Citi sees potential tailwinds for Australia online retailing sector

Kogan.com

22/01/2024 04:41

** Citi retains "Buy" rating on Adore Beauty  ABY.AX , "Neutral"
on Temple & Webster Group  TPW.AX  and "Sell" on Kogan.com
 KGN.AX  
    ** Brokerage sees positive trading updates for TPW and
negative ones for KGN and ABY 
    ** Citi says "Expectations for TPW margins are high but
achievable. We don't have strong view on the direction of
surprises for KGN's margins. Margin expectations for ABY are
modest"
    ** TPW is likely to report a positive trading update owing
to solid web traffic growth while KGN is likely to see negative
trading updates based on web traffic declining - Citi 
    ** Analysts say ABY web traffic into 1H24 was moderated and
could surprise on the downside relative to expectations
    ** Shares of ABY were down as much as 3.1%, their biggest
intraday pct loss since Jan. 11 
    ** KGN shares were down as much as 1.6% and TPW was up as
much as 1.5% 
    





    
    

 (Reporting by Neha Soni in Bengaluru)
 ((Neha.Soni@thomsonreuters.com))