The Point for Australia/NZ

研报英文原文证据摘录

The Point for Australia/NZ

Point |

Wednesday, 17 June 2026

Company | Industry | Key Rating and Target Price Changes

Company

Charter Hall Group (CHC.AX) - Sale leaseback with Sonic, with further FUM

growth to come; Retain Buy

Australian healthcare company Sonic (SHL-ASX) today announced a

sale/leaseback of its Brisbane laboratory for A$445m to Charter Hall Group. CQE,

managed by Charter Hall, announced a stake acquisition in this asset along with a

new fund Charter Hall Inflation Protected Partnership 1 (CHIP1). The asset was

acquired for a 20-year sale leaseback with a further 30 years of options, with

annual CPI reviews (capped at 3.5%). We see further activity likely over FY27 with

deployment of equity raised and further sale leaseback activity. We retain Buy, and

raise TP to $26.50.

Suraj Nebhani, CFA | Howard Penny | Akshit Batra

Telstra Group Limited (TLS.AX) - Initiate at Neutral on valuation; See Medium-

Term Margin upside

We initiate coverage on Telstra with a Neutral rating and A$5.50 target price.

Telstra’s Mobile business has been the key driver of growth business which in our

view reflects structurally improved industry and we expect it to continue, with

Mobile EBITDA expected to increase by ~$1 billion between FY26e and FY30e.

Importantly, we estimate the combination of mobile growth, AI-led cost-out and

focus on core connectivity/shrinking non-core segments such as NAS to generate

~$13 billion in cash earnings between FY26e and FY30e and underpin a growing

dividend as well as further buybacks. However, with the stock trading at a 22x

FY27e PE (19x cash earnings) and ~4% dividend yield, we do not see the risk-

reward as compelling at current levels.

Siraj Ahmed

Treasury Wine Estates (TWE.AX) - Read-throughs from potential US tariffs on

French wines