Invest for a Sustainable Future, Impact Capital Asset Management

ICAM

Invest for a Sustainable Future

Impact Capital Asset Management

Established in August 2020, Impact Capital Asset Management Pte. Ltd. (ICAM) was conceived by seasoned professionals Deepak Mawandia and Atul Tetambe. Both have accumulated a wealth of knowledge and experience from their extensive tenures in the financial sector. In 2019, ICAM secured its RFMC license and subsequently introduced a technology-centric venture fund. By 2021, with the acquisition of its CMS license, ICAM witnessed steady growth in its assets under management. Presently, ICAM manages a portfolio exceeding USD 1 billion, diversified across various countries. Central to ICAM’s foundation is a commitment to offering a platform singularly dedicated to the best interests of its investor clients. The combined expertise of Deepak and Atul firmly establishes ICAM as a notable entity in the wealth management field.

Equity Bottom-Up

Centurion Accommodation / Equity Bottom-Up

<ul>
<li>Net income before tax and before any change in the value of the properties reached S$56.5m in the six months to 30 June 2026 against a Prospectus forecast of S$53.1m, 6.3% above it.</li>
<li>Finance costs ran 18.8% below their own forecast, and that saving is 83.2% of the whole beat. Profit ran the other way, at S$35.0m against a forecast of S$51.2m, 31.6% below, on a S$19.1m writedown of the properties that the forecast set at zero.</li>
<li>A lower interest bill rather than fuller buildings produced this result, and the one cost the manager sets for itself overran its own forecast by 31.5%.</li>
</ul>


Net income before tax and before any change in the value of the properties reached S$56.5m in the six months to 30 June 2026 against a Prospectus forecast of S$53.1m, 6.3% above it.
Finance costs ran 18.8% below their own forecast, and that saving is 83.2% of the whole beat. Profit ran the other way, at S$35.0m against a forecast of S$51.2m, 31.6% below, on a S$19.1m writedown of the properties that the forecast set at zero.
A lower interest bill rather than fuller buildings produced this result, and the one cost the manager sets for itself overran its own forecast by 31.5%.


Centurion Accommodation REIT Results Update

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

<ul><li>Over five sessions, directors and CEOs reported 14 acquisitions and 11 disposals, while substantial shareholders recorded eight acquisitions and four disposals.</li><li>Geo Energy Resources initiated a share buyback programme, purchasing 637,500 shares at S$0.519 per share, representing 6.7% of daily traded volume.</li><li>Cohen & Steers became a substantial unitholder of CAREIT, increasing its deemed interest to 5.004% through an acquisition of 154,000 units.</li></ul>

Over five sessions, directors and CEOs reported 14 acquisitions and 11 disposals, while substantial shareholders recorded eight acquisitions and four disposals.Geo Energy Resources initiated a share buyback programme, purchasing 637,500 shares at S$0.519 per share, representing 6.7% of daily traded volume.Cohen & Steers became a substantial unitholder of CAREIT, increasing its deemed interest to 5.004% through an acquisition of 154,000 units.

Cohen & Steers Crosses CAREIT Threshold, LC Capital Adds to PC Partner

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Centurion Accommodation / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/centurion-accomodation-reit" target="_blank" data-smartkarma-citation="entities:45779:1" rel="noopener">Centurion Accomodation REIT (CAREIT SP)</a> (CAREIT) plans to raise around US$600m in its Singapore listing.</li>
<li>CAREIT plans to invest directly or indirectly, in a portfolio of purpose-built worker accommodation (PBWA), purpose-built student accommodation (PBSA) or other accommodation, located globally (excluding Malaysia).</li>
<li>We have looked at the company's past performance in our previous note. In this note, we talk about valuations.</li>
</ul>



Centurion Accomodation REIT (CAREIT SP) (CAREIT) plans to raise around US$600m in its Singapore listing.
CAREIT plans to invest directly or indirectly, in a portfolio of purpose-built worker accommodation (PBWA), purpose-built student accommodation (PBSA) or other accommodation, located globally (excluding Malaysia).
We have looked at the company's past performance in our previous note. In this note, we talk about valuations.


