Property Group MGR looks ok value trading on an estimated P/E of 14.8x for 2023 while being forecast to yield 4.8% over the next 12 months but as we like to quote “don’t fight the tape” and a test back under $2, or 8% lower, is looking increasingly likely. The stock fell -2.2% yesterday and at this stage of the cycle, MM believes the prudent course of action is to follow the old adage “If in doubt stay out”.
- We have tweaked our mildly bullish stance toward MGR back to neutral as the Real Estate Sector struggles in the face of rising interest rates.
MM is now neutral toward MGR
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