ANZ has also outperformed MQG over the last three months by ~23%, primarily because MQG hadn’t become as overpriced as CBA. However, we’ve been seeing more misses than beats from the “Silver Doughnut” in recent times, which is a new but unappealing trend. Hence, at this stage, we are comfortable on the sidelines here.
- We like MQG from a risk/reward perspective ~5% lower, although it’s not on our radar at the moment.
MM would become more interested in MQG under $200
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