Charter Hall (CHC) hits record high on earnings upgrade
08:45, 13 December 2021
Australian property investment management company Charter Hall closed at a record high on Monday after the company upgraded its full-year earnings guidance.
The company said it now expects the group’s funds under management to be AUD61.3bn ($43.8bn) as at 31 December 2021, up from previously stated guidance of AUD 54bn.
Charter Hall upgraded its fiscal 2022 operating earnings per security to no less than 105 Australian cents per security, up from previously stated guidance of no less than 83 Australian cents per security.
Best day since August
Investors cheered the news to push the stock up by 5.6% to AUD20.85, its best intraday percentage gain since late August.
Distribution per security guidance for fiscal 2022 was unchanged and represented 6% growth over previous year, Charter Hall said.
Charter Hall stock has gained nearly 38% in 2021, as of Monday’s close, compared to Australia’s benchmark index S&P/ASX 200 growth of 10.4% in the same period.
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