Brookfield Property Partners (BPY.UN.TO) Buy,…

Brookfield Property Partners (BPY.UN.TO)

23.29

-0.15 (0.64%)

as of Jul 26, 2021, 8:00:00 pm Market Open.

371 watching

HOLD

Diversified play, but you're getting some of the best quality office towers and malls in the world. And you're getting the smart Brookfield operators. Hasn't done much since it was spun out. Yield is 6%, so you're getting paid to wait. Brookfield doesn't like to lose, so they may have to revisit the form it's in.

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BUY

He bought shares in the last couple of months. A core chunk of it is retail, a core part is office and then there is a third private equity part. The office segment is performing really well but the retail segment has been affected by the forever 21 failure and some others. It is trading at a pretty significant discount to net asset value. It is a great place to be.

BUY

POW vs. BPY Different business models, so difficult to compare them. Brookfield has superb managers. POW has stalled in recent years. He prefers BPY though both Power stocks have been doing better lately.

DON'T BUY

Why the higher yeild? He prefers to put money in with the parent instead. BPY.UN-T holds a lot of US malls and offices. There are supply issues in some of those key markets and the capital insensitivity is creating some uncertainty, resulting in the higher yield he thinks. The leverage is also pretty high. It will do well in the long run and they hold high quality assets. But he doesn't think you need to be there.

TOP PICK

6.5% yield. The market put them in the penalty box due to an acquisition. (Analysts’ price target is $30.85)

COMMENT

The chart shows a possible head-and-shoulders, but it hasn't completely that formation yet (since early 2018). A neckline around $28. If it breaks that level, it is very positive, but he isn't sure it'll happen. Wait and see. If it doesn't, exit.

COMMENT

Defensive stock? Of all the Brookfield entities, BPY.UN-T is the one he likes the least. They have had a strategy of buying older shopping centres and malls that have not been doing well. He does not buy into the theory they are buying at lower prices. He would hold BAM.A-T instead.

WAIT

Optimal period to hold is July - October. Seasonal strength is in third quarter. Could argue it's started to break down. A rather pronounced move lower. Double top suggests $4 lower if it doesn't hold at $23.43. Don't pursue right now.

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BUY

He likes that they can refinance at lower interest rates. He likes the Brookfield empire, and its CEO came from real estate. It's been volatile, the geographic diversification helps. It has absorbed Brexit's impact; many banks have already migrated out of London to Dublin and across Europe.

DON'T BUY

The dividend is about 6.5%. It ranks 129 out of 700 stocks. The big concern is that over the last 3 years it has a -7% compound growth rate on cash flow. 0.71% ROE. There are better stocks even within the family.

TOP PICK

Trades at a 34% discount to NAV, which he has never seen. They hold offices and retail spaces in the US, UK and Canada. A great portfolio. They do a great job of accreting new assets. (Analysts’ price target is $31.13)

BUY

Really likes it. Trading at a big discount to NAV. Well-run. Tremendous value and pays a wonderful dividend. You hold the Brookfield subsidiaries like this for income. This exposes you to an undervalued, diversified REIT.

TOP PICK

BPY is the real estate arm of Brookfield, with global real estate in premier office and retail. Shares trade at a discount to NAV pays a yield of 7%. (Analysts’ price target is $31.14)

TOP PICK

A diversified REIT, part of the Brookfield family. They take malls and them mixed-use buildings including residences and offices. Amazing assets. The stock has taken a slight hit, because the market doesn't see this value yet. (Analysts’ price target is $31.14)

PAST TOP PICK

(A Top Pick May 30/19, Up 2%) They had an okay Q2. Office was strong, but the retail side was weak. But they will continue to buy back shares. Wait for the investor day in late September to hear about how much they're spending on a new development and what they'll do about closing the 33% discount to NAV. Yields over 7% that they grow 5% a year.

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Brookfield Property Partners (BPY.UN.TO)