US DIY RETAILERS - A NOTE OF CAUTION, PREFER HOMEBUILDERS

QMG’s economic data collected from various US statistical agencies points to 3 areas of concern in the DIY Retailers space. These are 1) Negative trend in QMG Sales observations. This is driven by declining volumes and and we also observe an increase in costs… 2) Factors are lining up in favour of increased new housing activity - now is the time to own homebuilders… 3) Consensus estimates across listed DIY retailers do not reflect the challenges indicated by our observations…. Homebuilders on the other hand are seeing 1) Strong volumes and 2) Positive demographic factors like Household Formations running well above recent levels..... Related US equities include Home Depot, Lowes, DR Horton, PulteGroup, Toll Brothers, Lennar, Ryland Group and Meritage Homes.


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