Centurion - KGI Securities 2024-09-27: Strong Revenue Growth & Strategic Expansion

• We maintain our OUTPERFORM rating on Centurion (SGX:OU8) with an upwardly revised target price of S$0.85, driven by a higher enterprise value. Centurion exceeded expectations, benefiting from positive rental rate reversions and resilient occupancy rates, despite foreign exchange fluctuations.

1H24 financials update: Boost in occupancy & rental rates.

• - Read this at SGinvestors.io -
• The sale of US assets resulted in a net reduction of 882 beds, partially offset by new beds added in other markets.
• - Read this at SGinvestors.io -
• Centurion declared an interim dividend of 1.5 cents per ordinary share for 1H24, an increase from 1.0 cent per share distributed in 1H23.

Inorganic growth through geographical expansion.

• Read more at SGinvestors.io.

Alyssa Tee KGI Securities Research | https://www.kgieworld.sg/ 2024-09-27 SGinvestors.io

---