CHARTER HALL RETAIL REIT (CQR)



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General Information
Company Name: Charter Hall Retail REIT
Stock Code: CQR
Website: www.charterhall.com.au/cqr
GICS Sub-Industry: Diversified Real Estate Investment Trusts
Market Cap ($M): 1,354
Equiv. Shares (M): 369

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 3.710 $ 3.700 $ 3.725 $ 3.690 $ 3.670 826,524 $ 0.040  1.090 %

Current Broker Consensus Recommendation more
Recommendation: Sell
Recommendation Date: 13th Mar 2014
12 Month Target Price (average): $3.778
Brokers Surveyed: 6

Company Overview

Business Description:
Charter Hall Retail REIT (CQR) is a sector specific Australian listed property trust, or A-REIT, offering exposure primarily to the supermarket anchored neighbourhood and sub-regional shopping centre markets in Australia. Charter Hall Retail REIT is managed by Charter Hall Retail Management Limited.

Strategy Analysis:
CQR seeks to provide unitholders with a secure income stream and the prospect of capital growth by achieving scale in the retail sector enhanced by active asset management, refurbishment, development and recycling capital to reduce debt through disposal of mature, lower growth assets. Charter Hall Retail REIT reported NPAT of $15.8m for the half-year ended 31 December 2012. Revenues from ordinary activities were $93.5m, up 17% from the same period last year. Basic and Diluted EPS was 5.08 cents compared to (5.24) cents last year. Net operating cash flow was $38.3m compared to $42.0m last year. The interim dividend declared was 13.30 cents compared with 13.00 cents last year.


Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2015  F 110.9 30.5 0.6 12.0 27.5 7.5 0.0
2014  F 106.7 30.3 1.8 12.1 27.3 7.4 0.0
2013  A 96.4 29.8 3.4 12.6 26.8 7.1 0.0
Source: Morningstar analyst estimates.

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2013 A 2014 F 2015 F 2013 A 2014 F 2015 F 2013 A 2014 F 2015 F
CFS Retail Property Trust (CFX) $5,991 M 0.0821 0.0847 0.0133 15.8546 14.6171 14.4259 0.0685 0.0684 0.0697
Charter Hall Retail (CQR) $1,340 M 0.0245 -0.1497 0.0191 10.3685 12.1935 11.9644 0.0738 0.0751 0.0755
Dexus Property (DXS) $5,810 M 2.5145 -0.2901 0.0402 9.9448 14.0078 13.4663 0.0556 0.0578 0.0589
Goodman Gp (GMG) $8,466 M 0.7651 0.0642 0.0678 15.0538 14.1455 13.2468 0.0396 0.0423 0.0452
Investa Office Fund (IOF) $2,008 M -0.2896 0.0218 -0.0035 14.5398 14.2298 14.2795 0.0543 0.0566 0.0568

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth
CQR 1.44 11.9 1.11 10.00
Market 1.08 15.8 1.26 1.97
Sector 1.52 13.9 1.03 3.37

Directors
Name Position Start Date
Mr Francis Scott Dundas Alternate Director 24 September 2012
Mr David William Harrison Executive Director 01 March 2010
Mr David Southon Executive Director 01 March 2010
Mr Maurice John Koop Non-Executive Director 12 August 2002
Mr Alan G Rattray-Wood Non-Executive Director 06 March 1996
Mr John Beresford Harkness Non-Executive Director,Non-Executive Chairman 18 August 2003

Management
Name Position
Rebecca Kate Pierro Company Secretary

Substantial Shareholders
Holding Name
16,891,272 (5.00%) The Vanguard Group Inc.
24,073,034 (7.13%) Commonwealth Bank of Australia
17,203,124 (5.03%) National Australia Bank Limited Group
31,044,973 (10.36%) Charter Hall Limited, Charter Hall Holdings Pty Limited & Charter Hall Funds Management Limited
21,454,177 (6.55%) The Gendel Group Pty Ltd and its associates

Calendar of Events
Date Event
03 March 2015 Report (Interim)
13 February 2015 Report (Interim)
29 September 2014 Report (Annual)
20 August 2014 Report (Prelim)
© 2011 Morningstar, Inc. All rights reserved. The data and content contained herein are not guaranteed to be accurate, complete or timely. Neither Morningstar, nor its affiliates nor their content providers will have any liability for use or distribution of any of this information. To the extent that any of the content above constitutes advice, it is general advice that has been prepared by Morningstar Australasia Pty Ltd ABN: 95 090 665 544, AFSL: 240892 (a subsidiary of Morningstar, Inc.), without reference to your objectives, financial situation or needs. Before acting on any advice, you should consider the appropriateness of the advice and we recommend you obtain financial, legal and taxation advice before making any financial investment decision. If applicable investors should obtain the relevant product disclosure statement and consider it before making any decision to invest. Some material is copyright and published under licence from ASX Operations Pty Limited ACN 004 523 782 ("ASXO"). DISCLOSURE: Employees may have an interest in the securities discussed in this report. Please refer to our Financial Services Guide (FSG) for more information at www.morningstar.com.au/fsg.asp.

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