Centurion’s 1Q25 revenue rose 13% y-o-y to S$69m, which accounts for about 25.6%/24.9% of MIBG/consensus full-year forecasts. The good performance was mainly driven by healthy financial occupancies and positive rental revisions in both its PBWA and PBSA portfolio.
PBWA – Singapore remains the key driver
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In Malaysia, PBWA revenue dipped by 1% to S$4.8m in 1Q25 as average occupancy (excluding beds newly added from AEIs) fell 14ppt y-o-y to 82% in 1Q25 given short-term headwinds stemming from the foreign worker cap, which hindered employers from recruiting new workers. This was partly offset by stronger rental rates and MYR.
PBSA occupancy affected by ongoing AEIs
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In Australia, revenue saw a 7% decline to S$3.6m, primarily due to the weaker AUD. In local currency terms, rental revenue fell by 3% amid lower bed capacity with an ongoing AEI in Melbourne. The average occupancy declined to 86% in 1Q25 (-4ppt y-o-y).
Centurion observed a delay in student arrivals for AY25 given the cap on new international students. But we understand occupancy has since rebounded to 93% by Mar 2025 after the commencement of FY25 Semester 1.
Strong pipeline of portfolio growth in key markets
Read more at SGinvestors.io.
Above is an excerpt from a report by Maybank Research. Clients of Maybank Securities may be the first to access the full PDF report @ https://www.maybanktrade.com.sg/.
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