0501 GMT - Centurion Corp.'s earnings stand to benefit from higher bed rates in Singapore, RHB Research analyst Alfie Yeo says in a research report, as RHB raises the stock's target price to S$1.06 from S$0.76 with an unchanged buy rating. Ongoing upward rental reversions are boosting average bed rates for its purpose-built workers accommodation assets, thanks to the shortage of dormitories in Singapore, the analyst notes. RHB lifts its 2025 and 2026 earnings estimates for Centurion by 12% and 17%, respectively. The Singapore-listed accommodation assets provider has also entered China market with a Chinese partner to establish two joint ventures to renovate and operate build to-rent residential accommodation in Fujian province, the analyst adds. Shares are 0.6% higher at S$0.84. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
October 14, 2024 01:01 ET (05:01 GMT)
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