Centurion Corporation Limited | www.centurioncorp.com.

sg
To be a leading provider of quality workers and student accommodation
and related professional management services, regionally and worldwide
ABOUT US
Centurion Corporation Limited (the Group) owns, develops and manages quality workers accommodation assets under the WESTLITE brand and student
accommodation assets. The Group currently has a strong portfolio of 22 operational accommodation assets totalling 64,408 beds in Singapore, Malaysia, Australia
and the UK as at July 2016. Through successful asset enhancements and acquisitions, the Accommodation Business has expanded strongly and is expected to
continue its growth momentum through further opportunities.

INVESTMENT HIGHLIGHTS
ONLY Singapore-listed company focused on quality workers and student

STOCK INFORMATION (as at 13 Sep 2016)

Bloomberg Code
SGX-ST Mainboard
Stock Price
Outstanding Shares
Market Capital (S$ m)

accommodation

Resilient asset classes underpinned by stable revenue stream from

ongoing demand for purpose-built workers and student accommodation

Continued expansion into student accommodation through acquisitions of

student accommodation assets in Australia and the United Kingdom

Established operational capabilities and asset enhancement potential

within existing portfolio

Proven track record executed by multi-discipline professionals and

experienced management team

Sustainable income stream with strong pipelines

GROWTH STRATEGIES
Acquisitions Geographically and into other accommodation segments
Strong pipelines Workers accommodation in Bukit Minyak (5,000 beds)
and Juru (6,100 beds), Malaysia

Capture opportunities in the resilient student accommodation market

Prospect of new geographical markets

Asset enhancement opportunities RMIT Village and UK student

accommodation assets

CENT SP
Listed on 26 Jan 1995
S$0.350
739,964,438
259.0

ACCOMMODATION PORTFOLIO
12 workers accommodation and 10 student accommodation in operation
(64,408 beds)
2 workers accommodation (11,100 beds) in Malaysia under development/
planning

Capacity (no. of beds)

Current
Expected (2018)

Country
Workers Accommodation
Singapore
Malaysia
Student Accommodation
Singapore
Australia
UK
TOTAL

35,500
25,700

35,500
36,800*

332
456
2,420
64,408

332
456
2,420
75,508

* upon completion of construction between 2016 and 2018

TOTAL NUMBER OF BEDS

Provide accommodation management services to third-party owners

Accommodation Portfolio - Bed Capacity

Scope of accommodation business to include short-term stays and related

supporting services

80,000

2,420
332 456

70,000

2,420
2,420
332 456 332 456

No. of beds

60,000

50,000

315

40,000

1,906
456

30,000

14,500

Strong demand for quality workers accommodation underpinned by a

large foreign/migrant worker base across key industrial hubs across Asia

Student accommodation consistently one of the best performing sectors

during global economic downturn, expanding rapidly from a 2009 low of
$0.8bn investment globally, to a high of $7.2bn in 2013

Number of highly mobile international students rising from 3 million in

2011 to 3.9 million in 2024

UK and Australia among top three destinations for students studying

abroad

Shortage of student accommodation in Australia and UK

13,900

19,700

23,500

27,600

35,500

35,500

35,500

5,300

5,300

24,800

33,200

40,362

50,072

64,408

64,408

75,508

2011

2012

2013

2014

2015

2016F

2017F

2018F

Singapore

Malaysia

Australia

Singapore (Stu)

United Kingdom

REVENUE & NET PROFIT (S$000)

Net Profit

Revenue
120,000
100,000

(excluding one-off items)

40,000

104,538

31,118

84,443

35,586

30,000

80,000

57,371

60,000

17,774

20,000

40,000
10,000

20,000
0

0
FY2014

WESTLITE BUSINESS MODEL (http://www.westlite.com.sg)

Effective management supported by an established

25,700

19,800

10,900

10,000

Shortage of quality and well-managed purpose-built workers

accommodation in Singapore and the region

25,700

13,500

20,000

INDUSTRY LANDSCAPE

36,800

1,901
456

FY2015

1H2016

FY2014

FY2015

1H2016

FINANCIAL HIGHLIGHTS

operating platform

S$000

Differentiation through branding and its holistic approach in providing

accommodation and related services

Revenue
Gross Margin
Net Profit 2
Net Operating Cash
NAV/share

FY20131

FY2014

FY2015

1H2016

66,432
52%
18,849
27,807
38.74c

84,443
66%
31,118
53,544
51.61c

104,538
66%
35,586
54,524
53.49c

57,371
67%
17,774
27,561
52.97c

FOOTNOTES
1
Excluding one-off items such as goodwill impairment, one-off acquisition expense, one-off net gains, fair value gains and impairment losses
2
With effect from Q2 FY2013, the Group changed its accounting policy for investment properties from cost to fair value model.

For more information, please contact Kreab: +65 6339 9110 | cent@kreab.com