Investment Thesis
Chartwell Retirement Residences (CWSRF) (TSX:CSH.UN) reported another solid quarter of top and bottom lines growth in Q4 2018. Despite elevated supply in some of its markets, Chartwell should be able to overcome this challenge with its employee engagement and customer satisfaction initiatives. In addition, long-term demand remains favorable due to the growing ageing population in its major markets. The company is currently trading at a premium valuation to its peers. We believe this is warranted as it has a good track record of growth and better portfolio mix than its peers.