BEN posted fresh 52-week highs on Wednesday. Its gain year-to-date is 26.5%, outperforming WBC, ANZ, and NAB, although it’s been an excellent year for the whole sector. Following its excellent trading update, we turned bullish BEN in May, and we see no reason to alter our stance, although we are conscious of the sector’s strong gains over recent months. The market continues to buy beats and sell misses with gusto, and when the stock comes with a more than 5% fully franked dividend, the attraction only improves.
- We like BEN, and the risk/reward ratio will look attractive during its next 7-9% pullback.
MM is bullish BEN
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