Centurion Corp - UOB Kay Hian 2023-05-19: Continuing On Its Recovery Across All Asset Classes

• Centurion’s 1Q23 business update was a solid one with revenue up 5% y-o-y to S$47m making up 25% of our full-year forecast and thus in line with expectation.
• The key PBWA segment, which makes up three-quarters of its revenue, saw 5% y-o-y growth in its top-line while its PBSA segment was similarly robust, up 7% y-o-y.
• - Read this at SGinvestors.io -

Slowly but surely grinding higher.

• Centurion Corp (SGX:OU8) reported a positive 1Q23 business update with its key purpose built workers’ accomodation (PBWA, 75% of revenue) segment witnessing a 5% y-o-y revenue increase due to:
  1. - Read this at SGinvestors.io -
  2. a significant increase in occupancy rate in Malaysia, up from 68% in 1Q22 to 93% in 1Q23.
• In addition, Centurion stated that rental reversions were healthy and with its ability to pass on inflation and higher costs, it would appear that profit margins have easily been maintained, in our view.

Student accommodation taking slightly longer to recover after COVID-19.

• Read more at SGinvestors.io.

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/.

Read also UOB's most recent report:
2025-11-20 Centurion - Big Bucks From Beds; Growth Unabated.

Previous report by UOB:
2025-06-24 Centurion - From Dorms To Dollars ~ A Boring Business Delivers Compelling Returns.

Price targets by 4 other brokers at Centurion Target Prices.

Listing of research reports at Centurion Analyst Reports.

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