Strong growth in construction demand over the next few years in key market Singapore (70% of revenues) will be favourable for dormitory operators like Centurion. Newly-launched Westlite Ubi reached full occupancy in Apr 2025 after just four months of operations. BCA projects construction demand to range between S$47bln-S$53bln in 2025 and remain elevated at S$39bln- S$46bln per year from 2026 to 2029.
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In addition, the capital recycling of mature assets into an upcoming REIT will provide value-unlocking opportunities for Centurion and crystallize some of these huge fair-value gains realized over the past 2-3 years.
1HFY25 Results
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Gross profit rose 15% to S$108.6mln, backed by higher rental rates and operational efficiencies.
Excluding net fair value gains of S$18.8mln, core profit for 1HFY25 came in at S$57.8mln, an increase of 19% y-o-y.
Management has increased Centurion's interim dividend to 2.0 cents (1HFY24: 1.5 cents), representing a dividend payout ratio of 29% and an annualized yield of 2.3%.
REIT Spin-off
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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/.
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