01/07/2022 09:23

Transurban Group (TCL) $14.38

Toll-road operator (TCL) has enjoyed solid support through 2022 as “risk off” names have flourished during the recent uncertain times and at this stage we see no reason to believe the outperformance will change with $15 looking likely before Christmas. The stock is currently forecast to yield more than 3% over the next 12 months which should add support to any dips below $14 but as has been the theme over the last year we will become cautious if / when the stock does pop to fresh post-COVID highs.

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29/06/2022 09:27

Current thinking around the MM Income Portfolio

We’re contemplating a number of amendments in the Income Portfolio as we position for what comes next.  Today’s portfolio update will simply detail our current thinking, not yet our planned actions:   

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02/06/2022 09:16

Transurban Group (TCL) $14.72

Transurban (TCL) has enjoyed 2022 as the defensive stock has ridden the “risk-off” theme, although MM believes the market is positioning itself for a decent bounce over the coming months we so no reason to abandon our position due to relatively short-term swings. MM went long TCL into the COVID inspired weakness over 2-years ago and while dividends have been lower over that time, a healthy ~25% capital gain to date and...

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27/04/2022 09:19

Active Income Portfolio

The portfolio lost  -2.23% for the week with cash at 3%.  While APA Group (APA) +2.97% & Transurban (TCL) +2.55% proved their defensive qualities, it wasn’t enough to offset the -14.12% decline by BHP, our largest portfolio weighting (~8%), although it is still around 300bps below the benchmark which did help relative returns. With the ASX 200 down by over 3% for the week, it was pleasing...

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30/03/2022 09:34

Active Income Portfolio

The portfolio added 1.40% for the week while cash remains at ~5%.  The largest position in the portfolio is BHP with an ~8% weighting and it was also the best performer for the week up another 8.98%, trading back up above $50. Supporting BHP was Service Stream (SSM) +5.94% that we discussed last week and APA Group (APA) +5.27% having broken out through $10, certainly, a strong move from an infrastructure...

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10/03/2022 09:15

Transurban Group (TCL) $12.50

After increasing our exposure to QAN yesterday we felt this was an opportune time to look at the previous market favourite in the Transport Sector i.e. Transurban (TCL). MM holds the stock in our Income Portfolio for its defensive earnings and growing yield though this is becoming less attractive as bond yields edge higher, at this stage we’re unlikely to consider TCL for our Growth Portfolio and we may cut this from our Income Portfolio if other opportunities arise.

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17/02/2022 17:08

Transurban (TCL) $13.08

TCL +1.55%: not a lot of new news coming from the toll road operator today with revenue of $1.16bn dropping down to EBITDA of $805m, both inline with expectations while they will pay a 15cps interim distribution.  Transurban reaffirmed guidance for an annual distribution in line with free cash excluding capital releases, while continuing to invest in growth projects.

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17/01/2022 09:28

Chapter 3 – Increase flexibility & quality

We have already touched on increasing defensives and cash through 2022 but what stocks to hold in respective sectors and the market as we alluded to earlier ultimately dictates portfolio performance and as we expect shorter and sharper cycles opportunities to buy & sell are likely to present themselves at regular times – not being active enough on the sell side was probably our largest portfolio detractor last year.

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21/09/2021 09:38

Transurban (TCL) $14.06

In a very logical move, toll road goliath Transurban (TCL) was in a trading halt yesterday launching an equity raise for a whopping $3.97b – the biggest on the ASX for 3 years, to purchase, along with its 3 partners the remaining 49% they didn’t own of the tunnel network Westconnex for $33b. The deal is structured with existing shareholders...

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14/09/2021 09:32

Transurban (TCL) $13.80

MM is holding TCL in our MM Income Portfolio, it has very similar rationale to SYD plus there are no foreign ownership caps which makes is an easier proposition for overseas suitors. Interestingly the TCL chart looks like a carbon copy of SYD before the takeover activity unfolded.

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