Our Q&As are emailed in our Saturday Morning Report, find the answer to this question below.
After a bit of advice on CCX City Chic. I am long term older since Millers and I am sitting on a nice profit. Recently CCX has had a good run. Do you think it has further to run or time to invest this profit in other places. Thank you for all the good advice over the years, Steve
Hi Steve,
This Sydney based ladies fashion house has indeed been rallying strongly post COVID and the trend in terms of earnings and obviously share price has been up. That said, earnings have not kept pace with the SP gains, meaning that as the markets likes this story more and more, investors have pushed up the valuation and in MM’s view this is now expensive, trading around 2x the valuation of Premier Investments (PMV).
From a technical standpoint, the picture remains bullish while the stock holds above $4.30, however at MM we simply think it’s too expensive to consider buying, and therefore we’d have it on a short leash if we held.
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