Our Q&As are emailed in our Saturday Morning Report, find the answer to this question below.
Hi MM, Following MTS's recent trading update, if MM didn't already hold MTS in its income portfolio, would it be looking to buy MTS (subject to available space) and at what price? In the same vein, what price range would it suggest taking a position for non-holders? Also, what are consensus and MM's expectations for the upcoming dividend? Thanks, Darren
Hi Darren,
We still like MTS from a income perspective but the downside momentum since the aggressive downgrade by Goldmans, disappointing earnings downgrade by Woolworths (WOW) on Wednesday and overall poor market sentiment toward the sector since the price fixing allegations directed at WOL & Coles (COL) cannot be ignored – when it rains it pours!
It’s hard to know when to catch a proverbial falling knife but with the likes of COL now only 2-4% above our target, we would consider something similar in MTS, i.e. accumulation level around the psychological $3 area – remember Goldmans PT is $3.10, we’ve arrived there very fast!
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