Centurion

Centurion: 1Q14 Net profit soared nearly 500% to $22.6m while revenue was higher by 21% at $19.4m driven by Toh Guan dormitory which saw expansion in bed capacity and maiden revenue from RMIT village. Gross margins increased from 50% to 59%. There was a $18.8m share of gain, of which 1.5% comes from the Mandai dormitory, and $17.3m from the recognition of M Space. Excluding the one off gain from M Space, net profits would have been 40% higher at $5.4m. The 4,100 dorm in Woodlands have commenced construction and is expected to be completed by 3Q15, while the Tampoi dorm is expected to be completed in 1Q15 Special interim dividend of 0.5¢ declared Centurion is currently trading at forward P/E of 17x