Sector Slice - Discretionary Retail | We see substantial risk to pure domestic discretionary retailers while brands with global exposure and consumer finance...

Sector Slice - Discretionary Retail | We see substantial risk to pure domestic discretionary retailers while brands with global exposure and consumer finance models will do better in the current low consumer spending environment. The falling disposable income in middle to low income bracket will force consumers to borrow/rent to maintain living standards. Buy Ideas: KMD, PBG, TGA, VTG. Sell Ideas: DJS, HVN, JBH, MYR, NCK, TRS. (VIEW LINK)