MGR closed up +2.7% on Wednesday, catching a bid following the CPI. The property developer is perfectly positioned for improving consumer confidence courtesy of an easing cycle from the RBA. The stock traded ex-dividend in June but remains within striking distance of its 3-year high. We’re not expecting fireworks from MGR, but it’s already up over +20% year-to-date, and we can see that extending towards 30% by Christmas.
- We remain bullish MGR, initially targeting the $2.50 area, ~10% higher. MM holds MGR in the Active Growth Portfolio.
MM is long and bullish towards MGR
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