MQG has trod water through most of 2023, although it’s still up +3.8% year-to-date, outperforming all of the “Big Four” except ANZ Bank. MQG recently delivered a weaker-than-expected 1Q24 trading update, with three out of its four operating divisions disappointing the market. Still, we believe this provides a buying opportunity into this quality business where management is confident of a stronger 2H. In contrast, the market expects MQG to grow earnings ~15% over the next two years.
- We are considering increasing our MQG position in our Flagship Growth Portfolio if/when it tests its 2023 low, around 4-5% lower.
MM is considering adding to MQG ~$162
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