RHB Bank Singapore analyst Alfie Yeo has increased his target price on Centurion Corporationto $1.43 from $1.06 as he believes the company will see higher earnings this year stemming from higher bed capacities and higher rates.

Yeo, who kept his "buy" call, sees Centurion as a beneficiary of the higher purpose-built workers accommodation (PBWA) rental rates in Singapore, due to construction demand remaining buoyant.

"We believe this will support demand for foreign worker beds and dormitory bed rates," Yeo writes in his April 29 report.