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Cody Simpson and Miley Cyrus are either playing with our hearts before Christmas, or these signs are being misread. Regardless, allow us to ask ... everything alright here?

The Australian heartthrob singer was spotted out Saturday in NYC, walking alongside Playboy model Jordy Murray -- who's actually the December 2019 Playmate. So, yeah -- she's a hottie herself. What's even more curious ... no sign of Miley anywhere for this SoHo stroll.

Speaking of MC, she posted a message discussing a song she wrote about being lonely for the holidays, but it had a positive vibe ... which encouraged folks to love themselves.

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