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OPINION

Premier Investments (ASX: PMV) $11.95

PMV +7.08%: The multi-brand retailer performed well today after a better-than-expected FY26 result, with our discussion on the stock in our morning note here proving pertinent. FY26 was mixed, with revenue slightly below expectations though earnings beat consensus, cost controls remain solid and, importantly, Peter Alexander has started to outperform.
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Income Report: Asset allocation framework when targeting income
OPINION

Premier Investments Ltd (ASX: PMV) $11.16

Unlike other stocks looked at today, PMV delivered a disappointing trading update in August, covered here, with discretionary spending weighing on sales - a common thematic. PMV has fallen around 40% over the past year, materially underperforming both the ASX 200 and Consumer Discretionary sector.
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Income Report: Asset allocation framework when targeting income
OPINION

Harvey Norman (ASX: HVN) $4.18

Gerry Harvey’s retail business has also almost halved over the last year, driven by a soft Australian consumer - being underweight the local consumer is becoming an increasingly crowded trade that may be correct for now, but could easily see a sharp snap back into Christmas. We covered HVN in detail earlier in the month here, and with the stock moving ~6% lower since then, it's approaching our buy level.
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Income Report: Asset allocation framework when targeting income
OPINION

YETI Holdings (YETI US) US$40.74

As discussed in today’s note, one of the themes we are watching closely is the negative wealth effect and what it means for discretionary spending, particularly at the premium end of the market.
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Income Report: Asset allocation framework when targeting income
OPINION

Harvey Norman Ltd (ASX: HVN) $4.32

Harvey Norman (HVN) sits squarely in the firing line of the reverse wealth effect, with its fortunes closely tied to both big-ticket consumer spending and the health of the housing market, and its performance reflects this, with the stock having fallen almost 40% so far in 2026, just piping Nick Scali to be the worst performer of the major retailers.
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Income Report: Asset allocation framework when targeting income
questions & answers

Eagers Automotive Ltd (ASX: APE), Light & Wonder (ASX: LNW), and Aristocrat (ASX: ALL)

Hi James & Team
Would you continue to hold APE, ALL & LNW in the consumer discretionary space?
Would it be prudent to sell these stocks and re-allocate funds into a more bullish sector? With Inflation and probably one interest rate rise by the end of the year weighing on the consumer should we be avoiding these consumer discretionary stocks until the outlook improves?
regards
Debbie

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Income Report: Asset allocation framework when targeting income
questions & answers

Is Bapcor Ltd (ASX: BAP) on the mend?

Hi MM,
Having purchased BAP a while ago only to see their share price continue to new lows, it was pleasing to see today’s FY report and uptick in share price. Have they turned the corner? Any view when they might reinstate dividends?
Thanks,
Peter

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Income Report: Asset allocation framework when targeting income
OPINION

Harvey Norman (ASX: HVN): $4.42

HVN -1.78%: Produced a mixed FY26 result, with headline profit broadly in line but earnings ahead of expectations, showing better earnings resilience than the top line might suggest. The more important read is current trading, where a poor July across most markets has been followed by a decent rebound in Australia during August.
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Income Report: Asset allocation framework when targeting income
OPINION

Wesfarmers (ASX: WES) $79.46

WES -4.58%: Produced another typically dependable result, with FY26 profit modestly ahead of expectations, revenue broadly in line and Bunnings continuing to grind higher despite a difficult consumer backdrop. There were few major surprises across the retail portfolio, while Health and Chemicals, Energy & Fertilisers provided some additional growth. The issue isn't the quality of Wesfarmers — that's rarely in question — but whether modest earnings growth is enough when higher capex, borrowing costs and the ongoing Mt Holland lithium ramp-up are competing for cash.
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Income Report: Asset allocation framework when targeting income
OPINION

Eagers Automotive (ASX: APE) $22.23

APE -5.08%: Put together a decent1H26 result, the stock traded up initially before giving it back in line with the broader market move. Revenue and underlying operating profit were comfortably ahead of expectations as the acquisition of CanadaOne Auto added scale and the existing Australian and New Zealand operations continued to grow.
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Income Report: Asset allocation framework when targeting income
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