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Look at many forums that people are questioning about the massive profit they obtained and asking why the govt are still subsidising Dorm Operators. See their response on the newspaper. So many incentives obtained from the govt and still " cry wolf" . Lolxx
Do you believe that the drag was mainly due to fair valuation loss of $27.6 million? Some director are CPA wor and you know la.... Haha... If remove the fair valuation loss, will see how much profit did they make?
How they operate and treat their clients/tenants speaks very well for itself especially during Covid period.
Plus the fact you mentioned that there are 2 men known in the stockbroking industry for being the so-called A Team of UOB Kay Hian. Haha...
Does the stock at around 0.34 value still worth this much? Lolxx
DYODD
Do you believe that the drag was mainly due to fair valuation loss of $27.6 million? Some director are CPA wor and you know la.... Haha... If remove the fair valuation loss, will see how much profit did they make?
How they operate and treat their clients/tenants speaks very well for itself especially during Covid period.
Plus the fact you mentioned that there are 2 men known in the stockbroking industry for being the so-called A Team of UOB Kay Hian. Haha...
Does the stock at around 0.34 value still worth this much? Lolxx
DYODD
Centurion' s controlling shareholder David Loh assumes executive role
Centurion Corporation has re-designated one of its controlling shareholders, David Loh Kim Kang to be the executive director of the group, from non-executive director previously.
Loh&rsquo s appointment came after a tough year for the company, which had to deal with the outbreak of Covid-19 in the workers&rsquo dormitories which it operates.
Just a day earlier, the company reported earnings of $17. 2 million for FY2020, down 83% from the preceding year. The drag was mainly due to fair valuation loss of $27.6 million.
Loh is the maternal cousin of Han Seng Juan, a non-executive director. Han is also the joint chairman of the board and a controlling shareholder of the company. The two men were known in the stockbroking industry for being the so-called &ldquo A Team&rdquo of UOB Kay Hian.
Centurion Corp reports 83% drop in earnings to $17.2 mil, skips dividend
Dormitory operator Centurion Corp has reported earnings of $17.2 million for FY2020, down 83% from $99.96 million recorded in the preceding year.
However, in contrast to FY2019, where Centurion booked a revaluation gain of $66.3 million, for FY2020, the company recorded a net fair valuation loss of $27.6 million to better reflect market conditions caused by the pandemic.
The net fair valuation loss in FY2020 amounted to approximately 2.1% of its investment properties value, which stood at $1.3billion as at Dec 31 2020.
No dividend has been declared. For FY2019, the company paid total dividends of two cents per share.
Kong Chee Min CEO of Centurion Corporation says the pandemic has disrupted businesses globally.
&ldquo In this extraordinary year, the group has focused on mitigating the impact of disruptions due to Covid-19 by enhancing management and operational efficiencies, managing costs and conserving cash,&rdquo he says.
&ldquo We have also rationalized our portfolio and taken opportunities, where sensible, to grow our Assets Under Management and revenue streams,&rdquo adds Kong.
The company now has 35 operating assets spread across Singapore, Malaysia, South Korea as well as UK, US and Australia.
&ldquo Given our operating assets&rsquo strategic locations, I believe occupancy and income are well-placed to benefit from the economic recovery in time to come,&rdquo says Kong.
Happy 牛 Year to all.
Wish all good health and good wealth
Overvalued Counter. Earnings is expected to be affected by covid-19 situation. Downgrade to SELL
Centurion Corp secures master lease for 5,000-bed dorm in Selangor
MAINBOARD-LISTED dormitory developer and operator Centurion Corp has secured a master lease to manage a new purpose-built dormitory in Selangor, adding more than 5,000 beds to its Malaysian portfolio, it announced on Wednesday night.
The lease was secured through Knight Frank Malaysia from the Selangor State Development Corporation. This addition brings the group' s purpose-built workers accommodation portfolio up to eight properties with a total of some 35,700 beds, under its Westlite Accommodation brand.
The lease for the ready-built property is expected to start on Dec 1, 2020, for a tenure of 21 years, with options to extend for a further nine years.
