- Centurion (SGX:OU8)’s 1H25 revenue/adj. PATMI were within our expectations, at 52%/48% of our FY25e forecasts.
- Centurion’s Singapore purpose-built worker accommodation (SG PBWA) has experienced positive rental revisions and occupancy remains full at 99% for the sixth quarter since 1Q24. UK and Australia’s purpose-built student accommodations (PBSAs) are still experiencing positive rental revisions due to the persistent shortage of beds.
- - Read this at SGinvestors.io -
- more than 1m spacing between beds;
- En-suite toilet and kitchen (not part of NDS standard).
- We maintain ACCUMULATE with a higher Centurion's target price of S$2.01. We estimate Centurion to distribute ~6% yield in dividend in specie following Centurion Accomodation REIT’s spin-off.
The Positives
Room for positive rental revisionsstill exists.
- Read more at SGinvestors.io.
