Broker: CGS International
Date of Report: April 29, 2026
Excerpt from CGS International report.
Report Summary
- Stock: Centurion Corporation Ltd (CENT SP)
- Action: Add (Buy)
- Target Price: S\$1.89 (previously S\$1.84)
- Key Idea: Centurion (CENT) is making a strategic entry into the Western Australia Key Workers Accommodation (KWA) market via the acquisition of two assets in Karratha and South Hedland. These deals are expected to deliver low double-digit yields, outperforming CENT’s existing Singapore and Malaysia worker accommodation assets.
- Highlights:
- The Karratha and South Hedland acquisitions (combined 446 beds) are expected to contribute S\$4m to FY26F PATMI (assuming completion by July 2026) and S\$7m annually from FY27F onwards.
- These acquisitions establish a strategic foothold in Western Australia, with the region’s infrastructure-led growth and government “Seven Cities” policy seen underpinning long-term worker accommodation demand.
- CGS International raised FY26F/FY27F/FY28F EPS forecasts by 4%/7%/8% to reflect these accretive acquisitions.
- Re-rating catalysts include sustained rental reversions and growth in bed numbers; downside risks are lower bed utilisation or limited acquisition opportunities.
- Ticker: CENT SP
above is an excerpt from a report by CGS International. Clients of CGS International can be the first to access the full report from the CGS International website : https://www.cgs-cimb.com