Under the initial three-year term, the average monthly rent will be RM362,880 (S$118,546), with rent revisions applying every three years, subject to a cap of a 6 per cent increment on the preceding year' s rent.
There is an initial rent-free period of 4.5 months for renovation and fitting out, and a refundable security deposit of RM3,732,480 (S$1.2 million).
Centurion said the refundable security deposit and the cost of renovation and fitting out will be funded through internal resources, and is not expected to have a material impact on the company' s consolidated net tangible assets and earnings per share for the financial year ending Dec 31, 2020.
The property consists of two 11-storey blocks of dormitory living quarters and two basement car park levels the total gross floor area is close to 419,000 square feet.
Centurion said: " Demand for quality workers' accommodation is expected to be strong across Malaysia, as the Amendment to the Worker' s Minimum Housing and Amenities Act, enacted in 2019, came into effect on Sept 1, 2020."
Employers have up till Dec 31, 2020 to comply with the requirements of the amended Act, after which errant employers may be fined.
Centurion Corp Q3 revenue down by 11.2% as pandemic hits student housing market
MAINBOARD-LISTED dormitory operator Centurion Corp' s third-quarter revenue was dragged down by student housing operations in Australia and Britain, even as contributions from worker accommodations held steady.
Turnover shrank 11.2 per cent year on year to S$29.4 million, according to a business update released last Friday night, which did not state earnings for the three months to Sept 30.
Workers' dormitories contributed S$22.8 million of the top line, stable on the year before, while student housing revenue was down by 39.4 per cent to S$6.16 million.
Centurion noted that the student housing segment was affected in key markets such as Manchester, Liverpool and Melbourne, which have faced severe virus outbreaks.
The outlook for this portfolio " remains uncertain and dependent on containment measures undertaken by the impacted countries and cities, and when university programmes as well as inter-state and international travel can resume" , it said.
Uncertainty on the worker accommodation front stems from the impact of virus management measures imposed by governments, as well as the hit to clients.
But the group also noted that it has won a tender to lease and manage four new quick-build dormitories in Singapore - in line with its asset-light growth strategy - and has resumed expansion works at a facility in Johor, which should be completed by Q1 2021.
Centurion added that it remains confident in the long-term fundamentals of its business, including the resilience of both the student and worker housing asset classes.
Chief executive Kong Chee Min said in a statement that business conditions are still fluid, but added that Centurion has taken steps for prudent capital management, including deferring some capital expenditure and refinancing medium-term notes.
Centurion' s Q3 revenue falls 11% on lower portfolio occupancy
DORMITORY developer-operator Centurion Corp on Friday posted an 11 per cent drop in third-quarter revenue to S$29.4 million, due mainly to lower occupancy in its portfolio because of Covid-19, particularly in its student accommodation properties in Australia and the United Kingdom.
The group' s purpose-built student accommodation assets in Melbourne and Manchester recorded the largest reductions in occupancy as the two cities continued to battle the virus outbreak with travel restrictions and closures of university campuses. Q3 revenue in the UK was also affected by the early lease termination offered for the final semester of UK' s academic year.
But this was moderated by the stable performance of its worker accommodation portfolio which, despite slightly reduced occupancy, reported marginal revenue growth of 1 per cent for Q3 compared to a year ago.
It was also mitigated by revenue contributions from a newly-added management service contract from JTC in Singapore and from dwell Archer House in the UK which started operating in Q4 2019.
Centurion Corporation
On Oct 5, Centurion Corporation non-executive director and joint chairman David Loh Kim Kang acquired 200,000 shares of the accommodation developer and manager for a consideration of S$67,000.
At 33.50 cents per share, this took his total interest in Centurion Corporation from 55.16 per cent to 55.18 per cent.
Mr Loh has over 20 years of experience in the investment and brokerage industry and has been a principal and director of Centurion Global Ltd, a controlling shareholder of the company, since April 2008 to the present.
Centurion prices S$9.8m notes due 2024
WORKER and student accommodation provider Centurion Corporation has priced about S$9.8 million in fixed-rate notes due 2024.
