Earlier in the week DXS delivered a 82% lift in profit to $803mn illustrating how quickly earnings can recover from COVID, positive revaluation gains aided the recovery i.e. many people felt that work from home (WFH) was the future but MM, like many other businesses, have recognised productivity is generally higher when staff work together as a team. The board delivered a solid / steady guidance moving forward which when combined with an estimated 5% grossed up yield makes DXS a candidate for yield investors. We previously owned DXS in the MM Income Portfolio, having sold it in November at $11.27, however the stock has certainly remaining on our ‘Hit List’.
MM is mildly bullish DXS
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