Centurion Corporation’s expanding accommodation portfolio is delivering sharply higher revenue, with new beds and acquisitions driving a 41% year-on-year increase to S$95.2 million in 3Q2026.

Nine-month revenue rose 35% to S$280.1 million, helped by the consolidation of Westlite Mandai, additional Singapore beds, Malaysia’s Harum Megah portfolio and EPIISOD Macquarie Park in Sydney.

expand 11.26 Centurion continues to perform much of the management and operational work for Centurion Accommodation REIT (CAREIT), after transferring properties to the listed REIT in Sept 2025. Centurion earns management fees from properties it no longer wholly owns. It also benefits from distributions on its retained 38.25% REIT units.

CENTURION
Share price: $1.21	Target: $1.78

Maybank Research sees “clear revenue/earnings visibility” as the portfolio expands.

Analyst Eric Ong maintains his BUY recommendation and S$1.78 target price, implying 47% upside from the recent S$1.21 stock price.

New beds begin to contribute

• Worker accommodation: It remained the main revenue generator, bringing in S$219.6 million over nine months, up 35%.

Average financial occupancy in Singapore eased to 94% from 99%, reflecting the addition of 5,460 beds that are still filling up.

The new Westlite Mandai beds are fully committed, with tenancies expected to be fully in effect by early 2027.

Malaysia presents a different challenge.

Average occupancy fell to 73% from 83% as foreign-worker caps constrained recruitment.

Revenue nevertheless rose 31%, mainly because of the acquired Harum Megah portfolio.

Management reported a slight improvement in occupancy in 3Q and expects further progress.

Centurion’s 9M2026 revenue by business segment

Business segment ( S$’000)	9M2026	9M2025	Change YoY
Worker accommodation	219,586	162,710	+35%
Student accommodation	57,555	43,526	+32%
Others	3,006	2,024	+49%
Total revenue	280,147	208,260	+35%

• Student accommodation: Revenue increased 32% to S$57.6 million, while average financial occupancy improved to 97% from 94%. Macquarie Park was a major growth contributor, although its occupancy is counted at 100% under a master lease.

Australia’s new key worker accommodation business also started contributing.

Concorde South Hedland operated at near-full occupancy, while October’s acquisition of Velocity Karratha expanded the portfolio to approximately 446 beds.

Both properties are expected to contribute in the fourth quarter.

Centurion’s 9M2026 revenue by geographical area

Geographical area	9M2026	9M2025	Change YoY
Singapore	199,658	148,541	+34%
Malaysia	18,661	14,212	+31%
Australia	26,459	11,808	+124%
United Kingdom	30,765	30,688	0%
Other countries	4,604	3,011	+53%
Total revenue	280,147	208,260	+35%

Source: Centurion

A growing development pipeline

Centurion expects its owned and managed portfolio to expand from approximately 85,801 beds at end-2026 to 108,263 by 2028.

kongcheemin8.25 CEO Kong Chee MinMajor additions include:

• a 7,974-bed acquisition in Johor, scheduled to complete in April 2027, and

• 12,000 beds at Singapore’s Kranji Close and Lok Yang Way, expected to open in 3Q2028.

That provides visibility on expansion, although the Singapore developments’ first full year of operations would be 2029.

Chief executive Kong Chee Min said:

“Our focus now is on execution: delivering these projects on schedule and ramping up occupancy at the new beds we have added in Singapore.”

For the nearer term, management maintained its approximately S$190 million revenue guidance for the second half.

This implies 4Q revenue of around S$94.8 million, broadly matching 3Q.

What Maybank’s forecasts tell investors

Analyst Eric Ong wrote:

“We leave our FY26-28E estimates and TP of SGD1.78 (based on 1.1x FY27E P/B) unchanged for now. Maintain BUY.”

Thus, Maybank's bullish case rests not only on Centurion's expanding accommodation portfolio but also on the prospect of a higher market valuation.

Its S$1.78 target assumes the shares trade at 1.1 times FY2027 book value, compared with 0.75 times at S$1.21.

Maybank projects FY2026 core profit attributable to shareholders of S$96.7 million, down 10.9%, followed by S$102.5 million in FY2027 and S$109.2 million in FY2028.

Centurion consolidates CAREIT’s revenue while a substantial share of the profit belongs to other unitholders.

Maybank forecasts dividends of 4.0, 4.5 and 5.0 Singapore cents for FY2026–2028 respectively.

At S$1.21 stock price, those represent yields of 3.3%, 3.7% and 4.1%.