Charter Hall Retail REIT Results As Expected; FVE Up 4% to AUD 4.00, Shares Fairly Valued

No-moat rated Charter Hall Retail REIT reported December-half operating earnings of AUD 14.22 cents per security, up 8% from the first half of fiscal 2021. Operating earnings are on track to meet our unchanged, full year forecast of AUD 28.6 cents per security, which is in line with increased guidance of at least AUD 28.4 cents per security (up from AUD 28.2 cents). We lift our distribution estimate to AUD 24.5 cents per security, which matches increased guidance.