ANN:ASX is under Algo Engine sell conditions, however, we’re expecting a switch to buy conditions in the near term.
FY21 results were at the low end of guidance, with EPS US$1.92 on record sales of US$2bn.
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FY22 is likely to be 5 – 10% below FY21 and the downgrade is driving the current share price correction. Be patient with this opportunity and wait for the Algo Engine to trigger a buy.
The 3% yield is well supported and buying interest will rebuild as the valuation becomes more attractive.
