On ~11x earnings and expected to yield 6.84% fully franked over the coming 12 months it’s hard to be too negative on Harvey Norman, however, whenever I go into my local HVN to buy an overpriced printer cartridge from a graduate of Sunshine Tafe, it doesn’t fill me with confidence. HVN has a very high correlation to housing given its product mix which means 2022 will be a very good year for it, however, the outlook for FY23 is more challenging. If you want to buy a housing stock, buy Stockland (SGP) as we have this week for the Income Portfolio.
MM is neutral HVN
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