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Thoughts on Charter Hall Group (CHC) here please

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Question asked 06/04/2023

Thoughts on Charter Hall Group (CHC) here please

Hi James and the Team, Thanks a lot for the feedback on my previous questions. The share price of Charter Hall Group (CHC) has gone down from a close of $15.29 on 3/Feb to $11.035 today (4/Apr) – a 27% drop. With Interest Rate peaked or peaking both locally and in the US; would property companies like CHC have a meaningful rebound. I would like to know what MM thinks of the short to medium term prospect of CHC. Thanks again for taking my question.

Answer

Hi Peter,

Real estate business CHC has been on our radar into recent weakness but it’s simply in the wrong place at the wrong time and we wouldn’t be surprised to see the stock test $10 area this year where the valuation would become compelling. The short term outlook remains challenging, we’re seeing that play-out in our own property holdings of Centuria Capital (CNI) and Dexus (DXS) held in the Income Portfolio, with patience now the name of the game.

CHC did deliver a solid 1H23 result with earnings ~7% above consensus, which we liked, the problem is interest rates and the press have been highlighting major risks percolating below the surface in commercial property, at this stage we think sitting on the fence is the best course of action until more clarity emerges.

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Charter Hall (CHC)

LAST UPDATED 06/04/2023 08:52

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