Centurion Corp - CGS-CIMB Research 2023-07-14: For A Good Night’s Sleep

Centurion Corp - For A Good Night’s Sleep

Centurion Corp (SGX:OU8) | SGinvestors.ioCenturion Corp (SGX:OU8)
  • Centurion Corporation (SGX:OU8) is a provider of purpose-built worker accommodation (PBWA) and purpose-built student accommodation (PBSA), with 66,572 beds over 36 properties in 6 countries as of 1Q23.
  • - Read this at SGinvestors.io -
  • undersupply of beds across operating geographies,
  • PBWA regulatory reforms spurred by pandemic handling experience, and
  • growing awareness for migrant workers’ welfare.

SG PBWA tightness to persist; QBDs lease extension likely

  • Singapore’s purpose-built dorms (PBDs) saw a ~30% rent growth year-to-date, while running at full capacity as foreign workers returned and escalating rents for public flats prompted some employers to move their Malaysian workers to PBDs, according to The Straits Times.
  • - Read this at SGinvestors.io -
  • As such, we see a good likelihood that Centurion’s quick build dorms (QBDs), which were part of the government’s temporary solution to meet housing requirements of foreign workers during the pandemic, to be extended beyond current lease terms (3+1 years) in our forecast period. The Singapore market contributed 66% of Centurion’s FY22 revenue.

Border reopening boosts PBSA occupancy and rent growth

  • Read more at SGinvestors.io.

Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @ https://www.itradecimb.com.sg/.

ONG Khang Chuen CFA CGS-CIMB Research | William TNG CFA CGS-CIMB Research | https://www.cgs-cimb.com 2023-07-14

Read also CGS-CIMB's most recent report:
2023-08-11 Centurion - Strong Rental Reversions Across Segments.

Price targets by 3 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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