Hey there,
I think both present different opportunities. Personally, I prefer BAM here simply given that it has less headwinds and less capital intensive. BIP has also been the target of a short report, not that there was much validity to it, but that certainly impacted the company.
BIP also has a high debt load and there are concerns about lower spreads on their capital recycling program which would lower their ability to execute. That said, debt is 90% fixed and a 200 basis point increase would only impact 2024FFO by 25M - which is about a 3% hit of Fiscal 2024 estimates - which really isn't that bad. Given that rates seems to be stabilizing and may even drop, this may turn from a headwind to a tailwind pretty quickly.
From a valuation standpoint, both are cheap - BIP moreseo than BAM. To be honest, both are good long-term holds and BIP could move faster if the interest rate situation materially improves, since they've been dragged down as a result. As mentioned however, I do prefer BAM simply because of its business model in this environment.
Mat