Centurion Corporation (OU8) Q1 2025 TU earnings summary

Executive summary

• 1Q 2025 revenue rose 13% YoY to S$69.049m from S$61.122m, supported by rental revisions, strong Singapore and UK performance, and new assets.

• Portfolio comprised S$2.6b AUM, ~69,929 operational beds and apartments, and 37 properties across 15 cities in six countries as of 31 Mar 2025.

• Performance remained resilient despite softer occupancy in Malaysia and Australia; growth projects are planned across Singapore, Malaysia and Australia through 2026.

Financial highlights

• Singapore PBWA revenue rose 17% YoY to S$48.682m, supported by Westlite Ubi and positive rental revisions.

• Malaysia PBWA revenue was S$4.776m, down 1% YoY; stronger ringgit and rental revisions offset lower occupancy.

• UK PBSA revenue rose 6% YoY to S$11.056m.

• Australia PBSA revenue fell 7% YoY to S$3.641m; local-currency revenue declined 3%, mainly due to lower capacity during an AEI.

• PBWA revenue grew 15% to S$53.4m, while PBSA revenue grew 2% to S$15.0m.

Outlook and guidance

• Management expects strong portfolio performance in 2025 while balancing occupancy and rental-rate growth amid macroeconomic challenges.

• Westlite Toh Guan is expected to add ~1,764 beds by 4Q 2025; Westlite Mandai is planned to add ~3,696 beds by 1Q 2026.

• Westlite Johor Tech Park AEI is expected to add ~870 beds by 4Q 2025; a potential Nusajaya PBWA development could provide ~7,000 beds.

• Australia pipeline includes ~732 PBSA beds at Macquarie Park by 4Q 2025, a ~600-bed block by 2026, and a proposed ~575-bed Melbourne development awaiting planning approval.

• New Hong Kong PBSA and BTR assets are expected to ramp occupancy progressively, with Hong Kong PBSA ramp-up expected for the 3Q 2025 academic year.