Charter Hall shares leap on earnings guidance upgrade
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The news: Charter Hall shares jumped after the property investor upgraded its full-year earnings guidance. An uptick in transactions and equity inflows helped the company beat market estimates for the six months to December.
The numbers: Charter Hall shares were up 4.9% to $17.03 at 12:15pm AEDT, having surged more than 8% at the start of trading. They have advanced more than 30% over the last six months.
The company upgraded its FY25 operating earnings guidance 2.5% to 81 cents per share from 79 cents per share, which would mark 6.9% growth over FY24.
First-half operating earnings edged up 0.7% year over year to 41.5 cents per share, ahead of consensus estimates of 39.8 cents per share.
Distributions per unit of 23.4 cents was up 6% and in line with average forecasts.
The company said first-half gross equity inflows of $1.6 billion was equivalent to the total gross equity raised for the full 2024 financial year. Half-year acquisitions of $2.2 billion also exceeded $1.7 billion in acquisitions during FY24.
The context: Jarden analysts said Charter Hall's first-half gross transactions and gross equity inflows should set the business up for a period of "attractive growth".
The company should also benefit from the start of a lower rate cycle and improving transaction markets, they noted.
The sources: ASX announcement, Jarden research
