Closing at 23.5c on higher volume shows a continuing and heightened interest in this REIT. This is especially true when we remember that this is after the counter has gone XR! Buying at 23.5c and with an expected DPU of 2.08c, the yield works out to be 8.85% per annum. Apparently, many feel that this yield is still attractive for them. If we think of it objectively, it is still rather high, relative to some "blue chip" REITs, for example.
MFI continues to climb higher but is not yet overbought. OBV too continues its climb upwards. Demand remains strong and accumulation is relentless. RSI rose higher into overbought territory suggesting that the buying momentum is somewhat overdone but the MACD continues pulling away upwards from the signal line in positive territory. Momentum is currently positive and in very bullish situations, the RSI could stay overbought for a while longer.
This is a long shot but if 23.5c should be taken out convincingly, we could even see 25c tested. At 25c, a DPU of 2.08c would translate into a yield of 8.32% per annum. Still attractive for some? Perhaps.
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