Stocktake: Australian Consumer Primer for 18 June 2026 – Endeavour, GYG, Nick Scali, Temple & Webster, Beacon Lighting

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Stocktake: Australian Consumer Primer for 18 June 2026 – Endeavour, GYG, Nick Scali, Temple & Webster, Beacon Lighting

J P M O R G A N Asia Pacific Equity Research

18 June 2026

Stocktake

Australian Consumer Primer for 18 June 2026 –

Endeavour, GYG, Nick Scali, Temple & Webster,

Beacon Lighting

ACKey themes we are exploring today: AustralianBryan RaymondConsumer Sector

(61-2) 9003-6750

• Earnings cut for Nick Scali, Temple & Webster and Beacon Lighting. Don bryan.raymond@jpmorgan.com

Carducci has cut earnings expectations for housing exposed small cap retailers Christina Kim

(61-2) 9003-7082

in his report overnight. FY26e/FY27e NPAT downgrades of -1.5%/-19.1% for christina.kim@jpmorgan.com

Nick Scali, -10.5%/-12.6% for Beacon Lighting and 0.0%/-2.0% for Temple J.P. Morgan Securities Australia Limited

& Webster, with forecasts now standing broadly in-line with Bloomberg

consensus. Don has downgraded Nick Scali to Neutral, while maintaining his

Underweight rating on Temple & Webster and Overweight on Beacon

Lighting. While the housing outlook has clearly turned negative for both prices

and turnover post-budget, discretionary retailers have rallied as: 1) the US/Iran

war heads towards a peace deal, diminishing fuel price concerns; and 2) the

RBA rate hike outlook has been curtailed since the May RBA meeting, from

~40bps to ~12bps by Dec-26. J.P. Morgan economist Ben Jarman considers the

RBA rate hiking cycle over, and forecasts RBA rate cuts in each of the Sept-27

and Dec-27 quarters.

• Endeavour facing slowing Queensland EGM revenue growth. After two

years of HSD/LDD growth, Queensland has seen EGM revenue momentum

slow meaningfully. Over the past four months, Queensland EGM revenue has

slowed from ~10% YoY in January to 3.2% YoY in May. This could be a