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): 1,432
Equiv. Shares (M): 373

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 3.850 $ 3.810 $ 3.870 $ 3.810 $ 3.840 987,968 $ 0.010  0.260 %

Current Broker Consensus Recommendation more
Recommendation: Sell (3.5)
Recommendation Date: 30th Sep 2014
Brokers Surveyed: 4

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 Group (CHC).

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 (%)
2016  F 116.1 30.8 3.2 12.5 27.7 7.2 0.0
2015  F 111.0 29.8 0.8 12.9 27.5 7.1 0.0
2014  A 105.3 29.6 -0.5 12.7 27.3 7.2 0.0
Source: Morningstar analyst estimates.

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2014 A 2015 F 2016 F 2014 A 2015 F 2016 F 2014 A 2015 F 2016 F
CFS Retail Property Trust (CFX) $6,055 M -0.0071 0.1126 0.0174 15.9694 14.3529 14.1080 6.85 6.95 7.08
Charter Hall Retail (CQR) $1,410 M -0.2073 0.0778 0.0224 13.6216 12.6379 12.3610 7.22 7.29 7.36
Dexus Property (DXS) $6,085 M -0.2670 0.0766 0.0140 14.0704 13.0688 12.8884 5.59 6.07 6.38
Goodman Gp (GMG) $9,059 M 0.0702 0.0732 0.0658 15.1356 14.1033 13.2330 3.99 4.29 4.55
Investa Office Fund (IOF) $2,057 M 0.4908 -0.3066 0.0335 9.9911 14.4086 13.9409 5.52 5.70 5.95

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth
CQR 1.46 13.6 1.13 2.73
Market 0.98 15.4 1.26 1.71
Sector 1.52 13.1 1.06 3.23

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
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
17,203,124 (5.03%) National Australia Bank Limited Group

Calendar of Events
Date Event
29 September 2015 Report (Annual)
19 August 2015 Report (Prelim)
03 March 2015 Report (Interim)
13 February 2015 Report (Interim)
12 November 2014 AGM
© 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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