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

BUY

All Brookfield stocks are good--you can buy more than one of them. There's one recent issue though: they bought an elephant of a building from Jared Kushner in New York--was it a good investment or is Brookfield cozying up to Kushner? Then again, BPY can't be hurt from any single building they buy.

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COMMENT

BPY.UN vs BIP.UN? BPY.UN is highly rated and earnings estimates have been rising with a yield 6.2% with a 50% payout ratio. BIP-UN has a lower ranking in his system with a 4.9% and a payout around 50%. Earnings growth has been revised down lately. Both are huge an have access to credit if needed. He would prefer BPY-UN.

HOLD

You are better to go into a fund within Brookfield that invests in infrastructure. Sometimes there are minimum size requirements for investment. BPY.UN-T is not a pure play on infrastructure. But these guys are one of the best teams. We are at the top of the range and this one being defensive will probably hold in longer.

BUY

They made a few big splashes, one being the acquisition of one of the largest mall REITs in the US. They saw an opportunity to put in a lot of capital. They have a long term game plan with these assets. They got really fortunate with this lower interest rate environment. It is trding at a 25% discount to NAV. It has one of the best teams in the world managing some of the best assets in the world. It is a good time to keep holding it for a long time.

BUY

It's like a REIT. REITs are not his favourite investment, but he would buy a Brookfield. BPY did a tender offer of buyign back $500-million of stock--and it was undersubscribed. Since then, the stock has picked up to more than fair value.

BUY

Just bought it in January. He would still adding for the yield predominantly.

BUY

He's rode it up and down among the $20's. It trades at a discount to its NAV. He hopes over time this discount narrows and returns to $30's. Meanwhile, it pays a good yield. He likes its diversification, including a lot in New York. You buy this for yield, and any upside is a bonus. Investors have trouble understanding it, because its holdings are complex.

BUY

They're good at what they do. He was interested in it, but the price got away from him. This will hit $30 in 12-18 months. He still likes. The Amazon effect has put malls out of favour. But some malls like Yorkdale do incredibly well. BPY also has fine office properties.

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BUY

BAM.A-T? You can own any Brookfield stock and BAM is at the top. Smart managers. With this you're buying the international economy, not just Canada. But instead of buying BAM, look at its AGM notes to see what subsidiary they talk up the most--that's the one they feel is most undervalued. This year, it's BPY (Brookfield Property). BPY pays a good yield. He'd rather buy that than BAM itself.

BUY

Dream Industrial REIT vs. BPY Dream is a good asset in a good space with a decent valuation. He likes it, but he prefers BYP for its global focus and better long-term growth. BPY trades at a good valuation. He prefers BPY, but you can buy both.

PAST TOP PICK

(A Top Pick Mar 29/18, Up 15%) They're buying back shares. He sees 9% AFFO growth. Trades at a reasonable 14.7x. It's only fault is high leverage with a high payout ratio, but they're selling assets to take care of that. The high US dollar and rising rates are no longer headwinds.

PARTIAL SELL

A little toppy now. It's moved down a notch from $30 highs from 2015-2018, but has been moving up. Either hold or sell partially to take profits.

BUY ON WEAKNESS

They have certainly executed but you are paying a premium for it. The chart looks like a 'V' and when this happens he gets concerned. (Analysts’ price target is $31.00)

BUY

He's owned it in the past. A great company--diversifed around the world and has great experience. Solid and well-run and pays a reasonable dividend. Interest rates won't rise much higher and may possibly decline. The dividend will remain competitive for a while.

BUY

He likes the Brookfield stocks, one of the cheapest REITs around with quality property. Pays a 6.5% yield. He'd buy it not even after a run-up. A long-term hold of 3-5 years.

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Brookfield Property Partners (BPY.UN.TO)