Centurion - RHB Research 2025-11-18: Outlook And Growth Drivers Remain Intact; Still BUY

• We remain positive on Centurion (SGX:OU8)’s prospects, given its focus on property development, acquisitions, and being Centurion Accommodation REIT (CAREIT, SGX:8C8U)’s REIT manager post listing. Centurion’s growth drivers for its other assets and new focus remain intact. We expect a further dividend in specie when it pares down its stake in CAREIT next year.

3Q25 revenue slightly below.

• - Read this at SGinvestors.io -

Growth was largely driven by the purpose-built worker accommodation (PBWA) segment, which grew 9% y-o-y to S$54m.

• - Read this at SGinvestors.io -
• Overall occupancy was strong at 99%. Malaysia experienced a drop in overall occupancy to 83% from 90% last year due to headwinds from a limit on the number of foreign workers, mitigated by bed rate increases.

The purpose-built student accommodation (PBSA) segment rose marginally by 2% y-o-y to S$13m.

• 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:
2025-10-17 Centurion - Still Positive After Earnings Adjustment; Keep BUY.

Price targets by 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