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OPINION

Nick Scali (ASX: NCK) $14.13

Nick Scali (NCK) has had a difficult run since its FY26 result, with the stock now back around $14 as investors remain cautious on the Australian consumer and housing cycle.We own NCK in the Emerging Companies Portfolio and, while the domestic environment remains soft, we think the market is becoming increasingly focused on the wrong part of the story.
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Income Report: Asset allocation framework when targeting income
OPINION

JB Hi-Fi Ltd (JBH) $70.28

We sold JBH in August after the trading update for July showed a decent slowdown in like-for-like sales growth, which led to negative earnings revisions. However, as we’ve discussed earlier if markets are pricing in the worst case scenario for interest rates and the Australian consumer JBH is well positioned moving into the Christmas period. This remains a premium retailer which is trading well below its 2025 and 2026 highs.
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Income Report: Asset allocation framework when targeting income
OPINION

Harvey Norman (ASX: HVN) $4.26

Gerry Harvey’s icon of Australian retail has almost halved over the past year, another casualty of the increasingly tough times being endured by the Australian consumer. Being underweight domestic retailers (-21% over the last year) has become a crowded trade, and while the concerns are understandable, the sector could easily experience a sharp snapback into Christmas. We covered HVN in detail last month here, and with the stock having already tested our support level our interest has increased - the stock is on our Hitlist.
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Income Report: Asset allocation framework when targeting income
OPINION

Chart of the Week: Premier Investments Ltd (ASX: PMV) $11.77

Last week PMV followed the chart pattern we’ve been monitoring for a number of serial underperformers, i.e. a failed dip to fresh 2026 lows. However, with PMV there was no time to blink as the retailer popped ~10% followed a mixed FY26 result but a large beat on the dividend front. The chart below effectively illustrates selling exhaustion.
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Income Report: Asset allocation framework when targeting income
questions & answers

ARB Corp Ltd (ASX: ARB)

I note your comments re ARB on the 24th, but has the structure of the industry changed for the worse? By that I mean given the surge in Chinese (and other) EV’s into Australia, such as BYD – does ARB enjoy a similar market share in EV’s as it does with ICE vehicles? Or if they are missing out selling parts to these vehicles – and as a result has the industry changed for the worse? And if that is the case, surely ARB is now a less attractive business that it once was… and should trade on a lower multiple as it gets increasingly isolated…
Discuss

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Income Report: Asset allocation framework when targeting income
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
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