Market concerned about consumer sentiment. We are seeing the beginning of a recession. Combination of higher prices and higher interest rates will definitely be felt by the broader economy at an individual level and for corporations themselves. As many experienced investors have reiterated; there is a lagging effect, the brunt of the higher rates has not been digested and absorbed yet.
MYR looks cheap if one were to take a medium to long term view IMO. I think the key concern by investors selling down the stock is how MYR’s bottom line will be affected and market is therefore beginning to price in a profit downgrade.
MYR looks like it’s a sound business fundamentally and the balance sheet looks robust. I have been very tempted to take a position recently however have decided I will consider taking a position in a few months’ time.
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