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Centurion Corp

U think Centurion will collapse?

LoudShout ( Date: 01-Oct-2025 13:28) Posted:

Basically, let the SSH cashed out, and leave the minority shareholders holding the crumbs...COLLAPSE

heydarren ( Date: 01-Oct-2025 11:56) Posted:

A good signal to the market when insiders buy.

Hope management does what matters to protect shareholder value.

The divestment has led to mother share collapsing....OMG

Basically, let the SSH cashed out, and leave the minority shareholders holding the crumbs...COLLAPSE

heydarren ( Date: 01-Oct-2025 11:56) Posted:

A good signal to the market when insiders buy.

Hope management does what matters to protect shareholder value.

The divestment has led to mother share collapsing....OMG

This counter at least the holder of the mother share, is not being taken for a ride. Ha Ha

(DBS Group Research has maintained its " buy" call on CapitaLand India Trust following its first divestments since listing.
The REIT sold CyberVale in Chennai and Cyber Pearl in Hyderabad to an unrelated third party for 11 billion rupees or around 161.7 million. The divestment price is at a 3% premium to the last valuation as of end of 2024.
Net proceeds from this divestment, if assumed to repay debt will strengthen the trust&rsquo s balance sheet, will help lower gearing to 36.8% from 38.5%.
The deal is expected to be DPU and NAV neutral, with both metrics staying the same pre-and-post the transaction.
From the perspective of DBS, the divestment signals CLINT' s renewed focus on portfolio reconstitution, by divesting legacy and older assets close to optimal values and reinvesting the proceeds towards higher-yielding or assets with longer runway of growth, such as data centres.
DBS notes that following the divestment, CLINT will still retain sizeable platforms in Chennai and Hyderabad anchored by international tech parks and upcoming data centres, keeping exposure to growth clusters while pruning smaller/non-core properties.)

He' s going to make a nice return on that buy + the centurion reit could go up to 1.20.

Centurion management wins multiple times on the same play...

newbie2019 ( Date: 30-Sep-2025 20:58) Posted:

29 Sept | Chairman Han added 200,000 shares via market transaction at $1.45563 each.

https://centurion.listedcompany.com/news.html/id/2580725

It is a very attractive product with favourable demand and supply underlying the yield.

Now we just have to have faith that the centurion management is going to make its shareholders (and themselves) alot of money...

heydarren ( Date: 30-Sep-2025 15:41) Posted:

REIT keeps going north...

No need for a buy back. All the management needs to do is to confirm that they are distributing 10% of the REIT to shareholders. At current REIT price, that distribution is worth 0.20 per centurion share. Which puts the value of Centurion at 1.70 now. not unreasonable?

stlimst ( Date: 28-Sep-2025 21:05) Posted:

The fact remains that Centurion received $billions from the divestment of the assets to CAREIT.
Also, Centurion still hold a big chunk of assets that is still bringing in profits.

All these surely must be worth more than $1.48??

The CAREIT move was, in management' s word " unlocking value" for shareholders....to reward shareholders.
Surely this is what it meant to be.

Anyway, like some fellow investors of Centurion mentioned here, I am disappointed and appalled too.
Perhaps management can do something defend the share price....share buyback? Make an initial/interim dividend in-specie??

alanchee ( Date: 28-Sep-2025 20:14) Posted:

Would CCL SP go up to 1.80 or now at 1.48 without its Reit? I dont know.. I think many are switching out of CCL to Ca Reit as they view the latter as a better investment in the sense that Ca Reit offers a much better yield. No doubt CCL will distribute Ca Reit in specie, the amount, if you work out base on say 10% of Ca Reit, is not much and its only a one-time distribution. CCL net profit will also drop as they only hold 45% of Ca Reit, thus future dividend payout yield will be low, in my opinion, unless they can acquire more assets or businesses to support growth.

Small rebound today.... but the morning share price weakness was disappointing. Did grab some shares. How low can it go?

