Rail freight business AZJ rallied 2% yesterday in a falling market as its recognition as a defensive stock helped it add to its strong performance through 2022. The stock remains fairly cheap following a woeful few years, it’s trading on an Est. P/E of 15.2x for 2022 while a projected 5.7% yield over the next 12-months is very attractive, although it’s only partly franked. This Australian industrial company has paid a solid dividend in good and bad times including right through the pandemic making it a prime candidate for MM when we migrate our portfolios further down the risk curve.
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