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

<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>Hospitality S-REITs in Singapore reported stable to higher distributions, with four out of five trusts showing increased revenue.</li><li>CLAS achieved a 4% revenue growth and DPS increase, driven by stronger performance and portfolio reconstitution.</li><li>CAREIT's revenue and DPU exceeded IPO forecasts, maintaining high occupancy and leveraging a 30.7% aggregate leverage.</li></ul>

Hospitality S-REITs in Singapore reported stable to higher distributions, with four out of five trusts showing increased revenue.CLAS achieved a 4% revenue growth and DPS increase, driven by stronger performance and portfolio reconstitution.CAREIT's revenue and DPU exceeded IPO forecasts, maintaining high occupancy and leveraging a 30.7% aggregate leverage.

REIT Watch - Most Hospitality and Lodging S-REITs Post Higher H2 Revenue and Payouts

<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

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 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

REIT Watch - Most Hospitality and Lodging S-REITs Post Higher H2 Revenue and Payouts

Hospitality S-REITs in Singapore reported stable to higher distributions, with four out of five trusts showing increased revenue. CLAS achieved a...

Singapore Exchange Ltd (SGX)

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

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