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Intu plays the zombie card...

By Chris Bailey | Monday 18 May 2020

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

Is there much more to say about Intu Properties (INTU)? I last directly wrote about the stock a couple of months ago, and for over a couple of years I have been pushing the bear tune. My essential thought is that even at today's share price - which I see on a decent up day on the markets has advanced 5% - I am still aggressively avoiding the stock and regard the likelihood that it remains overvalued as very high. Today's announcement concerning the impact of the coronavirus we all see on commercial property realities - 'breaches of covenants' and 'material uncertainty for any asset disposal or additional funding process which intu might pursue to address these covenant issues' - is the hard and harsh truth...

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