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Centurion Corporation: Dormitory visit takeaways BUY Target S$ 0.86 We like Centurion for its strong income visibility and growth over the next two years - we have forecasted 70% growth in core earnings for FY14, attributable to income contribution from the recent completions of phase 2 of Westlite Toh Guan and Westlite Mandai, contribution from RMIT Village in Australia which was acquired in Feb-14, the ramp up of dormitory operations in Malaysia, as well as organic rental reversions for dormitory beds. Furthermore, FY14 will see a one-off contribution of c.S$16m from the sale of industrial land in Mandai. We maintain our BUY call, with TP S $0.86. by DBS. (12 mth target)
target is 86 cents by some expanded into australia, indonesia, msia. 250 sgd per bed. raise to 300 sgd per bed, got thousands of bed, just imagine their earnings.
huge big buys last few days n today. i think probably might see 82 cents soon...my own thoughts only.
I am still bullist on this. Though now they face competition in local marker, they have extended their business into Australia, Malaysia, Indonesia and even Middle East. Again first company to do so and that will give them some edge. Vested and my view could be bias but just sharing.
guoyanyunyan ( Date: 02-Apr-2014 08:26) Posted:
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Centurion hits our target at $0.67, but it looks like a resistance in $0.77-$0.80 ____
...We do think that this is a good stock, but with price now at $0.74, we would suggest caution, as we think there might be a resistance at $0.77-$0.80.
Let us see how much it consolidates when this region is hit. You might want to take profit in this region first, wait and see if there is another entry.
Keep a lookout on our post about this stock again!
Rgds
Daniel
www.danielloh.com
Fair enough, plus competition now existed. They do have the edge as market leader but competition will eat into its share of market pie. Cheers
edwinjup ( Date: 28-Mar-2014 19:40) Posted:
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Dont think price will crash as worker dormitory still a hot topic....but.i think centurion.price.already price.in.all factors liao.....if brokerage target 82 cents...then give a 10-15% discount......why ? If everyone feel will reach 82 cents.....where.to.find buyers to buy from.u when reach 82cents....??
HVRRVH ( Date: 28-Mar-2014 19:14) Posted:
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Thks but the historical chart and volume plus each year's annual reports do not suggest this could happen anytime soon, unless of course another financial crisis.
interfact ( Date: 28-Mar-2014 18:36) Posted:
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IF foreign workers decide to leave or everything turns automatic...then may happen as you predict...
interfact ( Date: 28-Mar-2014 18:36) Posted:
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Think also can look into wee hur...16800 beds worker dormitory going to.complete 2h 2014.....if per bed rental around $300....16800*300 per months......land cost around $69 per bed as compare to swee hong.recent tender $160per bed....expect much better.profit......if u missed.centurion...then.dont.miss wee hur
Second.large listed worker.dormitory.provider....invested
Second.large listed worker.dormitory.provider....invested
guoyanyunyan ( Date: 27-Mar-2014 14:37) Posted:
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Find talk up by analyst abit fishy.Becareful it may drop back quicjly to half of today px.
My personal view.
DYODD
Wah fund managers really buy after the visit? Price increased with the volume, close 1 cent higher. Look good.
guoyanyunyan ( Date: 27-Mar-2014 14:37) Posted:
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A Visit To The Dormitories (BUY $0.65, TP: $0.82) link
We
brought a group of fund managers to visit Centurion Corp's two
dormitories, namely Toh Guan (8,600 beds) and Mandai (6,300 beds) - a JV
with Lian Beng. We were pleasantly surprised with the: i) good
facilities, ii) comfortable living environment, and iii)
provision of welfare and social activities in the dorms which reaffirm
Centurion's " managing with a heart" motto and separate them from
peers' factory converted dorms. BUY, with a DCF-backed TP of 82 cents.
100% occupancy level by June 2014.
Based on our estimates, Centurion's new block in
Toh Guan - which has just started operation early this year -
has reached a 50% occupancy rate while its Mandai dormitory has
achieved over 90%. According to management, full occupancy will most
likely be achieved within the next 2-3 months.
Potential new projects in Singapore, Penang and Qatar.
