{"id":87209,"date":"2026-03-27T08:09:48","date_gmt":"2026-03-27T00:09:48","guid":{"rendered":"https:\/\/www.kgieworld.sg\/research\/?p=87209"},"modified":"2026-03-27T08:09:49","modified_gmt":"2026-03-27T00:09:49","slug":"company-report-centurion-corp-ltd-cent-sp-ou8-si","status":"publish","type":"post","link":"https:\/\/www.kgieworld.sg\/research\/company-report-centurion-corp-ltd-cent-sp-ou8-si\/","title":{"rendered":"Company Report: \u200b\u200bCenturion Corp Ltd\u200b (CENT SP\/OU8.SI)"},"content":{"rendered":"\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<p class=\"wp-block-paragraph\">Company Update: 27 March 2026<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\">Capital-light model taking shape<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>CAREIT spin-off completed,\u00a0capital-light model taking shape.\u00a0<\/strong>Centurion completed the divestment of 14 stabilised PBWA and PBSA assets into CAREIT in Sep-25, crystallising value and strengthening its capital recycling framework. As\u00a0of\u00a031 Dec 2025, the group\u2019s AUM comprised 25 owned and operated assets with 53,107 beds and 17 managed assets with 25,740 beds, including 14 CAREIT-owned assets.\u00a0<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading has-white-color has-text-color has-background\" style=\"background-color:#012169\"><strong>CAREIT Spin-Off Completed,\u00a0Capital-Light Model Taking Shape<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u00a0<\/strong>Centurion completed the divestment of 14 stabilised PBWA and PBSA assets into CAREIT in Sep-25, crystallising value and strengthening its capital recycling framework. As\u00a0of\u00a031 Dec 2025, the group\u2019s AUM comprised 25 owned and operated assets with 53,107 beds and 17 managed assets with 25,740 beds, including 14 CAREIT-owned assets.\u00a0<\/p>\n\n\n\n<div class=\"wp-block-spacer\" style=\"height: 20px;\" aria-hidden=\"true\">\u00a0<\/div>\n\n\n\n<h2 class=\"wp-block-heading has-white-color has-text-color has-background\" style=\"background-color:#012169\"><strong>Stronger Post-CAREIT Financial Position And Improving Earnings Visibility<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Following the CAREIT divestment, Centurion\u2019s balance sheet has strengthened meaningfully, with cash and bank balances rising to S$373.1mn and net gearing declining to 12% as\u00a0of\u00a031 Dec 2025, versus 29% a year earlier. Beyond the stronger capital position, the group is also beginning to see a broader post-listing earnings mix, supported by retained CAREIT exposure, management fee income and third-party dormitory management contracts. Visibility on Singapore PBWA has also improved, with retained capacity approvals for c.664 beds at\u00a0Westlite\u00a0Toh Guan and c.1,980 beds at\u00a0Westlite\u00a0Mandai, while CAREIT\u2019s acquisition of EPIISOD Macquarie Park, Sydney reinforces the sponsor platform.\u00a0<\/p>\n\n\n\n<div class=\"wp-block-spacer\" style=\"height: 20px;\" aria-hidden=\"true\">\u00a0<\/div>\n\n\n\n<h2 class=\"wp-block-heading has-white-color has-text-color has-background\" style=\"background-color:#012169\">Valuation & Action<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">We maintain\u00a0<strong>OUTPERFORM<\/strong>\u00a0and raise our target price to\u00a0<strong>S$1.85<\/strong>\u00a0from S$1.80, reflecting firmer visibility on post-CAREIT earnings streams, the emergence of fee income as a more meaningful earnings leg, continued execution of the group\u2019s development pipeline, and a stronger post-transaction balance sheet.<\/p>\n\n\n\n<div class=\"wp-block-spacer\" style=\"height: 25px;\" aria-hidden=\"true\">\u00a0<\/div>\n\n\n\n<h2 class=\"wp-block-heading has-white-color has-text-color has-background\" style=\"background-color:#012169\">Risks<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Prolonged elevated interest rates,\u00a0economy slowdown,\u00a0policy shifts in key markets,\u00a0currency volatility\u00a0and\u00a0global\u00a0tensions, which could\u00a0impact\u00a0labour and student mobility.\u00a0<\/p>\n\n\n\n<div class=\"wp-block-spacer\" style=\"height: 25px;\" aria-hidden=\"true\">\u00a0<\/div>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-luminous-vivid-orange-background-color has-background wp-element-button\" href=\"https:\/\/www.kgieworld.sg\/securities\/resources\/ck\/files\/docs\/research\/KGI%20REPORT%20CENTURION%20FY25%20UPDATE.pdf\" target=\"_blank\" rel=\"noreferrer noopener\"> Read Full Report<\/a><\/div>\n<\/div>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/t.me\/kgisg\"><img fetchpriority=\"high\" decoding=\"async\" width=\"760\" height=\"208\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2021\/04\/subscribegif.gif\" alt=\"Subscribe Now\" class=\"wp-image-3937\"\/><\/a><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n","protected":false},"excerpt":{"rendered":"<p>CAREIT spin-off completed, capital-light model taking shape. Centurion completed the divestment of 14 stabilised PBWA and PBSA assets into CAREIT in Sep-25, crystallising value and strengthening its capital recycling framework. As of 31 Dec 2025, the group\u2019s AUM comprised 25 owned and operated assets with 53,107 beds and 17 managed assets with 25,740 beds, including 14 CAREIT-owned assets. <\/p>\n","protected":false},"author":17,"featured_media":34935,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","_uag_custom_page_level_css":"","footnotes":""},"categories":[14],"tags":[],"class_list":["post-87209","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-company-reports"],"aioseo_notices":[],"uagb_featured_image_src":{"full":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/10\/centurion_corporation_limited_logo.jpg?wsr",200,200,false],"thumbnail":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/10\/centurion_corporation_limited_logo-150x150.jpg?wsr",150,150,true],"medium":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/10\/centurion_corporation_limited_logo.jpg?wsr",200,200,false],"medium_large":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/10\/centurion_corporation_limited_logo.jpg?wsr",200,200,false],"large":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/10\/centurion_corporation_limited_logo.jpg?wsr",200,200,false],"1536x1536":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/10\/centurion_corporation_limited_logo.jpg?wsr",200,200,false],"2048x2048":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2023\/10\/centurion_corporation_limited_logo.jpg?wsr",200,200,false]},"uagb_author_info":{"display_name":"Enya Tan","author_link":"https:\/\/www.kgieworld.sg\/research\/author\/enya-tankgi-com\/"},"uagb_comment_info":0,"uagb_excerpt":"CAREIT spin-off completed, capital-light model taking shape. Centurion completed the divestment of 14 stabilised PBWA and PBSA assets into CAREIT in Sep-25, crystallising value and strengthening its capital recycling framework. As of 31 Dec 2025, the group\u2019s AUM comprised 25 owned and operated assets with 53,107 beds and 17 managed assets with 25,740 beds, including&hellip;","_links":{"self":[{"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/posts\/87209","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/users\/17"}],"replies":[{"embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/comments?post=87209"}],"version-history":[{"count":1,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/posts\/87209\/revisions"}],"predecessor-version":[{"id":87210,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/posts\/87209\/revisions\/87210"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/media\/34935"}],"wp:attachment":[{"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/media?parent=87209"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/categories?post=87209"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/tags?post=87209"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}