Storage is a hot commodity at the moment with both Abacus (ABP) who hold interests via Storage King and National Storage (NSR) who is Australasia’s biggest reporting very high occupancy and demand resulting in strong earnings. When NSR reported FY21 earnings last week they delivered a solid result on all key metrics plus importantly they upgraded their FY22 profit guidance saying that NPAT would be at least $110m, a ~3% upgrade at the time, that number also seems a conservative one. Of course higher earnings flow through to higher dividends however following it’s run in share price, the projected yield on NSR is now 3.63% unfranked.
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Performance update for March, stocks that drove returns & our current positioning
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Fri 19th April – ASC200 -117pts, Pilbara (PLS), Whitehaven (WHC) & Woodside (WDS)
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Market Matters Research Lead Shawn Hickman with David Koch
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Friday 19th April – DOW up 22pts, SPI down -55pts
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MM has switched to a neutral stance on NSR around $2.34
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