Centurion - RHB Invest 2024-10-14: More Positive On Bed Rates In Singapore; Still BUY

• We raise our earnings forecast for Centurion and lift our target P/E based on FY25F earnings to 9x from 7.5x in view of its longer-term growth potential.
• We like Centurion (SGX:OU8) for being well positioned to yield better rental rates in Singapore from the dormitory supply shortage situation. We turn more positive on Centurion on better purpose-built workers accommodation (PBWA) bed rates in Singapore, with longer term growth supported by overseas properties.

Enters China market with JV partner.

• - Read this at SGinvestors.io -
• - Read this at SGinvestors.io -
• Both projects have 20-year master leases with the property owners.

Strengthening presence in China.

• Read more at SGinvestors.io.

Alfie Yeo RHB Securities Research | https://www.rhbgroup.com/ 2024-10-14 SGinvestors.io

---