Centurion Corp - RHB Invest 2023-04-25: Positive On Improved Demand; Keep BUY

Centurion Corp - Positive On Improved Demand; Keep BUY

  • We remain upbeat on Centurion Corp (SGX:OU8) as economies reopen post COVID-19.
  • Resumption of foreign labour-reliant industries in Singapore and Malaysia are driving increased demand for related worker accommodation, while the Purpose Built Student Accommodation (PBSA) markets of the UK and Australia will benefit from the return of local and foreign students as borders reopen and on-site lessons resume.
  • - Read this at SGinvestors.io -

Centurion Corp's FY22 earnings in line.

  • Centurion Corp's FY22 revenue for grew 26% y-o-y to S$180m, while core net profit of S$56m (+5% y-o-y) was in line with our forecast. Revenue growth was led by a recovery in occupancy post COVID-19 pandemic, across all markets.
  • - Read this at SGinvestors.io -
  • Headline net profit was S$71.4m (+36% y-o-y), taking into account S$18m fair value gain of investment properties (including the UK, Malaysia and Australia properties) vs a loss of S$3m last year (mainly from Singapore’s PBWA portfolio). Core net profit was S$56m, stripping out these one-off gains.
  • A final dividend of 0.5 cents was declared, bringing Centurion Corp's FY22 total dividend to S$0.01, representing a dividend payout ratio of 15% of core earnings.

Positive outlook.

  • Read more at SGinvestors.io.

Shekhar Jaiswal RHB Securities Research | https://www.rhbgroup.com/ 2023-04-25

Read also RHB's most recent report:
2023-12-08 Centurion - Asset-Light Strategy Taking Shape; Maintain BUY.

Previous report by RHB:
2023-11-10 Centurion - Growth Driven On Multiple Fronts; Reiterate BUY.

Price targets by other brokers at Centurion Corp Target Prices.

Listing of research reports at Centurion Corp Analyst Reports.

Relevant links:
Centurion Corp Share Price History,
Centurion Corp Announcements,
Centurion Corp Dividends & Corporate Actions,
Centurion Corp News Articles


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