Property group MGR popped +4.67% after reporting yesterday, with the stock making fresh 20-week highs, probably bringing some quant/volatility traders onto the bid. MGR confirmed guidance for the full year, although they did say momentum in their residential business remains sluggish and margins tight, i.e. not too bad was good enough. Like the Property Sector, MGR is well positioned for lower interest rates through 2024/5. The sector is up +3% year-to-date, while MGR has gained +2.4%. We saw some selling of top sector performer Goodman Group (GMG), with some rotation/balancing likely unfolding into stocks where investors are looking for some catch-up.
- We like Mirvac for a test of $2.40-50 over the coming months.
MM is bullish towards MGR
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