Property fund manager CNI is a stock we’ve been bullish on for a while, although it’s not delivered for us so far. However, with an interest rate cut on the horizon, if we are correct, the Real Estate Sector is poised to outperform with CNI one of our favourite yield plays in the sector, courtesy of its forecasted ~6% part franked dividend. The stock was the top-performing property stock on Monday, rallying +3.85% as yield-sensitive names bounced after struggling as credit markets pivoted on their outlook for rates through 2024/5. Our initial target for CNI is ~$2, around 15% higher, which is attractive combined with its yield.
- We like CNI for its yield and potential capital appreciation – MM owns CNI in our Active Income & Emerging Companies Portfolios
MM remains long and bullish towards CNI
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