Centurion - KGI Securities 2026-03-27: CAREIT Spin-off Completed, Capital-light Model Taking Shape.

• Centurion (SGX:OU8) completed the divestment of 14 stabilised PBWA and PBSA assets into Centurion Accommodation REIT (CAREIT, SGX:8C8U) in Sep-25, crystallising value and strengthening its capital recycling framework.
• - Read this at SGinvestors.io -

Fee income is beginning to scale.

• In the unconsolidated post-CAREIT period from 25 Sep 2025 to 31 Dec 2025, management services contributed S$6.5mil of revenue and S$3.2mil of profit from core business attributable to equity holders.
• - Read this at SGinvestors.io -

Core operating performance remained firm in FY25.

• Centurion reported FY25 revenue of S$295.9mil, up 17% y-o-y, driven by sustained high financial occupancies in Singapore and the UK, as well as positive rental revisions across PBWA and PBSA. Net profit from core business operations rose 26% y-o-y to S$139.2mil.
• Core NPAT attributable to equity holders came in at S$108.6mil, while reported NPAT attributable to equity holders was S$114.8mil, lower y-o-y mainly due to lower fair value gains and CAREIT IPO-related costs.
• The Board proposed a final dividend of 2.0 cents per share and a special distribution in specie of 1 CAREIT unit for every 10 Centurion shares.

Stronger post-CAREIT financial position and improving earnings visibility.

• Read more at SGinvestors.io.

Alyssa Tee KGI Securities Research | https://www.kgieworld.sg/ 2026-03-27

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