The reasons for BOQ’s underperformance over recent years are well-noted, including the need to invest more heavily in better systems. However, the stock is down 0ver -21% year to date and is set to yield almost 7% over the next 12-months, including a 21c fully franked dividend later this month. We continue to believe BOQ is starting to represent value under $5.50, and while this year the weak keep getting weaker, and their lack of scale concerns us, we believe deep value is starting to present itself. Another bank that’s close to its trough valuation multiples, and we believe its next surprise could be on the upside.
- We believe it is time to consider a contrarian “play” with BOQ, especially into further weakness into this month’s dividend on the 26th.
MM is cautiously bullish on BOQ
Add To Hit List
