Daily roundup of research and analysis from The Globe and Mail’s market strategist Scott Barlow
RBC Capital Markets head of global real estate research Pammi Bir surveyed the domestic real estate sector and reiterated his top picks,
“Since the BoC set course on its aggressive rate tightening campaign in 2022, our universe has traded at an average 20% NAV discount. Even after taking our NAVs down 14%, the outsized discount persists as investors have clearly taken a more cautious stance.
“Neither today’s 4.8 magnitude earthquake in the New York metro region nor Monday’s solar eclipse will disrupt the start of 1Q earnings season that begins next week. Labor market data continues to exceed expectations. However, micro data is more concerning with S&P 500 companies forecast to report year/year growth in both sales and EPS of only +3% given a flat margin outlook. The 10 largest stocks will post sales and EPS growth of +15% and +32%, respectively, vs.
Growth Returns Nav Basis Neutral Discount Quartile Scott Barlow MSCI RBC Capital Markets
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