Singapore

• Centurion Corp (CENT SP) is the leading light in purpose workers’ accommodation in Singapore and Malaysia, with high occupancy rates and healthy rental reversions, with a long-term secular growth backdrop.
• The company is also involved in purpose-built student accommodation in centres of excellence for education including the UK, Australia, and the US in a highly sought-after asset space.
• The outlook for both worker and student accommodation looks positive for the coming two years. Valuations look attractive with Centurion Corp trading at a 56% discount to NAV.

• 8 S-REITs & Property Trusts among Singapore’s Top 20 Retail Net Buys in 1Q24 1Q24 Retail Net Inflows (S$M) There were eight S-Reits and property trusts among the top 20 stocks which recorded the most retail net inflows in Q1 2024.

• A recent Smartkarma Corporate Webinar | iFAST: Stellar Performance of Singapore’s Global Fintech Player introduced one of the few Fintech players in Asia that has been making profits since 2011.
• The successful launch of its HK ePension platform can be highly scalable and is expected to be an important growth driver for the company in 2024 and 2025. 
• IFast Global Bank is expected to break even in Q4 this year and to be an important growth driver for the group’s next 3-year plan (2025 and beyond). 

• Of the 200+ Singapore-listed stocks that booked positive total returns in 2023, more than 80 stocks have added gains or maintained their positive total return in 1Q24 (as at 25 March).
• Seven of these 10 stocks maintain a single digit P/E ratio with three of the seven stocks also trading below book value.
• According to the SGX Stock Screener, Beng Kuang Marine maintains the next highest ROE of the 80+ stocks at 43.7%, with a P/E ratio of 4.5x as of 25 March.

• kopi-C with ISOTeam’s CEO: “I’m investing in both drones and professional development” For people who live in Housing Development Board (HDB) flats in Singapore, drones may soon become a common sight.
• ISOTeam, which specialises in maintaining and upgrading buildings, has been using drones for façade inspections since 2021.

• Taylor Swift concerts in Singapore has increased both hotels’ occupancy rate and daily rate
• Far East Hospitality Trust (FEHT SP) share price has not moved much since the Swift concert. 
• There is a slim chance FEHT hotels did not participate in the upside during Swift event, but the odds are higher that FEHT hotels will participate in the upside.

• Accredify, a company that enables firms to create, issue, and manage tamper-proof verifiable credentials in Singapore, has raised an undisclosed strategic investment from US-based Okta Ventures, the investment arm of the independent identity management platform Okta.
• Accredify will integrate Okta’s solutions, such as SSO and MFA, into its product.
• This Series A extension round follows the Singaporean startup’s US$7 million financing in April 2023, co-led by iGlobe Partners and SIG Venture Capital, with participation from Pavilion Capital and Qualgro.

• Ai Palette, a Singapore-incorporated startup enabling consumer packaged goods (CPG) companies to create products using AI and machine learning technologies, has bagged US$4 million in equity financing from local VC firm Tin Men Capital.
• This brings the capital raised by the AI startup in the Series A extension round to US$5.8 million.
• With the fresh funds, Ai Palette looks to expand further into the beauty & personal care and nutraceutical categories, which began development in November 2023.

• Singapore-based Rider Dome, which specialises in AI-driven safety solutions for motorcycle fleets and riders, has announced the completion of its US$2.3 million seed funding round.
• The investors are local mobility startup investor Goldbell, Radha Rani Holdings Family Office, and undisclosed angels.
• “With the strategic partnership of our investors, Rider Dome not only gains financial support but also taps into a wealth of experience and market understanding within the automotive industry.

• 10 Top performing S-REITs and Trusts for Mar 18-22 MANULIFE US REAL ESTATE INV The top five gainers among S-REITs and property trusts in the week ahead of the Friday afternoon session were: Manulife US REIT, Keppel Pacific Oak US REIT, ARA US Hospitality Trust, First REIT, and Far East Hospitality Trust.

• Share buybacks by primary-listed companies Institutions were net buyers of Singapore stocks over the five trading sessions through to Mar 21, with S$257 million of net institutional inflow, as 23 primary-listed companies conducted buybacks with a total consideration of S$26.5 million.
• This followed her acquisition of 13,900 shares at an average price of S$0.48 per share on Mar 7, and 191,500 shares at S$0.49 per share on Mar 11.

