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There is a insightful write-up on Centurion' s CAREIT IPO by The Smart Investor
I think some market participants (shorties?) could have grossly undervalued Centurion.
See below :
I think some market participants (shorties?) could have grossly undervalued Centurion.
See below :
Centurion Accommodation REIT&rsquo s IPO: 6 Key Things Investors Must Know
Centurion Accommodation REIT (CAREIT) will be the first pure-play living accommodation REIT to list on the Singapore Exchange.
https://thesmartinvestor.com.sg/centurion-accommodation-reits-ipo-6-key-things-investors-must-know/
I don't have ra. U see the recent price movement will ķ now la...w some assets shifted to its Reits. That's why lo
stlimst ( Date: 19-Sep-2025 21:49) Posted:
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Hi Bro Sgvale, do you happen to have a valuation for Centurion Corp post CAREIT IPO?
There seems to be a big gap on what the perceived value is vs the current share price.
Thanks!
There seems to be a big gap on what the perceived value is vs the current share price.
Thanks!
Sgvale ( Date: 19-Sep-2025 18:31) Posted:
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just let the naive sell.
The BB quietly and happily collect
The BB quietly and happily collect
Whitelotus33 ( Date: 19-Sep-2025 18:06) Posted:
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U understand. U buy big big loh. Don't need care about others la.
Whitelotus33 ( Date: 19-Sep-2025 18:06) Posted:
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Its quite sad actually that people were selling at 1.62 because they dont understand...
Thanks Whitelotus33 for the valuation.
Any other experts here who can value Centurion Corp post the IPO of CAREIT?
Based on the sum-of-parts valuation, my back-of-the envelope computation:
Cash value of the CAREIT divestment = $1210 mil.
Based on existing share of 840778,624, the value per share is around $1.44.
The remaining assets still held by Centurion Corp post divestment should be around 35%-40%.
Based on current market capitalisation and existing shares, the value per share is around $0.58 post IPO.
Adding the parts together, the value of Centurion Corp should be $2.03
A few broking houses have valued Centurion at $2.01-$2.05 post CAREIT IPO.
So I gathered that the share price dropping these few days is not justifiable at all.
At the current price of $1.66, this is definitely under priced.
My views only and I will only consider selling if the price is > $2.
Any other experts here who can value Centurion Corp post the IPO of CAREIT?
Based on the sum-of-parts valuation, my back-of-the envelope computation:
Cash value of the CAREIT divestment = $1210 mil.
Based on existing share of 840778,624, the value per share is around $1.44.
The remaining assets still held by Centurion Corp post divestment should be around 35%-40%.
Based on current market capitalisation and existing shares, the value per share is around $0.58 post IPO.
Adding the parts together, the value of Centurion Corp should be $2.03
A few broking houses have valued Centurion at $2.01-$2.05 post CAREIT IPO.
So I gathered that the share price dropping these few days is not justifiable at all.
At the current price of $1.66, this is definitely under priced.
My views only and I will only consider selling if the price is > $2.
Whitelotus33 ( Date: 19-Sep-2025 11:32) Posted:
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Yes, i think this explains the drop. The lack of understanding about the transfer of assets to the Reit.
In exchange for the assets transferred to the Reit, Centurion gets S$ 1.40 a share in REIT units and cash. They also get the same 7-8% DPU distribution from the REIT plus 11-12m management fees plus the revenue from the remaining assets. You apply a sensible multiple to that and you get more than 1.60s.
In the medium term, bed rents will go up in Singapore and bed demand in Johor will recover from the data centre boom. Centurion is also growing cpacity by 12 and 25% respectively.
This is a sleep well stock for the next two years.
In exchange for the assets transferred to the Reit, Centurion gets S$ 1.40 a share in REIT units and cash. They also get the same 7-8% DPU distribution from the REIT plus 11-12m management fees plus the revenue from the remaining assets. You apply a sensible multiple to that and you get more than 1.60s.
In the medium term, bed rents will go up in Singapore and bed demand in Johor will recover from the data centre boom. Centurion is also growing cpacity by 12 and 25% respectively.
This is a sleep well stock for the next two years.
stlimst ( Date: 18-Sep-2025 20:50) Posted:
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Centurion Accommodation Reit kicks off public offer of units at S$0.88 each for SGX mainboard listing
The Singapore IPO opens at 10 pm on Thursday, and closes at 12 pm on Tuesday
[SINGAPORE] Centurion Accommodation Real Estate Investment Trust (Reit) will launch its initial public offering (IPO) on Thursday (Sep 18) evening, set to be the Singapore Exchange&rsquo s (SGX) second-biggest mainboard listing this year.
It is offering 262.2 million new units, made up of an international placement tranche of 249 million units and a public offering of 13.2 million units, at S$0.88 apiece.
The IPO aims to raise about S$771.1 million from the public offer and also 614 million units issued to 16 cornerstone investors. Sponsor Centurion Holdings will hold 787.4 million units.
Its initial portfolio will include 14 assets, with five purpose-built workers&rsquo accommodation (PBWAs) in Singapore, eight purpose-built student accommodation (PBSA) in the UK, and one PBSA in Australia totalling S$1.8 billion. This will go up to S$2.1 billion when the Reit acquires a second Australia student housing asset, which is currently under development, following the listing.
Centurion Accommodation Reit will have 1.7 billion issued units, of which 787.4 million units will be held by Centurion Holdings, the Reit&rsquo s sponsor, and 614 million units will be held by the 16 cornerstone investors.
Chief executive of Centurion Accommodation Reit&rsquo s manager Tony Bin believes there are strong growth prospects for the Reit, driven by resilient demand for PBWA in Singapore, and a rising need for student housing in the UK and Australia.
