NSR closed up +1.9% on Monday, finally finding some love after struggling as bond yields leapt higher over the last few months. We were looking to increase our position into weakness under $2, but we’re happy to have been too pedantic if the stock can rally higher into Christmas. Interestingly, as yields retreat, one of the worst-performing property stocks through the tough September & October recovered strongly, this might be the trend into 2024 if equities bounce as yields drift further, i.e. the underperformers as yields rally and enjoy a degree of catch-up.
- We continue to believe NSR represents good value ~$2.10, but we aren’t planning to buy strength at this stage.
MM is bullish towards NSR into 2024
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