Our Q&As are emailed in our Saturday Morning Report, find the answer to this question below.
Hi James, Appreciate your service, which I value for its straight forward opinions, consistency and reasoning. Have a question about healthcare stocks, and in particular SHL and whether you consider this to be a reasonable. defensive, risk off stock?
Hi John,
We do in general like Healthcare stocks as a risk off / defensive play in todays environment although they are suffering from some P/E contraction like all growth stocks but not to the same degree as the Tech Sector.
As for pathology & diagnostics business Sonic Healthcare (SHL), the recent update from Healius (HLS) was not a good read through and we think FY22 will provide a much tougher year than FY21 given the tailwinds then from COVID bumped up earnings. While it is a company we like, timing is key and the downside momentum is strong – we can now see a test of $30, or 10% lower as a real chance.
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