Centurion - Lim & Tan Securities 2023-08-21: Healthy Bed Pipeline

• Centurion (SGX:OU8)’s 1HFY23 results were in line with our expectations with overall revenue and core profit coming in at 50%/54% of our FY23F forecast. Revenue rose 8.2% y-o-y to S$97.9mil from high financial occupancies and positive rental reversions across all segments. Gross profit rose 15.6% to S$70.4mil, backed by higher rental rates and lower expenses as the Group ceased operations of two migrant worker Onboard Centres in Sep 2022.
• - Read this at SGinvestors.io -
• Going forward, the continued shortage of bed supply across both the Purpose-Built Workers Accommodation (PBWA) and Purpose-Built Student Accommodation (PBSA) segments is expected to provide positive rental reversions for Centurion. Pipeline of new dormitory beds across Singapore and Malaysia remains healthy and will contribute to FY23F revenue.
• - Read this at SGinvestors.io -

Strong performance across all segments.

• Read more at SGinvestors.io.

Above is an excerpt from a report by Lim & Tan Securities Research.
Clients of Lim & Tan Securities may be the first to access the full PDF report @ https://www.limtan.com.sg/.

Read also LIM's most recent report:
2025-03-12 Centurion - Strong Pipeline Of Assets.

Previous report by LIM:
2024-08-30 Centurion - Beds In High Demand.

Price targets by 5 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