Hi James and team,
Thanks for continued informative reports.
Do you have any interest in HPI and would it be a stock that could have a place in a balanced/dividend portfolio?
This is actually a new one for MM as it does not meet liquidity filters i.e. not enough daily volume for us, however in saying that, it looks interesting. They hold a portfolio of pubs and associated venues like bottle shops, mostly in QLD and lease them to experienced operators and collect the rent. 5.4% (unfranked) yield is attractive, our only query would be around the level of growth (low single digits) versus current valuation (~18x). JP Morgan have a hold at $3.70 PT, Evans have a buy equivalent and $4 PT.