MQG reports on Friday and after trading sideways for 5-months, investors will be looking for reasons for the Millionaires Factory to break its slumber. The bank has successfully grown its mortgage book over recent years; some of the low-hanging fruit may have been picked, although having grown its book and deposits at 3x the pace of CBA in September, the data suggests not. MQG already appears to have cemented its place in this area of the market, and its likely to be its trading/commodities divisions that drive the stock on Friday.
- We like the risk/reward towards MQG under $210 before this month’s dividend.
MM is neutral towards MQG
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