Tuesday, September 27, 2011


Centurion: Tipped to soon emerge as the region's premier builder and operator of workers' dormitories, housing some 100,000 beds in SG, Msia and China. Co. note that given pace at which manufacturing industries are growing around the region, demand for labour will continue to grow strongly.

Grp currently undertaking a book-building exercise to place out another 100m new shares, priced at between 20c and 24c each, to maintain a 25% free float. The proceeds will be used to develop the Mandai property as well as finance future expansion and development needs.

Conclude that this is a stable business with resilient cashflow, and even during the 2008 financial crisis, dormitories in SG were still full, noting that as long as there is a shortage of workers, the issue is how to provide decent, secure and cost effective housing for them.

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