- Centurion (SGX:OU8)’s 3Q23 revenue rose 15% y-o-y, representing growth acceleration vs 1H23’s 8% y-o-y.
- 9M23 revenue of S$149m was in line at 74% of our FY23 full year forecast – 3Q is a weak quarter seasonally, with summer holidays impacting student accommodation (PBSA) revenues.
Stronger rental revisions drive revenue growth acceleration
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- Centurion saw strong revenue growth across all geographies in 3Q23, with Singapore/Malaysia/Australia/the UK revenues up 16%/12%/19%/19% respectively.
Tailwind across business segments
- We believe outlook remains positive as the strong rental reversions for Singapore (which began in 4Q22) are being priced into new leases, and expect the full impact on revenue to emerge in the next 5 quarters. There remains a sizeable gap between Centurion’s average rent rates in 3Q23 and current market spot rate, but management continues to adopt a balanced approach to maintain long-term relationships with customers.
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Preparing for upcoming dorm standards transition in Singapore
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