SYD has struggled as international travel remains almost non-existent although domestic is recovering slowly but surely. This stock has moved from a yield play name to a recovery story as shareholders look forward to the company reinstating the stocks dividend. Unfortunately we feel compelled to put the stock into the too hard basket at this point in time, and envisage that over time they will need to progressively reduce gearing which will hurt the fundamental metrics of the stock.
MM is neutral SYD
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