In today’s briefing:
- Centurion Accomodation REIT IPO – New Asset Class
- SBS Transit: Stable and a Slow Growth Business but Expensive at Current Prices
- Earnings Delivery, Reasonable Valuations, Healthy Balance Sheet – Ten Stocks in ASEAN
- Kingsmen Creatives Chair & Deputy Chair Build Stakes
- Stocks Surpassing Turnover Thresholds in 3Q25
- REIT Watch – S-REITs deliver double-digit total return in Q3 as investors await rate cuts
Centurion Accomodation REIT IPO – New Asset Class
- Centurion Accomodation REIT (CAREIT SP) (CAREIT) plans to raise around US$600m in its Singapore listing.
- CAREIT plans to invest directly or indirectly, in a portfolio of purpose-built worker accommodation (PBWA), purpose-built student accommodation (PBSA) or other accommodation, located globally (excluding Malaysia).
- In this note, we look at the REIT’s portfolio and performance.
SBS Transit: Stable and a Slow Growth Business but Expensive at Current Prices
- 55% market share in Singapore bus market. SBS runs 3 train lines.
- The company has only one customer which is LTA and does not have much pricing power
- The company is asset light and has lots of cash on its books.
Raising Money for Persons with Disabilities in Singapore
For your kind consideration
This report has been prepared by Vriddhi Consulting, founded by Punit and Debjani Khanna. A portion of the research was contributed by Shubham Khanna, an individual on the autism spectrum. We are grateful to Smartkarma for providing a platform to share this research and amplify its impact.
All proceeds from the publication of this report will be donated to support people with disabilities in Singapore. If you find this report valuable, we invite you to support our campaign, “Raising Money for Persons with Disabilities in Singapore.” Every contribution directly benefits the Goh Chok Tong Enable Fund and qualifies for a 250% tax deduction for Singapore tax residents.
To contribute, please visit this URL.
Earnings Delivery, Reasonable Valuations, Healthy Balance Sheet – Ten Stocks in ASEAN
- Our focus on earnings delivery continues, this time turning to ASEAN. We screen stocks with consistent EPS estimate upgrades, strong EPS growth forecasts, net debt/equity below 1 and PEG<1.3x.
- In the six ASEAN markets, 10 stocks satisfy our criteria – four from Vietnam, two each from Indonesia and Thailand and one each from Singapore and Malaysia.
- Nine of the ten stocks appreciated sharply over the past 3 and 6 months. Over the past 12 months 7 stocks appreciated and three declined.
Kingsmen Creatives Chair & Deputy Chair Build Stakes
- Institutions were net buyers of Singapore stocks with S$11.1 million inflow, major inflows to DBS, ST Engineering, UOL.
- Stamford Land’s Ow Chio Kiat increased interest to 46.23%, maintaining a debt-free position with S$0.5 billion cash.
- Nordic Group’s Chang Yeh Hong increased interest to 54.87%, with a strong S$184.9 million orderbook as of June 2025.
Stocks Surpassing Turnover Thresholds in 3Q25
- Over 30 Singapore stocks increased their 2025 YTD ADT to above S$100K, with two-thirds seeing P/B ratio accretion.
- Seven stocks saw their YTD ADT rise above S$1 million since June, with varied valuation accretion.
- LHT Holdings recorded the highest net institutional inflow, attributed to DH Cornerstone Fund’s 18.45% stake acquisition.
REIT Watch – S-REITs deliver double-digit total return in Q3 as investors await rate cuts
- The iEdge S-REIT index delivered 10.3% total returns since end-June 2025, with all 30 constituents in the black QTD.
- OUE REIT, CICT, Lendlease Global REIT, and Keppel REIT reported YTD total returns between 23.5% to 30.2% as of Sept 12.
- Retail investors net bought S-REITs with S$600 million inflow YTD, while institutions had S$800 million net outflows.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
