Shares in Westfield Corp (ASX: WFD) have continued to flourish since their market debut late last month. Since opening for trade at $6.70 on June 25 they have risen as high as $7.64 today before settling back at $7.57 – a 13% return in a little over a month.
Westfield Corp was created as part of the Westfield restructure. The company now owns and manages all of Westfield's international assets while Scentre Group (ASX: SCG) owns and operates each Australian and New Zealand asset.
Although the company's shares are no longer as dirt-cheap as they were back then, Westfield Corp still presents as an excellent stock for investors to buy or top up on today. Here are three reasons why…
1) International Focus. Its separation from Westfield's more local assets will allow it to focus on expanding and strengthening its international position. While it is currently focusing on the U.S. and UK markets, Italy and Brazil also present as strong opportunities in the future.
2) Recovery. To expand on the above point, its exposure to the recovering US and UK economies should help boost revenue and earnings growth. As business and consumer confidence improves, sales and rent should increase strongly.
3) Yield. The shopping centre behemoth is expected to distribute roughly US24.6 cents per security, which equates to roughly AU26c – a yield of 3.4%. Better yet, the Aussie dollar is expected to fall substantially which will only increase that yield.
An even better bet than Westfield.
With many of Australia's other blue chip corporations considered to be heavily overpriced, Westfield Corp is a good option to help add stability and income to your portfolio. However, there is another ASX stock which may be an even stronger buy today…