These notes are on top of the company' s previously announced invitation to holders of its existing S$60 million notes due 2022 to exchange them for new 3.5 year notes at a premium and/or to sell them for cash at par.
In a bourse filing on Tuesday, mainboard-listed Centurion said the additional notes will be issued at par and will carry a 5.75 per cent coupon until April 11, 2023. The rate will rise to 8.25 per cent from April 12, 2023, if any of the new notes are not redeemed by then.
Unless previously redeemed or purchased and cancelled, the notes shall mature on April 12, 2024.
Centurion said the additional notes will be fungible and shall consolidate into the same series as the new notes to be issued from the exchange of existing notes.
Net proceeds from the additional notes issue will be first applied towards purchasing the outstanding existing notes accepted for purchase by Centurion. Any excess proceeds after that will be used to redeem outstanding existing notes on Feb 1, 2021, the interest payment date.
DBS is the sole lead manager and bookrunner for the additional notes, which fall under Centurion' s S$750 million multicurrency debt programme.
The new notes for the exchange offer and additional notes will have an aggregate principal amount of S$55 million.
Certain controlling shareholders, directors and the chief executive of Centurion have been allocated about 11.1 per cent of the new notes for the exchange offer. This represents around 9.1 per cent of the entire S$55 million issue.
Centurion expects the new notes for the exchange offer and additional notes to be listed on the Singapore Exchange on or around Oct 13.
Centurion invites noteholders to exchange, sell S$60m notes
WORKER and student accommodation provider Centurion Corp is inviting holders of its existing S$60 million due-2022 notes to exchange them for new 3.5 year notes at a premium and/or to sell them for cash at par.
It is looking to exchange any and all of those outstanding notes for a like principal amount of new Singapore dollar-denominated 3.5 year fixed-rate due-2024 notes, which will carry a higher coupon rate.
Centurion plans to exercise its option to redeem all the outstanding existing notes on the interest payment date of Feb 1, 2021, the mainboard-listed company said in a bourse filing on Monday. It will give notice of this early redemption by Jan 8, 2021.
The existing notes are paying a 5.5 per cent coupon, although this rate would have increased to 8 per cent starting Feb 1, 2021 if they were not redeemed.
" Given the impending redemption of the existing notes, Centurion has received interest from major noteholders who would like to extend their bond investment and remain invested in Centurion and its subsidiaries," the company said on Monday. It thus made the exchange offer on the back of such investor interest.
Noteholders will receive an exchange premium in cash that is 0.25 per cent of the principal amount offered for exchange, plus accrued interest and S$250,000 in principal amount of the new notes, for each S$250,000 principal of the existing notes offered.
Through the exchange premium, Centurion aims to " recognise and reward noteholders who have supported and will continue to support the group through their investments" .
The new notes are expected to be issued on Oct 12, 2020 and mature on April 12, 2024, and will come under Centurion' s S$750 million multicurrency debt issuance programme.
They will carry a 5.75 per cent coupon until April 11, 2023. This rate will increase to 8.25 per cent from April 12, 2023 if any of the new notes are not redeemed by then.
On top of the new notes, Centurion may issue additional notes to investors regardless of whether they are existing noteholders, under the same S$750 million debt issuance programme.
Subject to the company issuing these additional notes, Centurion is also inviting the existing S$60 million noteholders to offer to sell any of the outstanding notes back to the company for cash, up to the aggregate principal amount of gross proceeds raised from the additional notes.
This conditional tender offer is meant to " minimise negative cash carry arising from the issuance of the additional notes" , said Centurion.
The tender price will be 100 per cent of the principal amount of the existing notes, and holders will also receive accrued interest.
If the additional notes are not issued, the tender offer will be terminated. The company will announce the pricing of any issue of such notes on or about Oct 5 this year.
If Centurion decides to sell the additional notes, an existing noteholder who wishes to purchase them will be eligible to receive priority allocation at the company' s discretion.
