Absolutely nothing went wrong with the childcare assets. ARF has the same tenant as its largest exposure and is doing just fine.
Fund managers have just seen right through the extremely questionable capital allocaion of Charter Hall buying so called "social infra" assets at the very top of the cycle.
e.g. Mater Head office. Single tenant exposure to a bog standard office building. When the tenant is currently barely breaking even on hospital operations. No way this asset is worth even what it is on the books for post val downgrades.
Plus Charter Hall over levered the vehicle to do these terrible deals AND somehow came out of COVID with some of the lowest percentage of interest rate hedging in the sector!
Having said that stock is an absolute steal (implied cap rate discount is now ridiculous). But will need either a bid from ARF or somebody else to realise. I.e. Getting it out from under the "management" of Charter Hall.
Ann: HY24 Results Presentation, page-15
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Last
$2.61 |
Change
-0.005(0.19%) |
Mkt cap ! $973.1M | |||
| Open | High | Low | Value | Volume |
| $2.63 | $2.63 | $2.60 | $47.91K | 18.31K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 11 | 13995 | $2.60 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $2.61 | 4455 | 8 |
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| Last trade - 10.36am 11/11/2024 (20 minute delay) ? |
| CQE (ASX) Chart |