Carsales.Com today show in its interim report that while domestic business was soft, international divisions saw strong revenue growth…
Carsales.Com Ltd (CAR) is a recent (December 2019) addition to the Momentum Strategy which has been a strong performer since its acquisition. CAR reported its interim profit numbers today, and the market seems to have been surprised by the performance of the business with the stock up roughly 10% in early trading.
As expected, its domestic business was weak, which has largely been factored into the share price, but the strength of its international business – particularly South Korea – was the pleasant surprise with strong revenue growth across many of the regions in which it has operations.
As part of the Momentum Strategy, today’s rally makes it likely the stock will remain a hold when we next rebalance in a few days.
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