Interest rates have weighed on the real estate sector but if markets are pricing in a worst-case scenario, we see further upside for the stock from here. Mirvac is still trading ~10% below its average historical valuation while improving earnings and yielding ~6.2% unfranked. We are increasing our weighting in MGR from 4% to 5% into market weakness.
MM is adding to MGR in the Active Growth Portfolio, increasing the target weight to 5% around $1.80
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