CHC is the second-best-performing property stock in 2023 having already rallied +14.9% however it’s been a very tough 12 months for this specialist property investor which should come as no great surprise when we consider the impact on the sector from the surge by interest rates. The current valuation appears undemanding but not exciting when we consider headwinds such as further asset valuation declines and an understandable lack of investor confidence across the real estate spectrum.
- CHC is trading on 14.8x PE, which is a ~11% discount to its 5-year average, which arguably is not enough in today’s uncertain environment.
MM is neutral CHC around $14
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