The total principal amount of the new 3.5 year notes and the additional notes will not exceed S$60 million, " in line with the group' s prudent debt management strategy" , Centurion said. Both issuances will be fungible and consolidate into the same series.
The company added that it will have the sole and absolute discretion whether to accept any and all offers to exchange or offers to sell from noteholders.
DBS is the appointed sole dealer manager for the invitation, and Tricor Barbinder Share Registration Services is the appointed exchange and tender agent.
Noteholders have until noon on Oct 2 to submit their forms to the agent to make an offer to exchange and/or an offer to sell.
Given that Centurion intends to redeem all the outstanding S$60 million notes on Feb 1, 2021, any existing notes that are not exchanged or purchased by that date will be redeemed at par together with interest accrued.
It depends on the whether govt will require dorm operators to impose more space per workers. If due to covid, extra space needed for each worker, profitability may be affected. Depends whether dorm can pass costs to FW bosses or need to absorb partial
Secret_Squirrel ( Date: 03-Sep-2020 09:41) Posted:
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Centurion to lease and manage up to 6,400 beds in four new Quick Build Dormitories
WED, SEP 02, 2020 - 8:33 PM
CENTURION Corp has secured a tender by JTC Corporation to lease and manage up to 6,400 beds in four new foreign workers dormitories in Singapore, it said on Wednesday.
The dormitories are among the new Quick Build Dormitories (QBDs) whose development was announced by the Singapore government in June.
The QBDs are expected to have a total bed capacity of 25,000. They will be introduced alongside other short- to medium-term arrangements to develop about 60,000 beds for migrant workers in Singapore.
Centurion' s contract for the four dorms is for a lease term of three years at a monthly rent of S$1.09 million, with an option by JTC to extend for an additional one year.
The four QBDs are Kranji Way Dormitory (approximately 1,300 beds), located at 18A Kranji Way Tuas Crescent Dormitory (approximately 1,020 beds), located at Tuas Avenue 2 Tuas South Boulevard Dormitory (approximately 628 beds), located at Tuas South Boulevard and Jalan Tukang Dormitory (approximately 3,420 beds), located at Jalan Tukang.
The additional 6,400 beds will expand Centurion' s purpose-built workers accommodation (PBWA) portfolio in Singapore by 22.9 per cent, bringing its Singapore PBWA bed capacity to 34,400.
Chief executive Kong Chee Min said: " QBDs are part of a national programme piloting new specifications for migrant workers care and pandemic management in purpose-built dormitories, and Centurion is honoured to be amongst the first to manage these QBDs."
The dormitories are developed by JTC, and are expected to being operations progressively over the next months, with the first lease commencing on Sept 21 for Kranji Way Dormitory.
https://www.businesstimes.com.sg/companies-markets/centurion-to-lease-and-manage-up-to-6400-beds-in-four-new-quick-build-dormitories
WED, SEP 02, 2020 - 8:33 PM
CENTURION Corp has secured a tender by JTC Corporation to lease and manage up to 6,400 beds in four new foreign workers dormitories in Singapore, it said on Wednesday.
The dormitories are among the new Quick Build Dormitories (QBDs) whose development was announced by the Singapore government in June.
The QBDs are expected to have a total bed capacity of 25,000. They will be introduced alongside other short- to medium-term arrangements to develop about 60,000 beds for migrant workers in Singapore.
Centurion' s contract for the four dorms is for a lease term of three years at a monthly rent of S$1.09 million, with an option by JTC to extend for an additional one year.
The four QBDs are Kranji Way Dormitory (approximately 1,300 beds), located at 18A Kranji Way Tuas Crescent Dormitory (approximately 1,020 beds), located at Tuas Avenue 2 Tuas South Boulevard Dormitory (approximately 628 beds), located at Tuas South Boulevard and Jalan Tukang Dormitory (approximately 3,420 beds), located at Jalan Tukang.
The additional 6,400 beds will expand Centurion' s purpose-built workers accommodation (PBWA) portfolio in Singapore by 22.9 per cent, bringing its Singapore PBWA bed capacity to 34,400.
