City Developments - UOB Kay Hian 2026-03-02: Capital Recycling Ignites Profit Surge

• City Developments (SGX:C09) delivered a sharp earnings rebound in 2025 as PATMI tripled to S$630m mainly due to S$2b in divestments recorded last year.
• City Developments declared a final dividend of S$0.25, thus bringing total 2025 dividend to S$0.28 or 40% payout (2024: S$0.10).
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Financial flexibility remains strong

• Financial flexibility remains strong with S$2.1b cash and S$4.2b liquidity including committed facilities. While net gearing rose slightly to 71% from 69% in 2024, this was due to higher commitments as a result of City Developments’ surprising success in winning three Government Land Sales sites in Singapore as well as the acquisition of a UK hotel.
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Property development the primary growth driver

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Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.

Previous report by UOB:
2026-01-21 City Developments - Resetting Our Expectations – Higher For Longer.

Price targets by 3 other brokers at City Developments Target Prices.

Listing of research reports at City Developments Analyst Reports.

Relevant links:
City Developments Share Price History,
City Developments Announcements,
City Developments Dividend Payout Dates & Corporate Actions,
City Developments News