Broker Name: Lim & Tan Securities
Date of Report: 15 October 2025
Excerpt from Lim & Tan Securities report.
Report Summary
- Singapore’s FSSTI Index closed at 4,354.5, up 15% year-to-date, with mixed performances across global indices and commodities.
- Centurion Corp acquired a central London site to develop a ~225-bed Purpose-Built Student Accommodation (PBSA), marking its entry into London and further expansion of its UK portfolio; the property is strategically located near major universities.
- The acquisition follows Centurion’s successful spin-off of its accommodation REIT and signals its active redeployment of capital into growth assets, with the London PBSA being its second EPIISOD-branded property after Sydney.
- Centurion Corp is viewed as undervalued post-REIT spin-off, with a consensus target price offering 42% potential upside; the broker upgrades its recommendation to “Accumulate.”
- King Wan announced the disposal of its 30% stake in Gold Hyacinth Development, allowing it to recover investments from a loss-making associate and improve working capital; the company is also monetizing other non-core assets.
- King Wan’s core earnings have lagged peers but are expected to improve as legacy low-margin contracts taper off and new higher-margin projects are executed; the broker sees the stock as undervalued and positive on its outlook.
- Sector fund flows show institutional investors were net buyers in the latest week, especially in financial and industrial stocks, while retail investors were net sellers.
- The report also highlights ongoing innovation in China’s biotechnology sector, with China catching up to the US in numbers of novel drug candidates and regulatory recognition.
- Includes recent share transactions, upcoming dividend and earnings dates, and a list of SGX watch-list companies.
Above is an excerpt from a report by Lim & Tan Securities. Clients of Lim & Tan Securities can be the first to access the full report from the Lim & Tan Securities website : www.limtan.com.sg