Chief executive Kong Chee Min said: " QBDs are part of a national programme piloting new specifications for migrant workers care and pandemic management in purpose-built dormitories, and Centurion is honoured to be amongst the first to manage these QBDs."
The dormitories are developed by JTC, and are expected to being operations progressively over the next months, with the first lease commencing on Sept 21 for Kranji Way Dormitory.
https://www.businesstimes.com.sg/companies-markets/centurion-to-lease-and-manage-up-to-6400-beds-in-four-new-quick-build-dormitories
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Dorms have workers staying in , so still got income whether pandemic or not.
Only thing is that operation expenses goes up for dorm.
But hotel less guest due to pandemic so less income.
Only thing is that operation expenses goes up for dorm.
But hotel less guest due to pandemic so less income.
Starship ( Date: 02-Sep-2020 16:42) Posted:
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Centurion to lease and manage up to 6,400 beds in four new Quick Build Dormitories
CENTURION Corp has secured a tender by JTC Corporation to lease and manage up to 6,400 beds in four new foreign workers dormitories in Singapore, it said on Wednesday.
The dormitories are among the new Quick Build Dormitories (QBDs) whose development was announced by the Singapore government in June.
The QBDs are expected to have a total bed capacity of 25,000. They will be introduced alongside other short- to medium-term arrangements to develop about 60,000 beds for migrant workers in Singapore.
Centurion' s contract for the four dorms is for a lease term of three years at a monthly rent of S$1.09 million, with an option by JTC to extend for an additional one year.
The four QBDs are Kranji Way Dormitory (approximately 1,300 beds), located at 18A Kranji Way Tuas Crescent Dormitory (approximately 1,020 beds), located at Tuas Avenue 2 Tuas South Boulevard Dormitory (approximately 628 beds), located at Tuas South Boulevard and Jalan Tukang Dormitory (approximately 3,420 beds), located at Jalan Tukang.
The additional 6,400 beds will expand Centurion' s purpose-built workers accommodation (PBWA) portfolio in Singapore by 22.9 per cent, bringing its Singapore PBWA bed capacity to 34,400.
Chief executive Kong Chee Min said: " QBDs are part of a national programme piloting new specifications for migrant workers care and pandemic management in purpose-built dormitories, and Centurion is honoured to be amongst the first to manage these QBDs."
The dormitories are developed by JTC, and are expected to being operations progressively over the next months, with the first lease commencing on Sept 21 for Kranji Way Dormitory.
The award of the contract is not expected to have any material impact on Centurion' s earnings for the financial year ending Dec 31, 2020.
This counter is too thinly traded. Very difficult to accumulate and even more difficult to divest away when needed to.
I took the opportunity to divest during the big crash in Mar to switch to more liquid Reits that had fallen even more than Centurion. On hindsight, it was a good move as Reits all went up after that but Centurion crashed further due to the pandemic in the dorms here and also lockdowns in western countries caused it' s student accommodation to be shut as well.
I took the opportunity to divest during the big crash in Mar to switch to more liquid Reits that had fallen even more than Centurion. On hindsight, it was a good move as Reits all went up after that but Centurion crashed further due to the pandemic in the dorms here and also lockdowns in western countries caused it' s student accommodation to be shut as well.
Secret_Squirrel ( Date: 02-Sep-2020 14:10) Posted:
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I queue to buy at 35.5 cents, only partial fulfilled.
Seems that nobody wants to sell at 35.5 cents😓
Seems that nobody wants to sell at 35.5 cents😓
Starship ( Date: 24-Aug-2020 10:35) Posted:
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Just goes to show that as the boss of his own company, he deems the share woth buying only at 35c. 
So for regular man-on-the-street investors, the price to buy will actually be lower than 35c.
So for regular man-on-the-street investors, the price to buy will actually be lower than 35c.
Joelton ( Date: 24-Aug-2020 09:14) Posted:
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Whatever it is...it's still dying due to covid.🙃
Joelton ( Date: 24-Aug-2020 09:14) Posted:
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