By valuation basis, according to some of the opinion, then CAREIT should also trade at 20 per cent discount to its iPO price. For this case, we can atribute to the stabilization actions but even that it should not be above its listed price.

By the same token, CLCT should drop when Capitaland Commercial China C-Reti which opens with 19.6% above its IPO price in Shanghai.

This spin-off is really an abberation.

Not that the Co' s shareholders received a right to subscribe the reit, or receive cash dividend or dividend in species immediately after the IPO. The substantial shareholders at least receive sponsor shares.

So after IPO, the price decline could not be attributed to ex right, ex dividend etc...

Centurion Accommodation Reit&rsquo s debut marks first pure-play portfolio of purpose-built worker and

[SINGAPORE] Centurion Accommodation Reit&rsquo s listing on Sep 25 marks the first pure-play purpose-built worker and student accommodation Reit, providing access to two resilient segments within the living accommodation space across three markets globally.

At an initial market capitalisation of S$1.51 billion and funds raised of S$771.1 million, the Reit is the second-largest offering this year.

The Reit is sponsored by Centurion Corporation Limited : OU8 -8.64% (CCL), a Singapore-based company specialising in purpose-built worker and student accommodation. CCL is the largest purpose-built worker accommodation (PBWA) operator in Singapore, managing a S$2.6 billion portfolio across six countries with 37 assets and over 70,000 beds.

The Reit&rsquo s initial portfolio comprises 14 assets, with five PBWA assets located in Singapore, eight purpose-built student accommodation (PBSA) assets located in the United Kingdom, and one PBSA asset located in Australia, with a combined value of about S$1.84 billion.

Following its listing, the Reit plans to expand by acquiring Epiisod Macquarie Park, a PBSA asset in Australia, subject to the fulfilment of certain conditions. Upon completion, the portfolio will comprise 15 assets with an estimated total value of over S$2.1 billion.

According to its prospectus, the Reit highlights that Singapore&rsquo s PBWA segment is poised to benefit from sustained demand for foreign labour, alongside a controlled supply of housing. In parallel, the PBSA markets in the UK and Australia continue to show robust growth, supported by strong demand for higher education and limited availability of suitable student housing. Its properties are managed under the Westlite brand for PBWA, and under Dwell and Epiisod for PBSA.

The Reit&rsquo s initial portfolio has a gearing ratio of 20.9 per cent, which is projected to increase to 31 per cent following the planned acquisition. The expected interest coverage ratio is 4.6 times and 4.8 times for FY2026 and FY2027, respectively. Average occupancy rates from FY2022 to FY2024 are 97.9 per cent for PBWA and 94.1 per cent for PBSA. Rental rates have shown positive growth, with a compound annual growth rate of 26.3 per cent for PBWA and 11.3 per cent for PBSA over the same period.

Based on the offer price of S$0.88 per unit, the Reit is expected to deliver an annualised distribution yield of 7.47 per cent for FY2026 and 8.11 per cent for FY2027.

Other S-Reits with exposure to the PBSA sector include CDL Hospitality Trusts : J85 0%, which acquired its first PBSA asset in December 2024. This property, located in Liverpool, United Kingdom, is valued at S$67.1 million and reported an average occupancy rate of 95 per cent for the first half of 2025.

CapitaLand Ascott Trust : HMN -0.54% also has a notable presence in the PBSA sector, with nine assets located in the United States and Japan. Student accommodation assets account for 11 per cent of the trust&rsquo s portfolio value.

Elite UK Reit : MXNU -1.41% recently received approval to convert a property in Dundee, Scotland, into a 168-bed PBSA asset. The property is located centrally and is intended to address demand for student accommodation in the area. Completion is projected for 2027, with an estimated return on investment of 18 per cent.

A recent Knight Frank report highlights a growing investor interest in living sectors, particularly PBSA and PBWA. Scarcity factors have led to competitive bidding and helped to maintain robust pricing levels.

