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uSMART Securities

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uSMART Securities Pte Ltd

uSMART Securities (Singapore) Pte. Ltd (uSMART SG),is a leading securities company regulated by MAS and we hold a Capital Markets Services (CMS) License under the Securities and Futures Act 2001. We provide smart, professional and outstanding one-stop financial services to our clients, to best serve investors' needs and investment journey.

Equity Bottom-Up

<ul><li>Downgrade to OUTPERFORM; TP lowered to S$1.67 on hybrid SOTP.</li><li>We downgrade Centurion to OUTPERFORM from BUY and lower our target price to S$1.67 from S$1.85, implying 12.8% upside from the 18 Sep 2026 closing price of S$1.48.</li><li>The rating change reflects the lower assessed upside rather than weaker operations.</li></ul>

Downgrade to OUTPERFORM; TP lowered to S$1.67 on hybrid SOTP.We downgrade Centurion to OUTPERFORM from BUY and lower our target price to S$1.67 from S$1.85, implying 12.8% upside from the 18 Sep 2026 closing price of S$1.48.The rating change reflects the lower assessed upside rather than weaker operations.

Centurion Corporation Limited: Earnings Update (22 September 2026)

<ul><li>BUY maintained; TP raised to S$1.85 on SOTP.</li><li>We maintain BUY and raise our target price from S$1.80 to S$1.85, implying 27.7% upside from the 12 Jun 2026 close of S$1.45.</li><li>FY2025 was an operational beat rather than a simple headline earnings story</li></ul>

BUY maintained; TP raised to S$1.85 on SOTP.We maintain BUY and raise our target price from S$1.80 to S$1.85, implying 27.7% upside from the 12 Jun 2026 close of S$1.45.FY2025 was an operational beat rather than a simple headline earnings story

Centurion Corporation Limited: Earnings Update

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>Company Update: 27 March 2026 CAREIT spin-off completed, capital-light model taking shape.Centurion completed the divestment of 14 stabilised PBWA and PBSA assets into CAREIT in Sep-25, crystallising value and strengthening its capital recycling framework.</li><li>As of 31 Dec 2025, the group’s AUM comprised 25 owned and operated assets with 53,107 beds and 17 managed assets with 25,740 beds, including 14 CAREIT-owned assets.</li><li>Centurion completed the divestment of 14 stabilised PBWA and PBSA assets into CAREIT in Sep-25, crystallising value and strengthening its capital recycling framework.</li></ul>

Company Update: 27 March 2026 CAREIT spin-off completed, capital-light model taking shape.Centurion completed the divestment of 14 stabilised PBWA and PBSA assets into CAREIT in Sep-25, crystallising value and strengthening its capital recycling framework.As of 31 Dec 2025, the group’s AUM comprised 25 owned and operated assets with 53,107 beds and 17 managed assets with 25,740 beds, including 14 CAREIT-owned assets.Centurion completed the divestment of 14 stabilised PBWA and PBSA assets into CAREIT in Sep-25, crystallising value and strengthening its capital recycling framework.

Company Report: ​​Centurion Corp Ltd​ (CENT SP/OU8.SI)

<ul><li>CAREIT divestment completed, enhancing cash flow visibility.</li><li>Centurion completed the divestment of 14 stabilised PBWA and PBSA assets to Centurion Accommodation REIT (CAREIT), crystallising asset value and strengthening balance sheet flexibility.</li><li>The transaction introduces recurring sponsor-related income streams while improving earnings quality through a more capital-light model. </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>

CAREIT divestment completed, enhancing cash flow visibility.Centurion completed the divestment of 14 stabilised PBWA and PBSA assets to Centurion Accommodation REIT (CAREIT), crystallising asset value and strengthening balance sheet flexibility.The transaction introduces recurring sponsor-related income streams while improving earnings quality through a more capital-light model. 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 (CENT SP/OU8.SI): Capital Recycling Via CAREIT and Continued Earnings Resilience

<ul><li>Centurion is a leading owner-operator of specialized accommodation assets across Asia-Pacific and Europe, anchored by Purpose-Built Worker Accommodation (PBWA) in Singapore and Malaysia, and Purpose-Built Student Accommodation (PBSA) in the UK and Australia.</li><li>Its portfolio exceeds 70,000 beds, with resilient occupancy (PBWA 94%, PBSA 97%) and exposure to essential, non-cyclical demand.</li><li>FY2024 revenue rose 22% YoY to S$253.6mn, sustaining a 24% CAGR since FY2021, driven by rental escalation and capacity expansion, notably the Westlite Ubi launch.</li></ul>

Centurion is a leading owner-operator of specialized accommodation assets across Asia-Pacific and Europe, anchored by Purpose-Built Worker Accommodation (PBWA) in Singapore and Malaysia, and Purpose-Built Student Accommodation (PBSA) in the UK and Australia.Its portfolio exceeds 70,000 beds, with resilient occupancy (PBWA 94%, PBSA 97%) and exposure to essential, non-cyclical demand.FY2024 revenue rose 22% YoY to S$253.6mn, sustaining a 24% CAGR since FY2021, driven by rental escalation and capacity expansion, notably the Westlite Ubi launch.

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)

Centurion Corporation Limited: Earnings Update (22 September 2026)

Operating momentum intact; capital returns now determine upside. Downgrade to OUTPERFORM; TP lowered to S$1.67 on hybrid SOTP.

uSMART Securities

Centurion Corporation Limited: Earnings Update

BUY maintained; TP raised to S$1.85 on SOTP. We maintain BUY and raise our target price from S$1.80 to S$1.85, implying 27.7% upside from the 12...

uSMART Securities

Company Report: Centurion Corp Ltd (CENT SP/OU8.SI)

Company Update: 27 March 2026 CAREIT spin-off completed, capital-light model taking shape.Centurion completed the divestment of 14 stabilised PBWA...

KGI Securities

Centurion Corp Ltd (CENT SP/OU8.SI): Capital Recycling Via CAREIT and Continued Earnings Resilience

Centurion completed the divestment of 14 stabilised PBWA and PBSA assets to Centurion Accommodation REIT (CAREIT), crystallising asset value and...

KGI Securities

Centurion Corp Initiation

Centurion is a leading owner-operator of specialized accommodation assets across Asia-Pacific and Europe, anchored by Purpose-Built Worker...

uSMART Securities

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52-week Range

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Centurion Corporation Limited: Earnings Update (22 September 2026)

Operating momentum intact; capital returns now determine upside. Downgrade to OUTPERFORM; TP lowered to S$1.67 on hybrid SOTP.

uSMART Securities

Centurion Corporation Limited: Earnings Update

BUY maintained; TP raised to S$1.85 on SOTP. We maintain BUY and raise our target price from S$1.80 to S$1.85, implying 27.7% upside from the 12...

uSMART Securities

Company Report: ​​Centurion Corp Ltd​ (CENT SP/OU8.SI)

Company Update: 27 March 2026 CAREIT spin-off completed, capital-light model taking shape.Centurion completed the divestment of 14 stabilised PBWA...

KGI Securities

Centurion Corp Ltd (CENT SP/OU8.SI): Capital Recycling Via CAREIT and Continued Earnings Resilience

Centurion completed the divestment of 14 stabilised PBWA and PBSA assets to Centurion Accommodation REIT (CAREIT), crystallising asset value and...

KGI Securities

Centurion Corp Initiation

Centurion is a leading owner-operator of specialized accommodation assets across Asia-Pacific and Europe, anchored by Purpose-Built Worker...

uSMART Securities

Company Report: Centurion Corp Ltd (CENT SP/OU8.SI)