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

<ul><li>The first reported period delivered a modest outperformance versus the IPO setup.</li><li>Revenue, net property income, and distributable income were all ahead of forecast for the reporting period following listing.</li><li>Distribution per unit (DPU) came in at 1.739 cents versus the IPO forecast of 1.630 cents, reflecting stronger operating delivery and some timing effects linked to the short reporting window.</li></ul>

The first reported period delivered a modest outperformance versus the IPO setup.Revenue, net property income, and distributable income were all ahead of forecast for the reporting period following listing.Distribution per unit (DPU) came in at 1.739 cents versus the IPO forecast of 1.630 cents, reflecting stronger operating delivery and some timing effects linked to the short reporting window.

Centurion Accommodation REIT: Results Update

<ul>
<li>Centurion Accommodation REIT (CAREIT) is an SGX-listed REIT seeded by Centurion Corporation.</li>
<li>It is built around an operator-led platform across purpose-built worker accommodation (PBWA) in Singapore and purpose-built student accommodation (PBSA) in the UK and Australia.</li>
<li>At listing, the portfolio has 14 assets (5 PBWA Singapore, 9 PBSA offshore), with a post-listing forward purchase (Epiisod Macquarie Park, Sydney) taking the enlarged portfolio to 15 assets.</li>
</ul>


Centurion Accommodation REIT (CAREIT) is an SGX-listed REIT seeded by Centurion Corporation.
It is built around an operator-led platform across purpose-built worker accommodation (PBWA) in Singapore and purpose-built student accommodation (PBSA) in the UK and Australia.
At listing, the portfolio has 14 assets (5 PBWA Singapore, 9 PBSA offshore), with a post-listing forward purchase (Epiisod Macquarie Park, Sydney) taking the enlarged portfolio to 15 assets.


Centurion Accommodation REIT Initiating Coverage

The New Standard in Wealth Management, Wealth Management Alliance

Wealth Management Alliance

The New Standard in Wealth Management

WMA is a Singapore-based multi-family office with a Capital Markets Services license and provide fund management and investment advisory services to a small number of global UHNW clients. We also act as incubator for single-family offices, allowing them to plug into our broader ecosystem and infrastructure, and tap on our investment professionals for advice. WMA is designed around providing truly bespoke advice to each client, rather than taking a one-size-fits-all approach that may not fit each client's investment objectives and risk tolerances. On top of that, we are designed so that we avoid any semblance of conflicts of interests by being compensated only by the client (which may include profit sharing), as opposed to the model that many of our peers adopt, which include compensation from a variety of third parties such as funds managers, distributors or banks. That, to us, is the easiest way to be firmly on the side of the client in every decision we make.

Thematic (Sector/Industry)

<ul>
<li>The Singapore stock market has picked up further momentum in July, with the Straits Times Index (STI) surging 10.9% month-to-date.</li>
<li>This has taken the gain year-to-date to 22.7%, outperforming global bourses.</li>
<li>We see domestic monetary policy setting remaining a stabilizer in providing a positive backdrop for the local bourse.</li>
</ul>


The Singapore stock market has picked up further momentum in July, with the Straits Times Index (STI) surging 10.9% month-to-date.
This has taken the gain year-to-date to 22.7%, outperforming global bourses.
We see domestic monetary policy setting remaining a stabilizer in providing a positive backdrop for the local bourse.


<ul>
<li>The Singapore stock market has performed strongly in 2025, up 22% year-to-date, the best since 2010.</li>
<li>This has come on the back of a host of positive drivers – falling funding costs, an upward re-rating, a revival in initial public offerings (IPOs), portfolio inflows, and government initiatives.</li>
<li>Looking into 2026, some of these drivers may have run their course. Notably, with inflation having troughed, the easing interest rate cycle has probably ended.</li>
</ul>


The Singapore stock market has performed strongly in 2025, up 22% year-to-date, the best since 2010.
This has come on the back of a host of positive drivers – falling funding costs, an upward re-rating, a revival in initial public offerings (IPOs), portfolio inflows, and government initiatives.
Looking into 2026, some of these drivers may have run their course. Notably, with inflation having troughed, the easing interest rate cycle has probably ended.


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

Centurion Accommodation REIT: Results Update

The first reported period delivered a modest outperformance versus the IPO setup. Revenue, net property income, and distributable income were all...

ICAM

Centurion Accommodation REIT Initiating Coverage

Centurion Accommodation REIT (CAREIT) is an SGX-listed REIT seeded by Centurion Corporation. It is built around an operator-led platform...

ICAM

Singapore Equity Strategy: July 2026

The Singapore stock market has picked up further momentum in July, with the Straits Times Index (STI) surging 10.9% month-to-date. This has taken...

Wealth Management Alliance

Singapore Equity Strategy: December 2025

The Singapore stock market has performed strongly in 2025, up 22% year-to-date, the best since 2010. This has come on the back of a host of...

Wealth Management Alliance

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