Strong debut for Centurion Accommodation is only half the story unfolding in the S-Reit space

Pressure for value-up initiatives could test resources and networks of sponsor groups CapitaLand Investment may set new standards for them with listing of a China Reit

[SINGAPORE] Following the successful debut of Centurion Accommodation Real Estate Investment Trust (Reit) on the mainboard of the Singapore Exchange (SGX) last Thursday (Sep 25), many investors may turn their attention this week to the listing of CapitaLand Commercial C-Reit (CLCR) on the Shanghai Stock Exchange.

This exercise could have significant implications for CapitaLand China Trust (CLCT), which has seeded CLCR with a shopping mall and taken a 5 per cent stake in the new Reit.

If CLCR garners a strong market valuation in Shanghai, CLCT would have an avenue to keep tapping China&rsquo s domestic capital market to unlock the value of its mature retail properties, and enable it to further diversify and strengthen its asset portfolio.

The way I see it, this might boost the market valuation of CLCT&rsquo s SGX-listed units. CLCT closed last week at S$0.785, a 24.5 per cent discount to its net asset value (NAV) as at Jun 30 of S$1.04 per unit.

CLCR would also extend CapitaLand Investment&rsquo s (CLI) listed funds platform to four countries &ndash Singapore, Malaysia, Japan and China &ndash and strengthen its position as a global real estate asset manager.

On Sep 8, CLCT&rsquo s manager said CLCR&rsquo s initial public offering (IPO) price had been set at 5.718 yuan (about S$1.03) per unit. It also stated that CLCT will divest CapitaMall Yuhuating in Changsha to CLCR for 813.8 million yuan (approximately S$146.8 million), a 3.7 per cent premium to property&rsquo s book value as at Dec 31 2024.

CLCR&rsquo s initial portfolio also includes CapitaMall SKY+ in Guangzhou. The two properties have a combined value of approximately 2.6 billion yuan.

On Sep 12, CLI said CLCR&rsquo s offering saw very strong demand. The bookbuilding tranche was 254.5 times covered, while the public tranche was 535.2 times subscribed.

A total of 400 million units were issued at 5.718 yuan per unit, raising a total of 2.29 billion yuan (or some S$409 million). This was 7 per cent more than the initial estimate of 2.14 billion yuan (S$382 million).

The CapitaLand group (including CLCT) collectively holds 20 per cent of the IPO units, while cornerstone investors took up 40.11 per cent. Institutional investors were allotted 27.92 per cent in the bookbuilding tranche, while the remaining 11.97 per cent went to retail and institutional investors in the public tranche.

CA-Reit&rsquo s strong debut

The listing of CLCR in Shanghai comes just as things seem to be looking up for the S-Reit sector.

Notably, Centurion Accommodation Reit (CA-Reit) was warmly received by investors last week. On Sep 25, the first pure-play, purpose-built living accommodation Reit to list in Singapore ended its first trading day at S$0.96, nearly 9.1 per cent above its IPO price of S$0.88.

CA-Reit&rsquo s manager said nearly 249 million units had been sold to investors via a placement, and a further 13.2 million had been sold through a public offer. The placement tranche was 16 times subscribed, while the public offer was 30.9 times subscribed.

Including the more than 614 million units sold to cornerstone investors, CA-Reit raised a total of S$771.1 million. CA-Reit had nearly 1.72 billion units in issue immediately after the close of the offering.

CA-Reit&rsquo s initial portfolio of purpose-built living accommodation assets &ndash located in Singapore, Australia and the United Kingdom &ndash has an appraised value of nearly S$1.84 billion. At its IPO price, CA-Reit is projected to deliver a yield of 7.47 per cent in 2026

Meanwhile, the only other S-Reit to hit the market this year seems to be making a comeback after a weak debut.

NTT DC Reit was listed in July, following an IPO at US$1 per unit. It closed below its IPO price on its third trading day, and eventually hit a closing low of US$0.93 in August. Since the beginning of this month, however, NTT DC Reit has rebounded strongly. It ended last week at US$1.00.

NTT DC Reit holds six data centres with an appraised value of nearly US$1.6 billion. At its IPO price, it is forecast to deliver a yield of 7.8 per cent for the 12 months to Mar 31, 2027.

