Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<ul><li><a href="https://www.smartkarma.com/entities/propnex-ltd" target="_blank" data-smartkarma-citation="entities:27209" rel="noopener">Propnex Ltd (PROP SP)</a> 1Q22 NPAT fell 8% YoY; Expects prices to grow 3-5% in 2022</li><li>Condo resale prices edge up +0.7% MoM as suburban prices hit new record high</li><li><a href="https://www.smartkarma.com/entities/centurion-corp-ltd" target="_blank" data-smartkarma-citation="entities:5186" rel="noopener">Centurion Corp (CENT SP)</a> 1Q22 revenue rose ~47% YoY on enlarged capacity and new business streams</li></ul>

Propnex Ltd (PROP SP) 1Q22 NPAT fell 8% YoY; Expects prices to grow 3-5% in 2022Condo resale prices edge up +0.7% MoM as suburban prices hit new record highCenturion Corp (CENT SP) 1Q22 revenue rose ~47% YoY on enlarged capacity and new business streams

ASEAN Builder's Scoop (11May22) - PROP Home Prices to Rise 3-5% in 2022

Mid-market focused investment bank within SE Asia, Evolve Capital Advisory Pte Ltd

Evolve Capital Research

Mid-market focused investment bank within SE Asia

Evolve Capital Advisory Pte Ltd

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/soon-hock-enterprise-holding-pte-ltd" target="_blank" data-smartkarma-citation="entities:45970:1" rel="noopener">Soon Hock Enterprise Holding (SHOCK SP)</a> is an established real estate developer that undertakes property development and property investment in Singapore.</li>
<li>The Group’s management has been involved in the launch of more than 1,200 units of strata-titled industrial properties in Singapore, achieving a total Gross Development Value (GDV) of S$1bn.</li>
<li>We initiate coverage on Soon Hock Enterprise with a RNAV-based TP of S$0.74, representing an upside of 27.6%.</li>
</ul>



Soon Hock Enterprise Holding (SHOCK SP) is an established real estate developer that undertakes property development and property investment in Singapore.
The Group’s management has been involved in the launch of more than 1,200 units of strata-titled industrial properties in Singapore, achieving a total Gross Development Value (GDV) of S$1bn.
We initiate coverage on Soon Hock Enterprise with a RNAV-based TP of S$0.74, representing an upside of 27.6%.


Soon Hock Enterprise Initiation - Established Player with Consistent Execution

External broker reports(aggregated public sources), KGI Securities Singapore

KGI Securities

External broker reports(aggregated public sources)

KGI Securities Singapore

We are a pioneer Securities & Derivatives, Trading and Clearing Member of Singapore Exchange as well as a pioneer member of ICE Futures Singapore & ICE Clear Singapore. We offer our valued clients round the clock (24 hour) single-touch point for multi-asset clients and 24 hour high-touch desk for global products. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Stronger than anticipated revenue growth .</li><li>Centurion Corporation reported a 27% YoY growth in total revenue for 1H24, increasing from S$ 97.9 mn to S$124.4 mn.</li><li>This robust performance was driven by high financial occupancy in key markets like Singapore, the UK, and Australia, along with positive rental revisions across all regions.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Stronger than anticipated revenue growth .Centurion Corporation reported a 27% YoY growth in total revenue for 1H24, increasing from S$ 97.9 mn to S$124.4 mn.This robust performance was driven by high financial occupancy in key markets like Singapore, the UK, and Australia, along with positive rental revisions across all regions.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Centurion Corp Ltd - Strong Revenue Growth and Strategic Expansion

<ul><li>Foreign worker dormitories and student accommodations continue to contribute to revenue growth.</li><li>Total revenue for 2H23 rose by 22% YoY from S$89.9mn to S$109.3mn.</li><li>Despite revenue growth being partially offset by the cessation of management contracts of two onboard centres in Singapore, 2H23 revenue still managed to grow 22% YoY, showing strength in its rental rate revisions and occupancy rates across its PBWAs and PBSAs. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Foreign worker dormitories and student accommodations continue to contribute to revenue growth.Total revenue for 2H23 rose by 22% YoY from S$89.9mn to S$109.3mn.Despite revenue growth being partially offset by the cessation of management contracts of two onboard centres in Singapore, 2H23 revenue still managed to grow 22% YoY, showing strength in its rental rate revisions and occupancy rates across its PBWAs and PBSAs. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Centurion Corp Ltd - Centre of Excellence.

External broker reports(aggregated public sources), RHB Invest

RHB Invest

RHB Investment Bank is one of the leading capital market players in Malaysia. Supported by an award-winning research team of experienced product specialists, RHB Group Investment Banking offers a full range of investment banking products and services covering primary markets, such as advisory (corporate & debt restructuring, mergers and acquisitions, takeovers), fundraising via both equity and debt instruments, and secondary markets including securities trading for both institutional and retail clients. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>We remain upbeat on Centurion Corp (SGX:OU8), as 1Q23’s revenue growth validates improving demand for its assets globally.</li><li>Occupancy continues to improve in all Centurion’s key markets and it remains on track to meet our forecasts.</li><li>We expect growth to be driven by both increased bed capacities and better rental rates.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We remain upbeat on Centurion Corp (SGX:OU8), as 1Q23’s revenue growth validates improving demand for its assets globally.Occupancy continues to improve in all Centurion’s key markets and it remains on track to meet our forecasts.We expect growth to be driven by both increased bed capacities and better rental rates.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Centurion Corp - Higher Capacities, AEI Driving Growth; Keep BUY

Singapore

Centurion Corporation Limited is a Singapore-based investment holding company that owns, develops, and manages specialized accommodation assets globally. It provides purpose-built worker accommodation under the "Westlite Accommodation" brand and purpose-built student accommodation under the "Dwell" and "EPIISOD" brands, alongside an optical storage media manufacturing business. The company was established in 1981 and is headquartered in Singapore.

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Centurion (CENT SP)

ASEAN Builder's Scoop (11May22) - PROP Home Prices to Rise 3-5% in 2022

Suburban resale condo prices hit new record in Apr22; SMPH boosted by rebounding mall biz; Office demand outside NCR improving

SCCM Asia Research

Soon Hock Enterprise Initiation - Established Player with Consistent Execution

Soon Hock Enterprise Holding (SHOCK SP) is an established real estate developer that undertakes property development and property investment in...

Evolve Capital Advisory Pte Ltd

Centurion Corp Ltd - Strong Revenue Growth and Strategic Expansion

Stronger than anticipated revenue growth . Centurion Corporation reported a 27% YoY growth in total revenue for 1H24, increasing from S$ 97.9 mn to...

KGI Securities

Centurion Corp Ltd - Centre of Excellence.

Foreign worker dormitories and student accommodations continue to contribute to revenue growth. Total revenue for 2H23 rose by 22% YoY from...

KGI Securities

Centurion Corp - Higher Capacities, AEI Driving Growth; Keep BUY

We remain upbeat on Centurion Corp (SGX:OU8), as 1Q23’s revenue growth validates improving demand for its assets globally.

RHB Invest

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