NAB made fresh 9-year highs yesterday, and it remains a bullish trend MM is happy to ride. The banks continue to deliver solid results with excess capital and a very benign environment for bad debts providing a tailwind, and with NAB forecast to yield ~5.7% fully franked over the next 12-months, we see no reason to take profits at this stage. We often say at MM, “The market can’t go up without the banks” Hence, the bullish read-through from NAB suggests investors shouldn’t be scared of stocks through 2024/5.
- We like NAB through 2024/5 and would advocate buying $2-2.50 pullbacks for yield-conscious investors – we own NAB in our Active Growth and Active Income Portfolios.
MM likes NAB medium term
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