Transferring Coverage of No-Moat Charter Hall Retail REIT, AUD 4.20 FVE Unchanged.
We have maintained our no-moat, Standard stewardship, and medium fair value uncertainty ratings for Charter Hall Retail REIT following the transfer of coverage to a new analyst. We have also maintained our AUD 4.20 fair value estimate and, at the current market price of AUD 4.57, continue to believe the units are overvalued. Our fair value implies a fiscal 2019 P/E ratio of 14 and a distribution yield of 6.8%, versus a market price-based P/E ratio of 15 and yield of 6.2%. As a non-tax-paying tru...Charter Hall Retail REIT is a real estate investment trust (REIT). The principal activity of the Company is property investment. The Company's segments include Freestanding supermarkets, Neighbourhood shopping centres, Sub-regional shopping centres and REIT operations. The Freestanding supermarkets segment consists of standalone supermarket with no specialty shops. The Neighbourhood shopping centres segment consists of local shopping centers with one supermarket and a gross lettable area (GLA) less than 10,000 square meters. The Sub-regional shopping centres segment consists of medium sized shopping centers typically incorporating over one full line discount department store and a supermarket with total GLA of approximately 40,000 square meters. The REIT operations segment includes all other income and expenses, which are not directly attributable to these shopping centers. The Company's subsidiary, Charter Hall Retail JV Trust, is engaged in the property investment.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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