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3Q21: Resilience And Recovery

Centurion reported a strong 3Q21 with revenue up 20% yoy to S$35.3m, helped by its PBWA segment as occupancy and portfolio expansion both increased at a healthy clip. Its 9M21 revenue was stronger than expected at S$99.9m (+4% yoy), making up over 80% of our full-year 2021 estimates. As international travel progressively picks up in its key markets, we remain cautiously optimistic on the recovery of its PBSA assets and 2022 outlook. Maintain BUY. Target price: S$0.430.

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