Excerpt from DBS Group Research report.

Report Summary

• Stock: Centurion Corporation Limited (CENT SP EQUITY)
• Action: Initiate with BUY
• Target Price: SGD 1.86/share
• Last Traded Price: SGD 1.40 (as of 9 June 2026)
• Key Investment Idea: Centurion is a leading and diversified global accommodation provider with a growing portfolio of ~81,388 beds across worker, student, build-to-rent, and key worker accommodation segments. The company has evolved into a diversified, recurring income platform through asset-light strategies and the spin-off of Centurion Accommodation REIT (CAREIT), which reduced net debt-to-equity to 12%.
• Growth Visibility: Pipeline of over 4,000 new beds through FY2027 to expand capacity by ~5%, supporting revenue and earnings visibility.
• Financials: Revenue projected to grow from SGD 295.9mn (FY25) to SGD 421.3mn (FY28F), with strong cash reserves and reduced gearing providing firepower for expansion.
• Valuation: Target price based on sum-of-the-parts (SOTP) valuation, including CAREIT holdings, management fee platform, and fair value of owned assets. Trades at a discount to peers (10.8x FY27 P/E vs. worker accommodation peer average of 11.5x).
• Risks: Key risks include regulatory changes in foreign worker and student visa policies, short land tenures in Singapore, currency fluctuations, and macroeconomic uncertainties.

above is an excerpt from a report by DBS Group Research. Clients of DBS Group Research can be the first to access the full report from the DBS website : https://www.dbs.com.sg/