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Harvey Norman Ltd (HVN) $3.49

HVN fell another -2.8% making fresh 2-year lows in the process, Gerry Harvey’s $4.4bn retail giant is now down over -13% in 2023. The company delivered a disappointing 1H result in February where earnings (ex-property revaluations) were a ~10% miss, plus margins were under pressure as costs weighed. The outlook continues to remain a concern as consumers move away from bulky white goods and furniture purchases. With the RBA keeping its foot firmly on the Australian consumer through higher interest rates we see no reason to buck this trend as people tighten their belts because of rising mortgage payments &/or rents.

  • We see no reason to catch this falling knife as the stock plumbs new multi-year lows in a tough trading environment.
MM remains neutral at best toward HVN
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Harvey Norman Ltd (HVN)
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