• kopi-C with IREIT Global’s CEO: “Conviction is what matters” “Everyone was saying we were crazy, that retail is over due to e-commerce and Covid-19,” recalls Louis d’Estienne d’Orves, chief executive officer of IREIT.
• The REIT also has the backing of its joint sponsors, global real estate firm City Developments Limited and international alternative asset management group Tikehau Capital.

• REIT Watch – S-Reits continue to expand through DPU-accretive acquisitions Nevertheless, S-Reits are still expanding their portfolios as we see Reit managers announce proposed acquisitions and developments in the year thus far.
• MLT announced the proposed acquisitions of three logistics properties – one in Malaysia and two in Vietnam – for a total acquisition cost of about S$234 million.

• Raffles Medical executive chair continues acquisitions, CDL leads buyback consideration Institutions were net sellers of Singapore stocks over the five trading sessions through to Mar 14, with S$156 million of net institutional outflow, as 24 primary-listed companies conducted buybacks with a total consideration of S$35.3 million, up from the S$24.4 million in buyback consideration for the preceding five sessions.
• Between Mar 7 and 13, Raffles Medical Group executive chairman Loo Choon Yong acquired 2.7 million shares at an average price of S$1.02 per share.

• Even if you were an activist, or a trader with an activism tilt, be long Keisei Electric Railway Co (9009 JP) vs. Oriental Land (4661 JP).
• Reportedly, Singtel (ST SP) is negotiating a sale of Optus. Both Singtel and Optus scotch those rumours. 
• Alumina Ltd (AWC AU) and Alcoa (AA US) enter into a Scheme. As expected. The key question: is CITIC, with 18.9% of shares out, supportive?

• Reportedly (AFR), Singtel (ST SP) is in advanced talks to sell Optus, Australia’s second-largest telco, to Brookfield for A$16bn-A$18bn. 
• SingTel quickly countered there is no impending deal; and “Optus remains an integral and strategic part of the Singtel Group and we are committed to Australia for the long term.”
• Optus’ EBITDA in 3Q24 and 9M24 fell 1.8% and 8.3% in S$ terms. Extrapolating out for FY24E suggests pricing under this (very) indicative Offer of around 7.6-8.6 turns of EBITDA.

• The STI March quarterly review will see Frasers Centrepoint Trust (FCT) added to the STI effective the Monday 18 March open.
• FCT’s inclusion is expected to take the STI’s REIT Sector weight back to ~13% from ~12% at present, and the number of STI REITs back to seven, following Keppel DC REIT leaving the STI in June 2023.
• Impacting the outlook for financing costs, this has seen the six STI REITs average 9.4% declines in unit prices post the indicative 29 Dec 2023 STI weightages.

For our next Corporate Webinar, we are glad to welcome Centurion Corporation’s CEO, Mr Kong Chee Min. 

In the upcoming webinar, Chee Min will share a short company presentation after which, he will engage in a fireside chat with Smartkarma Insight Provider, Angus Mackintosh.

Angus will also be providing an industry overview, featuring landscape commentary and returns analysis. The Corporate Webinar will include a live Q&A session

In the spirit of giving back to our community, one of the attendees will also be awarded an Amazon Kindle as part of our exclusive lucky draw. 

The Corporate Webinar will be hosted on Thursday, 21 March 2024, 19:00 SGT.

About Centurion Corporation 

Centurion Corporation Limited (“Centurion” or the “Company” and together with its subsidiaries, the “Group”) owns, develops and manages quality, purpose-built workers accommodation assets in Singapore and Malaysia, and student accommodation assets in Australia, the United Kingdom (“UK”) and the United States (“US”). The Group owns and manages a strong portfolio of 34 operational accommodation assets totalling approximately 66,607 beds as of 30 September 2023. Centurion’s established portfolio of workers accommodation assets are managed under the “Westlite Accommodation” brand and comprises nine workers accommodation assets in Singapore as well as eight workers accommodation assets in Malaysia. The Group’s student accommodation assets are managed under the “Dwell” brand, with ten assets in the UK, five assets in US and two assets in Australia. With global reach and a clear growth strategy to actively enhance and manage its assets, identify strategic acquisitions and joint ventures, as well as develop customised accommodation management services, Centurion is well-positioned as a leading provider of quality, purpose-built accommodation.