Centurion Accomodation REIT IPO - Thoughts on Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/centurion-accomodation-reit" target="_blank" data-smartkarma-citation="entities:45779:1" rel="noopener">Centurion Accomodation REIT (CAREIT SP)</a> (CAREIT) plans to raise around US$600m in its Singapore listing.</li>
<li>CAREIT plans to invest directly or indirectly, in a portfolio of purpose-built worker accommodation (PBWA), purpose-built student accommodation (PBSA) or other accommodation, located globally (excluding Malaysia).</li>
<li>In this note, we look at the REIT's portfolio and performance.</li>
</ul>



Centurion Accomodation REIT (CAREIT SP) (CAREIT) plans to raise around US$600m in its Singapore listing.
CAREIT plans to invest directly or indirectly, in a portfolio of purpose-built worker accommodation (PBWA), purpose-built student accommodation (PBSA) or other accommodation, located globally (excluding Malaysia).
In this note, we look at the REIT's portfolio and performance.


Centurion Accomodation REIT IPO - New Asset Class

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

Centurion Accommodation / Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gemlife-communities-group" target="_blank" data-smartkarma-citation="entities:45776:1" rel="noopener">Gemlife Communities Group (GLF AU)</a> and <a href="https://www.smartkarma.com/entities/centurion-accommodation-reit" target="_blank" data-smartkarma-citation="entities:45779:1" rel="noopener">Centurion Accommodation (CAREIT SP)</a> will be added to a global sector index at the close on 19 June.</li>
<li>We estimate passive trackers will need to buy between 6-8x ADV in the stocks with flow in the US$20-24m range.</li>
<li>There will be positioning in <a href="https://www.smartkarma.com/entities/gemlife-communities-group" target="_blank" data-smartkarma-citation="entities:45776:1" rel="noopener">Gemlife Communities Group (GLF AU)</a> looking to unwind on a move higher. There appears to be little positioning in <a href="https://www.smartkarma.com/entities/centurion-accommodation-reit" target="_blank" data-smartkarma-citation="entities:45779:1" rel="noopener">Centurion Accommodation (CAREIT SP)</a>. </li>
</ul>



Gemlife Communities Group (GLF AU) and Centurion Accommodation (CAREIT SP) will be added to a global sector index at the close on 19 June.
We estimate passive trackers will need to buy between 6-8x ADV in the stocks with flow in the US$20-24m range.
There will be positioning in Gemlife Communities Group (GLF AU) looking to unwind on a move higher. There appears to be little positioning in Centurion Accommodation (CAREIT SP). 


Global Sector Index Inclusions: Gemlife (GLF AU) And Centurion Acco REIT (CAREIT SP)

Singapore

Centurion Accommodation REIT is a real estate investment trust that invests in income-producing living sector real estate assets, primarily purpose-built worker accommodation (PBWA) and purpose-built student accommodation (PBSA) globally. It operates PBWA assets under the "Westlite" brand and PBSA assets under the "Dwell" and "EPIISOD" brands. The company was incorporated on August 12, 2025, and is headquartered in Singapore.

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Centurion Accommodation (CAREIT SP)

Centurion Accommodation REIT Results Update

Net income before tax and before any change in the value of the properties reached S$56.5m in the six months to 30 June 2026 against a Prospectus...

ICAM

Cohen & Steers Crosses CAREIT Threshold, LC Capital Adds to PC Partner

Over five sessions, directors and CEOs reported 14 acquisitions and 11 disposals, while substantial shareholders recorded eight acquisitions and...

Singapore Exchange Ltd (SGX)

Centurion Accomodation REIT IPO - Thoughts on Valuation

Centurion Accomodation REIT (CAREIT SP) (CAREIT) plans to raise around US$600m in its Singapore listing. In this note, we talk about valuations.

Sumeet Singh

Centurion Accomodation REIT IPO - New Asset Class

Centurion Accomodation REIT (CAREIT SP) (CAREIT) plans to raise around US$600m in its Singapore listing. In this note, we talk about the REIT's...

Sumeet Singh

Global Sector Index Inclusions: Gemlife (GLF AU) And Centurion Acco REIT (CAREIT SP)

Gemlife and CAREIT will be added to a global sector index in June. Positioning in Gemlife could look to unwind on a move higher. A move in CAREIT...

Brian Freitas

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