Centurion Corporation has come a long way in the last five, six years.
Growth was primarily driven by the Singapore Purpose-Built Worker Accommodation (PBWA) and the UK Purpose-Built Student Accommodation (PBSA) segments.
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Westlite Papan, with 7,900 beds -- the largest in Centurion's portfolio of properties for worker accommodation.
The Not-So-Good News:
Despite the strong performance in Singapore and the UK, challenges were evident in Centurion’s other markets, mainly concerning occupancy and revenue dips.
- Malaysia PBWA saw its 9M25 occupancy drop to 83% from 90% in 9M24, resulting in a 2.4% YoY dip in 3Q25 revenue.
This is attributed to the potential impact of the 13th Malaysia Plan, which aims to cap foreign labour at 10% of the total workforce by 2030. - Australia PBSA also experienced a decline in 9M25 occupancy to 92% (from 95% in 9M24), leading to a 7.1% YoY revenue dip in 3Q25.
This dip was linked to a previous student visa cap, although that cap was subsequently raised in August 2025.
In addition, there was a negative currency impact due to weaker Australian dollar.
Ben Yik, analystPhillips analyst Ben Yik noted that 9M25 Group revenue (+12% YOY) was 74% of his full-year forecast
UOB KH analyst Adrian Loh stated that the solid update beat his expectations, with revenue rising 12% year-on-year (YoY) to account for 80% of full-year forecasts. 
Adrian Loh, analystWhile the analysts agree on the strength of its core operations and future growth visibility, they hold differing views on forward earnings and overall valuation.
| What Analysts Like |
UOB KH highlighted the successful listing of Centurion Accommodation REIT (CAREIT) in 3Q25, which raised approximately S$771 million.
It believes this provides Centurion with "more than enough financial firepower to execute ambitious growth plans over the next 3-5 years."
It also highlighted the company's "decent moat" around its PBWA business in Singapore, noting that the stock remains inexpensive.
Phillips agrees that the visibility of the expansion pipeline is increasing.
It noted Centurion’s strong track record could secure more fee-based management services contracts from other dormitory players in Singapore, yielding significant margins.
In addition, the acquisition of Harum Megah adds a significant 7.2k beds to the Malaysia PBWA capacity (+25%).
Centurion's "dwell-branded" student accommodation property in Manchester offers close to 1,000 beds, the largest capacity in its UK portfolio of nearly 2,800 beds for students.
| What Analysts' Concerns Are |
Phillips' analyst lowered segment valuations (to 15x P/E) to reflect regulatory headwinds in Malaysia and Australia.
Additionally, he projects that the positive rental revisions seen in Singapore PBWAs will moderate significantly in 2026 (estimated to ~2%).
UOB KH's analyst expressed less enthusiasm specifically regarding Centurion’s recent expansion into prime London PBSA.
He pointed out that prime London assets typically generate lower yields compared with similar assets outside of London.
CEO Kong Chee Min (extreme right) speaks with Kelvin Teo, Chief Operating Officer -- Accommodation Business. With them is Ho Lip Chin, Chief Investment Officer – Accommodation Business. File photo
Essentially, while both see long-term upside in Centurion, Phillips is more cautious about immediate regulatory risks (in Malaysia and Australia) and future rental growth moderation. |
→ The UOB KH report is here and Phillip Securities' is here.
→ Centurion's 3Q PowerPoint deck is here.
