $8.17 per share

- 2020-01: $7.53 per share

- 2020-02: $6.85 per share

- 2020-03: $5.04 per share

- 2020-04: $5.60 per share

- 2020-05: $5.34 per share

- 2020-06: $5.79 per share

- 2020-07: $6.01 per share

- 2020-08: $5.80 per share

- 2020-09: $5.56 per share

- 2020-10: $4.64 per share

- 2020-11: $5.82 per share

- 2020-12: $6.01 per share

- 2021-01: $5.49 per share

- 2021-02: $5.52 per share

- 2021-03: $5.90 per share

- 2021-04: $5.90 per share

- 2021-05: $5.81 per share

- 2021-06: $5.40 per share

- 2021-07: $4.98 per share

- 2021-08: $5.05 per share

- 2021-09: $5.14 per share

- 2021-10: $5.48 per share

- 2021-11: $5.14 per share

- 2021-12: $5.06 per share

- 2022-01: $5.22 per share

- 2022-02: $5.11 per share

- 2022-03: $5.67 per share

- 2022-04: $6.18 per share

- 2022-05: $5.88 per share

- 2022-06: $5.84 per share

- 2022-07: $5.63 per share

- 2022-08: $5.85 per share

- 2022-09: $5.32 per share

- 2022-10: $5.33 per share

- 2022-11: $6.20 per share

- 2022-12: $6.15 per share

- 2023-01: $6.34 per share

- 2023-02: $5.68 per share

- 2023-03: $5.67 per share

- 2023-04: $5.15 per share

- 2023-05: $5.01 per share

- 2023-06: $5.14 per share

- 2023-07: $5.64 per share

- 2023-08: $4.95 per share

- 2023-09: $4.86 per share

- 2023-10: $4.53 per share

- 2023-11: $4.64 per share

- 2023-12: $4.99 per share

- 2024-01: $4.54 per share

- 2024-02: $4.19 per share

- 2024-03: $4.28 per share

- 2024-04: $4.55 per share

- 2024-05: $4.11 per share

- 2024-06: $3.75 per share

- 2024-07: $3.96 per share

- 2024-08: $3.95 per share

- 2024-09: $4.26 per share

- 2024-10: $3.93 per share

- 2024-11: $3.90 per share

- 2024-12: $3.69 per share

- 2025-01: $3.74 per share

- 2025-02: $3.66 per share

- 2025-03: $3.68 per share

- 2025-04: $3.83 per share

- 2025-05: $3.82 per share

- 2025-06: $4.01 per share

- 2025-07: $4.68 per share

- 2025-08: $5.09 per share

- 2025-09: $5.01 per share

- 2025-10: $5.58 per share

- 2025-11: $5.56 per share

- 2025-12: $5.98 per share

- 2026-01: $7.32 per share

- 2026-02: $7.68 per share

- 2026-03: $6.44 per share

- 2026-04: $6.56 per share

- 2026-05: $6.47 per share

- 2026-06: $6.46 per share

- 2026-07: $5.95 per share

- 2026-08: $6.55 per share

- 2026-09: $5.62 per share

- 2026-10: $5.48 per share

## Annual estimated value (USD per share)

- FY2020: low $5.69 per share, central $6.11 per share, high $6.66 per share

- FY2021: low $5.03 per share, central $5.48 per share, high $6.08 per share

- FY2022: low $5.78 per share, central $6.32 per share, high $7.03 per share

- FY2023: low $4.74 per share, central $5.13 per share, high $5.65 per share

- FY2024: low $3.58 per share, central $3.71 per share, high $3.90 per share

- FY2025: low $3.78 per share, central $4.07 per share, high $4.45 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:23.102Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations