Positioning no disclosures inside 60 days, left as found
Options no verdict drawn today, left as found
Ethical does not pass the values gate
Price5.71 USD
Fair value5.38Our model only; no analyst estimate to cross-check.
Ethical score70.0/100
Value readFairas of 5 Nov 2026
Our investment reviews on this name
2026-11-04Read Markup5.80-1.6% to today Distribution gives way to Markup after an 8% slide in 5 weeks
2026-10-02Read Distribution6.32-9.7% to today ✓Markup gives way to Distribution after a 12% rise in 6 weeks
2026-08-24Read Markup5.65+1.1% to today ✓Markdown gives way to Markup after a 14% slide in 8 weeks
2026-07-02Read Markdown6.57-13.1% to today ✓First review on file: Markdown
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
City Developments Limited holds its Markup at $5.71. Consolidating, no directional conviction, held for 2 days.
As held on the ledger · 2026-11-05
Phase
Markup
Quantitative state
Consolidating, no directional conviction, held for 2 days
Price at the screen
$5.71
Valuation
8.17 trailing · 14.15 forward price to earnings
Values screen
FAIL· score 70.0
Beta
0.47
The Workings
Five Screens, Shown in Full
Does not pass. Debt ratio
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
249.31%
Below 33%
Interest-bearing debt is 249.3% of its assets, above the one-third ceiling the screen allows.
Fail
Interest-bearing cash
37.53%
Below 33%
Interest-bearing cash and securities are 37.5% of assets, above the one-third limit.
Fail
Receivables
0.00%
Below 49%
Money owed to the company is 0.0% of assets, under the 49% limit.
Pass
Revenue purity
2.54%
Below 5%
Only 2.5% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
City Developments's business is in a permissible area, but its interest-bearing debt is about 249% of the company, well over the ~33% line, so it does not pass on the financial screens.
Read as at 2026-11-05. It updates when the underlying figures move, and past reads are kept below.
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Today CDEVY does not pass the screen. If new figures move it to a pass, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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What the Numbers Say It Is Worth
The Fair Value Range
Our model only; no analyst estimate to cross-check.
Our analysis reads Fair vs our fair value, as of 5 Nov 2026: it trades above our $5.38 fair value estimate, weak competitive moat, 61.10% revenue growth.
Fair value range in USD, drawn from the 2026-11-05 screen. The gold marker is the market price at the same screen. The price runs 6.1% above the base estimate.
Where our models see it going: fair-value estimate $5.38, with a range of $4.92 to $8.20, dated to the 2026-11-05 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Property Developer's Debt Load Sinks the Case
Picture a Singapore-based developer with projects scattered across 28 countries yet still leaning hard on borrowed money to keep the machine turning. City Developments fails our ethical screen on its debt ratio, and the rest of the ledger offers little comfort. A weak moat, 6% return on equity and a forward multiple of 14 times leave almost no cushion when the fair value sits 8% below the current price.
We pass for two clear reasons that have nothing to do with short-term rental trends. First, the balance sheet carries too much leverage for an ethical screen that already flags the firm. Second, modest 11% revenue growth and an 18% profit margin fail to generate attractive returns on capital once the debt burden is taken into account.
The main risk is that property cycles can hide leverage problems until interest rates or vacancy rates turn. When that happens, the thin equity returns leave little room to absorb the shock. Analysis, not advice.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The things to watch: its business and earnings are exposed to Singapore and to currency swings.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
CDEVY trades on PNK (the company is based in Singapore). As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-11-04Markup · changed$5.80+8.6%Entry 9
The framework has shifted from distribution to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 8.6% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B. Technically it is momentum reading neutral. Over the past year the shares are up 73%. Our forward projection puts the odds of a 10% gain over the next month near 32%.
2026-10-28Distribution$5.34-9.5%Entry 8
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 9.5% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C. Technically it is momentum reading neutral. Over the past year the shares are up 73%. Our forward projection puts the odds of a 10% gain over the next month near 32%.
2026-10-14Distribution$5.90-6.6%Entry 7
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 6.6% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D. Technically it is holding around 4% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 73%. Our forward projection puts the odds of a 10% gain over the next month near 32%.
The framework has shifted from markup to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved up 11.9% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it D. Technically it is holding around 4% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 73%. Our forward projection puts the odds of a 10% gain over the next month near 32%. Since the last review it entered the Titan Ethical 500; dropped out of the Titan Ethical 500.
2026-08-24Markup · changed$5.65-2.1%Entry 5
The framework has shifted from markdown to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 2.1% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C. Technically it is holding around 4% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 73%. Our forward projection puts the odds of a 10% gain over the next month near 32%.
2026-07-24Markdown$5.77-12.2%Entry 4
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 12.2% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it D. Technically it is holding around 4% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 73%. Our forward projection puts the odds of a 10% gain over the next month near 32%.
2026-07-18Markdown$6.57+0.0%Entry 3
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it D. Technically it is holding around 4% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 73%. Our forward projection puts the odds of a 10% gain over the next month near 32%.
2026-07-03Markdown$6.57+0.0%Entry 2
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns.
2026-07-02Markdown$6.57Entry 1
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
