The market is starting to recover as we end out 2023. In fact, some TSX stocks have seen some stellar growth that investors should be paying attention to. The question is, with some of these TSX stocks rising quite high in December 2023, are they still buys?
Brookfield Asset Management
Shares of Brookfield Asset Management (TSX: BAM) climbed 14% in the last month as of writing, offering investors some strong growth in that time. The company had two major news stories come out to increase growth. First off, BAM stock reported strong earnings, with the third quarter bringing in US$61 billion for the year in total fundraising.
However, the news kept coming as the company announced it was still looking to make a deal for Australia’s Origin Energy. The offer, valued at US$10.6 billion without debt, is with the hope that the company could create a partnership.
BAM stock has yet to find such a partnership, nor has it achieved the required shareholder support. This has led to a recent dip in share price. While 69% approved the plan, this was lower than the 75% required. So now, we’re in a waiting game. Still, with a 3.53% dividend yield and this plan underway, there could be more gains to come.
CAPREIT
Another of the TSX stocks seeing movement in the last month is Canadian Apartment Properties REIT (TSX: CAR.UN). CAPREIT shares have risen 15% in the last month alone, as of writing. This comes as valuation has hit a bottom when it comes to apartment real estate investment trusts (REIT). And there could therefore be a lot of value to be gained among these TSX stocks.
So why CAPREIT? It’s the largest of these REITs, and offers a diversified portfolio that spans beyond Canada. What’s more, the company has been making a lot of improvements, with leasing momentum continuing and declines in turnover.
With this in mind, the company has a buy recommendation that could prevail for the foreseeable future. As the market continues to improve, so should CAPREIT, so it’s certainly one to consider even at higher prices. Especially while offering a dividend yield at 2.86%.
Ivanhoe
Finally, the last on this list is Ivanhoe Mines (TSX: IVN), which has seen shares rise about 19% in the last month alone! Yet the company is still a bit far from its 52-week highs, so certainly consider this stock right now. Here’s why.
The company had two pieces of strong news come out the last month. First, there was a positive earnings report. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) hit $152 million, almost double the year before. Quarterly profit hit $108 million, with cost of sales up for its products.
However, more news came when the company stated it would quadruple its exploration budget in the new year. This will be to source out new mines, as well as expand existing ones. While you won’t get a dividend with this as of yet, Ivanoe stock may be one of the TSX stocks that break out in 2024.
