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

Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

Equity Bottom-Up

<ul><li>GLP aims to bounce back from a $1.8B loss by selling its international funds business.</li><li>BlackRock, Centurion, Coliwoo, and Arch are exploring residential opportunities at the Singapore Forum.</li><li>The goal is to create a mutually beneficial situation for investors and occupiers through these discussions.</li></ul>

GLP aims to bounce back from a $1.8B loss by selling its international funds business.BlackRock, Centurion, Coliwoo, and Arch are exploring residential opportunities at the Singapore Forum.The goal is to create a mutually beneficial situation for investors and occupiers through these discussions.

Asia Real Estate Tracker (09-May-2025): GLP to right ship post $1.8B loss.

<ul><li>Hong Kong has halted land sales in order to boost the office market within the region.</li><li>Singapore's Centurion saw their profits more than double to $257M, driven by soaring property valuations.</li><li>Alibaba announces plans to invest a substantial $53 billion in AI infrastructure development.</li></ul>

Hong Kong has halted land sales in order to boost the office market within the region.Singapore's Centurion saw their profits more than double to $257M, driven by soaring property valuations.Alibaba announces plans to invest a substantial $53 billion in AI infrastructure development.

Asia Real Estate Tracker (28-Feb-2025): HK halts commercial land sales to cure office slump.

<ul><li>Centurion is considering an REIT IPO amidst a rebound in Singapore property trusts, indicating positive market sentiment.</li><li>Microsoft plans to make a significant investment of $3 billion in India's digital infrastructure, the largest commitment in Asia.</li><li>Hong Kong is testing the market by announcing a land tender following the successful sale of an MTR plot, signaling confidence in the property sector.</li></ul>

Centurion is considering an REIT IPO amidst a rebound in Singapore property trusts, indicating positive market sentiment.Microsoft plans to make a significant investment of $3 billion in India's digital infrastructure, the largest commitment in Asia.Hong Kong is testing the market by announcing a land tender following the successful sale of an MTR plot, signaling confidence in the property sector.

Asia Real Estate Tracker (09-Jan-2025): Centurion explores REIT IPO as Singapore trusts rebound.

External broker reports(aggregated public sources), RHB Invest

RHB Invest

External broker reports(aggregated public sources)

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><p><em>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.</em></p>

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

Asia Real Estate Tracker (09-May-2025): GLP to right ship post $1.8B loss.

GLP aims to recover from $1.8B loss by selling international funds business, while BlackRock, Centurion, Coliwoo, and Arch discuss residential...

Asia Real Estate Tracker

Asia Real Estate Tracker (28-Feb-2025): HK halts commercial land sales to cure office slump.

Hong Kong stops land sales, Centurion profits double in Singapore, Alibaba to invest $53B in AI, Hotel Indigo Auckland for sale.

Asia Real Estate Tracker

Asia Real Estate Tracker (09-Jan-2025): Centurion explores REIT IPO as Singapore trusts rebound.

Centurion is considering an REIT IPO amidst a rebound in Singapore property trusts, indicating positive market sentiment.

Asia Real Estate Tracker

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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