Its occupancy rates remain &ldquo relatively strong&rdquo , and the manager foresees this will persist in the medium term, said Bin. Between FY2022 and FY2024, the trust&rsquo s PBWA assets recorded an average occupancy rate of more than 97 per cent, and average compound annual rental growth rate of 26.3 per cent.
In the student housing market, occupancy rates in the past three financial years averaged at around 94 per cent and average rent compound annual growth rate was 11.3 per cent.
The manager also projected that distributable income will come in at S$114.8 million in 2026, and rise 6.6 per cent to S$122.4 million in 2027.
Bin added that the Reit&rsquo s Singapore-centric portfolio provides a strong base on stable income. Currently, Singapore assets account for around 73 per cent of its portfolio in net property income, and about 64 per cent of its property value.
&ldquo We see this as a tremendous advantage compared to some recent listings that were in US dollars,&rdquo he said, noting that Centurion Accommodation Reit will be denominated in Singapore dollars.
While the Reit will initially focus on PBWA and PBSA, its investment mandate covers the broader living sector. This could include exposure to other markets, in terms of geography (excluding Malaysia) or sectors such as build-to-rent, senior housing and co-living, said Bin.
The plan is to let the sponsor explore these opportunities first, he said. &ldquo If it works out well for them, and they find that they can invest into a building or buy land and develop, then it&rsquo s something we (can consider).
&ldquo For us, we need stable income (and) stable cash flow, so we can&rsquo t take the development risk and uncertainty,&rdquo said Bin.
The manager&rsquo s main priority is to optimise its initial portfolio, potentially acquiring assets with stabilised cash flows, good growth opportunities, and those with asset enhancement opportunities to increase investors&rsquo yield, he added.
It will also prioritise prudent capital management, including diversifying beyond bank debt and hedging foreign currency cash flows, said Bin. &ldquo A multi-prong (approach) &ndash so for the next two years, we&rsquo ll be kept relatively busy.&rdquo
Centurion Accommodation Reit&rsquo s Singapore public offer opens at 10 pm on Thursday, and closes at 12 pm on Tuesday. The counter is expected to start trading at 2 pm on Sep 25.
It follows the debut of Japan&rsquo s NTT DC Reit in July, with gross proceeds of US$773 million raised &ndash marking the Republic&rsquo s largest IPO in four years.
Centurion when it first started out seemed very dodgy to me. Was a 1-2 cts counter. Now still the same?
Many early investors have an option to take profit and reinvest in the IPO. That could mean making 2 rounds of profit.
stlimst ( Date: 18-Sep-2025 20:50) Posted:
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Announcement just out :
The CAREIT IPO opens at 10pm today (18 Sep).
Close on 23 Sep
Trading begins on 25 Sep 2pm.
The price of Centurion fell heavily in today' s trading.
I think investors are not sure of Centurion' s share price once the CAREIT is listed.
From the market action, most is expecting the share price to drop since some of the assets will be in the separately listed CAREIT.
I am not sure what is the right price of Centurion.
The in-specie distribution to shareholders will only be done next year, after the full year result announcement.
A bit tricky here.
The CAREIT IPO opens at 10pm today (18 Sep).
Close on 23 Sep
Trading begins on 25 Sep 2pm.
The price of Centurion fell heavily in today' s trading.
I think investors are not sure of Centurion' s share price once the CAREIT is listed.
From the market action, most is expecting the share price to drop since some of the assets will be in the separately listed CAREIT.
I am not sure what is the right price of Centurion.
The in-specie distribution to shareholders will only be done next year, after the full year result announcement.
A bit tricky here.
minichart ( Date: 18-Sep-2025 17:25) Posted:
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The traded volume at closed is 199.33% higher average volume of last 260 trading days. Price down? U know why. At the same time short selling volume is 1076.07% of the average short sell volume of last 260 trading days. It seem many still buy? Not sure what is their plan and I say good luck to them.
beng1102 ( Date: 18-Sep-2025 11:02) Posted:
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Centurion Accommodation REIT Launches Blockbuster S\$771.1 Million IPO: High Yields, Strategic Growth, and Global Ambitions Set to Reshape Singapore&rsquo s REIT Landscape
https://www.minichart.com.sg/2025/09/18/centurion-accommodation-reit-launches-s771-1-million-ipo-offering-high-distribution-yields-and-exposure-to-pbwa-pbsa-assets-across-singapore-uk-and-australia/
Don' t need analyst to cover - read what the CEO is saying about the outlook: https://www.theedgesingapore.com/news/reits/centurion-accommodation-reit-list-sept-25
400k to 500k workers vs 125k beds. Rates going up, capacity expanding by 12%.
I wonder if people are selling to buy the Reit instead. Doesnt make sense to me though.
400k to 500k workers vs 125k beds. Rates going up, capacity expanding by 12%.
I wonder if people are selling to buy the Reit instead. Doesnt make sense to me though.
The Reit come out in Nov, still have two months to wait....now don' need push go drink coffee ....Put the money in FD in banks to earn interest one two months lah....
cfdking ( Date: 18-Sep-2025 14:41) Posted:
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Why General public not interested in 7% yield ...also .so far why no analyst coverages
all the new are out ..so the sydicates dun need to pump or hold ...suckers still wating for ???
Volume at less half time is already almost the same as the average volume of last 259 trading days. Price is down and this further shows selling pressure is high.
beng1102 ( Date: 12-Sep-2025 21:24) Posted:
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Chance to accumulate i guess... interest rates also coming down. Hard to see a more favourable environment for this co.
Anyone have any counterarguments?
Anyone have any counterarguments?