Going private, getting sold

The listing of these new S-Reits is only half the story, though. Earlier this year, Paragon Reit went private, after its manager said a major asset enhancement initiative at its flagship property on Orchard Road was necessary in order to maintain its competitiveness.

Frasers Hospitality Trust is also being taken private by its sponsor group, after a strategic review found it was likely to struggle in the face of volatility and cost pressures in the hospitality sector as well as relatively high interest rates and persistent strength in the Singapore dollar.

On top of that, the managers of some S-Reits have changed hands recently, as the priorities of their sponsor groups shifted.

Stoneweg European Stapled Trust was known as Cromwell European Reit until the beginning of this year. At the end of 2024, Australia-listed Cromwell Property Group completed the sale of its European platform as part of a plan to reduce its gearing and refocus on Australia and New Zealand.

Acrophyte Hospitality Trust was known as ARA US Hospitality Trust until October last year. Shortly before that, its manager entities were sold to a company ultimately owned by property tycoons Gordon and Celine Tang. The sale came as ESR Group sought to streamline itself after acquiring ARA Asset Management in 2022.

On Sep 27, the managers of Acrophyte H-Trust warned that hotel brand owners have begun strictly enforcing renovation requirements to comply with their brand standards and franchise terms. This could result in Acrophyte H-Trust having to fork out US$100 million in capital expenditure from 2025 to 2027.

The managers noted that the S-Reit does not have sufficient headroom to fund the capital expenditure entirely with increased debt, and that a rights issue or asset sales might not be viable. Other possible options include suspending its distributions, and a transaction involving its stapled securities or its entire property portfolio.

Acrophyte H-Reit ended last week at US$0.29, a steep 58.6 per cent discount to its NAV as at Jun 30 of US$0.70 per share.

Pressure for value-up initiatives?

While recent activity in the S-Reit sector suggests there is investor appetite for emerging asset classes such as data centres and purpose-built accommodation, the outlook for S-Reits focused on more traditional assets such as shopping malls and hotels is clearly less bullish.

S-Reits have performed relatively poorly since the pandemic. During the five-year period to Sep 19, the iEdge S-Reit Index returned just 6.8 per cent while the Straits Times Index (STI) returned 115.9 per cent.

Since the beginning of this year, as interest rates tumbled, the relative performance of S-Reits has improved. The iEdge S-Reit Index returned 13.4 per cent since the beginning of the year (up to Sep 19), versus the STI&rsquo s total return of 18.5 per cent.

Still, it could be just a matter of time before the managers of some of the weaker S-Reits find themselves under pressure from unitholders to pursue value-up initiatives, mirroring the clamour in the market for companies to unlock value and reposition their core businesses.

The manner in which they respond could depend on the resources and networks of their sponsor groups. With the listing of CLCR this week, CLI might be about to raise the bar for all of them.

The fact remains that Centurion received $billions from the divestment of the assets to CAREIT.
Also, Centurion still hold a big chunk of assets that is still bringing in profits.

All these surely must be worth more than $1.48??

The CAREIT move was, in management' s word " unlocking value" for shareholders....to reward shareholders.
Surely this is what it meant to be.

Anyway, like some fellow investors of Centurion mentioned here, I am disappointed and appalled too.
Perhaps management can do something defend the share price....share buyback? Make an initial/interim dividend in-specie??

alanchee ( Date: 28-Sep-2025 20:14) Posted:

Would CCL SP go up to 1.80 or now at 1.48 without its Reit? I dont know.. I think many are switching out of CCL to Ca Reit as they view the latter as a better investment in the sense that Ca Reit offers a much better yield. No doubt CCL will distribute Ca Reit in specie, the amount, if you work out base on say 10% of Ca Reit, is not much and its only a one-time distribution. CCL net profit will also drop as they only hold 45% of Ca Reit, thus future dividend payout yield will be low, in my opinion, unless they can acquire more assets or businesses to support growth.

