Thoughts on ABP
“Hi, any thoughts on ABP has just gone ex div and also had the SPP recently at 2.90 as I write is sitting at 2.74 is it a buy at this level ?.....I do hold the stock already 3 % of portfolio.” - Thanks, and Regards Glenn.
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Answer
Morning Glenn,
The diversified property company with a skew towards self-storage has been treading water around the $3 mark for the past 5 months, which is okay given it yields a healthy 6%. The raise mentioned above was oversubscribed via Macquarie at $2.90, however last 10-weeks have been a little disappointing and we are keeping this position on a tight leash. We do like the storage space of real estate at present and ABP is a good operator in this space.
We are comfortable with our current 4% weighting in the income portfolio and are not considering adding to it at this stage.
MM is neutral ABP short-term.
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