Centurion - RHB Research 2025-10-17: Still Positive After Earnings Adjustment; Keep BUY

• We remain positive on Centurion (SGX:OU8) post listing of its Centurion Accommodation REIT (CAREIT, SGX:8C8U), where its market value has unlocked further value for Centurion’s shareholders.
• - Read this at SGinvestors.io -

Lower FY26F earnings forecast to S$81m.

• With the successful listing of Centurion Accommodation REIT (CAREIT) and the spin-off of assets from Centurion into the REIT, we adjust for the future loss of contribution from these assets. We have lowered our bed count assumptions and have also factored in new revenue stream in fee income for services rendered to CAREIT as its property manager.
• - Read this at SGinvestors.io -
• We have lowered overall FY26F-27F revenue forecast for Centurion by 52% and 48% respectively due to bed count loss offset by new fee income and CAREIT's DPU. Our FY26F-27F earnings forecast for Centurion are lowered by 41% and 38%.
• We have a higher cash balance, lower debt and total assets on the REIT’s sale, due to the exit of 14 property assets.

Will be a REIT manager.

• Read more at SGinvestors.io.

Above is an excerpt from a report by RHB Securities Research.
Clients of RHB may be the first to access the full PDF report @ https://www.rhbtradesmart.com/.

Previous report by RHB:
2025-08-11 Centurion - Anticipating REIT Listing; Maintain BUY.

Price targets by 2 other brokers at Centurion Target Prices.

Listing of research reports at Centurion Analyst Reports.

Relevant links:
Centurion Share Price History,
Centurion Announcements,
Centurion Dividend Payout Dates & Corporate Actions,
Centurion News