SINGAPORE (Nov 16): Maybank Kim Eng is maintaining its “hold” on Centurion Corp with lower target price of 36 cents after 800 beds were cut from its bed capacity at Westlife Toh Guan following an unsuccessful appeal.
In a Tuesday report, analyst John Cheong says outlook in the workers accommodation sector in Singapore remains “unexciting” on lower foreign workers growth and ample supply of beds.
To recap, Centurion’s 3Q16 earnings were in line with Maybank’s expectations and grew 6% on year. 9M16 core earnings met 72% of Maybank’s FY16 estimate.
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