Alignment ( Date: 27-Sep-2025 13:58) Posted:

Someone else made the perfectly valid point that if the REIT IPO was bad for Centurion then it would not have happened as why would Centurion do something that was bad for itself.

I think the answer to this can also be found through my earlier explanation. Centurion' s share price has come a long way recently. A year and a half ago it was only 45 cents. They have been planning the IPO for some time now, and with a Centurion share price of 45 cents then clearly the REIT IPO is a good deal as it bookmarks a much higher value for Centurion than 45 cents. But the same argument does not hold as true when Centurion' s share price is at $1.80. So the reality I think is that the REIT IPO made a lot of sense for Centurion and anticipation of the IPO pushed the share price up over the last year and more, but at $1.80 it just got a bit overheated. The REIT IPO crystaliised the reality of this situation as a result of which the share price has now drifted back to a level more commensurate with the REIT' s share price.

Would CCL SP go up to 1.80 or now at 1.48 without its Reit? I dont know.. I think many are switching out of CCL to Ca Reit as they view the latter as a better investment in the sense that Ca Reit offers a much better yield. No doubt CCL will distribute Ca Reit in specie, the amount, if you work out base on say 10% of Ca Reit, is not much and its only a one-time distribution. CCL net profit will also drop as they only hold 45% of Ca Reit, thus future dividend payout yield will be low, in my opinion, unless they can acquire more assets or businesses to support growth.

Alignment ( Date: 27-Sep-2025 13:58) Posted:

Someone else made the perfectly valid point that if the REIT IPO was bad for Centurion then it would not have happened as why would Centurion do something that was bad for itself.

I think the answer to this can also be found through my earlier explanation. Centurion' s share price has come a long way recently. A year and a half ago it was only 45 cents. They have been planning the IPO for some time now, and with a Centurion share price of 45 cents then clearly the REIT IPO is a good deal as it bookmarks a much higher value for Centurion than 45 cents. But the same argument does not hold as true when Centurion' s share price is at $1.80. So the reality I think is that the REIT IPO made a lot of sense for Centurion and anticipation of the IPO pushed the share price up over the last year and more, but at $1.80 it just got a bit overheated. The REIT IPO crystaliised the reality of this situation as a result of which the share price has now drifted back to a level more commensurate with the REIT' s share price.

Currently vested, and disappointed and appalled by the price plunge post listing of its REIT.

Honestly, price level of 1.48 doesn' t make sense. What has changed before and after listing?

Centurion is almost debt free now, and with continued fees from its REIT subsidiary.

Will be accumulating more as it corrects.

Price is what you pay... Value is what you get.

Free falling! Closed 1.48

I have an explanation of why the Centurion REIT IPO exposed the Centurion share price of around $1.8 just before the IPO as overvalued. Not suggesting this is the main reason why the share price is falling, but perhaps it is a factor at least.

So the transfer of the assets from Centurion to Centurion REIT implied no change in book value of Centurion if the share price of Centurion REIT is at $0.88. However, with a Centurion share price of $1.8 which implies a price to book of 1.3x, Centurion REIT&rsquo s own share price would need to rise to 1.3x the $0.88 IPO price to justify Centurion&rsquo s share price at $1.8 (if you make the assumption that Centurion and Centurion REIT should both trade at the same price to book multiple, which I think is a reasonable assumption given the sale of Centurion REIT&rsquo s assets by Centurion happened at 1x). This would imply a Centurion REIT of $1.16. Clearly Centurion REIT is currently not trading at that level yet.

Centurion REIT&rsquo s current share price of $0.96 implies a price to book of 1.09x. This same ration applied to Centurion&rsquo s NTA is $1.50, bang on the current share price. That would explain why Centurion REIT&rsquo s share price went up but Centurion&rsquo s share price went down. Centurion REIT&rsquo s share price needed to be higher to support Centurion&rsquo s share price at the level that it was before the IPO. But because it did not get there the Centurion price is now falling, and is now at the level that is consistent with Centurion REIT' s curent level.

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Centurion Corp