TCL has been trading around current levels for the last year while providing shareholders with an ok 2.2% unfranked yield. As Australians get back into our cars TCL has recovered and considering the demand for new vehicles is at record highs the trend looks likely to continue as Australians move away from higher COVID risk public transport. Short-term we can see a test above $15 but all-time highs wouldn’t surprise over the next year, the key being if / when bond yields restart their ascent which is a move MM believes will eventually unfold. NB: we hold TCL in the Income Portfolio.
MM is bullish TCL initially looking for 10% upside
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