SGR rallied +2.6% yesterday albeit off an extremely low base, we’re sticking with what we said last week – “We have no interest in picking the bottom in SGR but our best guess is it rotates between 90c and $1.20 through the 2H i.e. an alternative to the Melbourne Cup!”
This morning SGR received some positive news around poker machine tax hikes in NSW, although the rhetoric from NSW Treasurer Daniel Mookhey was not encouraging for the remaining bulls…. “We would have seen a closed sign hanging up on Star’s premises,” Mookhey said, had the proposed increases gone through.
- We can see SGR bouncing in 2023/4 but would not be buying ahead of their result on the 24th.
MM is neutral toward SGR
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