Centurion Accommodation Reit

The brokerage initiates with a target price of S$1.86 per share

Revenue is 2.7% higher than the projected S$51.1 million; better-than-expected results due to higher occupancy and rental rates

Post-upgrades, rents may be raised to reflect the higher quality and costs of maintaining the facilities

For the full year, net profit was down 67 per cent to S$114.8 million

This is 6.7% higher than its forecast of S$0.0163; its revenue is also higher than forecast

The property player is targeting worker and mid-skilled housing in around three countries in the Middle East

The proposed works should start by Q2, and will be completed in about 1.5 years

RHB upgrades Centurion Corporation’s target price to S$1.88 from S$1.86