The Building and Construction Authority (BCA) and the JTC Corp have
just put up two new dormitory land parcels for tender: i) a 6-year
2,000-bed in Mandai, and ii) a 20-year 9,200-bed in Tuas. In addition,
Centurion is still awaiting the upcoming tender results from a
25,000-bed workers village in Penang, Malaysia and a 20,000-bed
workers accommodation in Qatar. These potential new projects,
coupled with any further new land releases by the Singapore
Government, will provide additional boost to its workers
accommodation segment.
Robust earnings growth outlook of 54% and a SGD14.4m sweetener. We continue to like Centurion's: i) strong operating cash flow generation, ii) growth prospects, and iii) high gross margins of > 50%. Its core earnings are expected to remain strong with a 54% growth for FY13-14, driven by its Mandai dormitory project as well as a > 4,000-bed expansion for its Toh Guan dormitory, which is on track to obtain full occupancy. On top of that, Centurion is also expected to rake in a one-off SGD14.4m gain from an industrial ramp-up project - M-Space. Therefore, we maintain our BUY call, with a DCF-backed TP of 82 cents..
..last:$0.67...
Centurion has done a vendor placement to Lian Beng Group and other private investors. Centurion Properties and
Mr. David Loh, who collectively own c.66% of the Group, have sold 70m
shares and 10m shares respectively, equivalent to 10.58% of total shares
capital of the Group. This deal with reduce the vendors' effective
stake to 55.40%. Lian Beng purchased 38m shares at S$0.57 per share from
Centurion Properties, translating to an effective stake of 5.026% in
the Group, whilst other private investors took up 42m shares, or c.5.6%
of total shares capital. This represents c.7% discount to last closing
price. Just as a recap, Centurion Group currently has a 45%/55% JV for
with Lian Beng for Westlite Mandai, comprising (a) 6290 dormitory beds
which were completed last year, and (b) 141 units of ramp up industrial
space which has since been sold.
We are positive on this news. We see this vendor placement as more of a strategic move than a cashing out by the majority shareholder. This exercise will improve the market liquidity of Centurion, as well as ensure the alignment of interests of the Group and Lian Beng with regard to Westlite Mandai, which we estimate will contribute c.15% of the Group's pretax profit for FY14. After this placement, Centurion Properties and other parties related to Centurion Corp will own an aggregate 66.3% of the stock, compared to c.77% previously. The new shareholding structure will increase free float to 29%, up from 24%.
...last:$0.640...
u r rite..penny stocks really take up a lot of time and can gib heart attack also.
HVRRVH ( Date: 22-Jan-2014 22:17) Posted:
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Nice close to end the week. Looking forward to more upside next week.
Positive stock with good fundamental. Time to move away from micro penny to stocks like this, at least bought already can put one side and check only once in a while. Don't need to monitor on daily basis and free up time to do other things.
DBSV maintains Buy with $0.77 TP. Note that Centurion recently acquires land in Bekasi District, Indonesia for $0.8m. Centurion will develop about 750 apartment units catering to workers and executives, to be completed in 2016. While developments at this point are still nascent, note that this investment into Indonesia marks an important milestone in the Group?s bid to diversify its business model, both geographically as well as operationally. This venture is a timely one, given the increasingly competitive bidding market for new dormitory land in Singapore. Overall, the house like Centurion for its execution track record and its compelling growth story in the next two years.
Centurion acquires land in Indonesia for workers' housing
Author: value_investor
Centurion Corporation announced on Friday that it has acquired a 7,220 sqm plot of land in Jakarta, Indonesia for S$800,000 to develop accommodation for workers. It will be developed, owned and operated by Centurion's wholly owned subsidiary, PT Westlite Accommodation Cibitung, which has just been incorporated in Indonesia today.
The proposed accommodation will be located in the eastern part of Jakarta in Bekasi District, which comprises several established industrial parks and some 100,000 workers. It will house about 750 apartment units, and is targeting workers and middle-level executives working in nearby industrial parks. (BT)
...last: $0.535...
A substantial number of dormitories will be built over the next two to three years to better house foreign workers, said Singapore's PM Lee.Sound good for centurion being leader in FW dormitories.