MGR has largely shrugged off its disappointing trading update in August, which saw lower development contributions and higher net interest costs weigh on performance and importantly FY25 guidance, which we thought was very conservative at the time. However, we see light at the end of the tunnel, with rates set to fall in 2025, and while this holding is unlikely to shoot the lights out, we believe the stock is well positioned over the coming months.
- We like MGR’s 4.9% yield, which makes it relatively easy to be patient as we wait for our targeted test of the $2.50 area ~15% higher.
MM is long and bullish MGR
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