Centurion Accommodation REIT "Raise price target on rising bed count" (Buy) Lim

Research evidence excerpt

Centurion Accommodation REIT "Raise price target on rising bed count" (Buy) Lim

Global Research

13 May 2026ab

Centurion Accommodation REIT Equities

SingaporeRaise price target on rising bed count

Real Estate

12-month rating Buy

Worker dormitory strength offsets softer UK PBSA backdrop

We continue to view Centurion Accommodation REIT (CAREIT) as a compelling way to 12m price target S$1.25

gain exposure to the structurally undersupplied worker dormitory market, which Prior : S$1.18

contributes roughly 72% of NPI. While the UK PBSA market is entering a softer phase,

Price (13 May 2026) S$1.11

exposure remains manageable at 17%. In Australia, the largest PBSA asset remains

under a master lease through 2027, providing earnings stability. In the UK, the Renters RIC: CENT.SI BBG: CAREIT SP

Rights Act, effective 1 May, could disrupt the private rented sector in the near term but

Trading data and key metrics

we think should ultimately benefit institutional PBSA operators. Scotland offers a

52-wk range S$1.19-0.96

relevant precedent. Similar tenancy reforms introduced in 2016 contributed to a

contraction in private rental supply and a gradual shift in demand toward professionally Market cap. S$1.91b/US$1.50b

managed build-to-rent assets. We reiterate our Buy rating. Shares o/s 1,722m (ORD)

Free float 55%

Occupancy and funding trends tracking ahead of expectations Avg. daily volume ('000) 5,728

Management indicated UK PBSA operating trends remain constructive despite a slower Avg. daily value (m) S$6.4

reservation cycle for the upcoming academic year. Forward bookings have improved Common s/h equity (12/26E) S$1.50b

over the past two to three weeks, though they remain below last year’s pace as students P/BV (12/26E) 1.3x

increasingly commit closer to term start.