September 2025 Quarter Household Wealth Data Signal Positive Momentum for Consumer Discretionary Sector

This report is an updated version of the report published on 5 January 2026 at 12:46 PM AEDT.

Company Overview: Supply Network Limited (ASX: SNL) is engaged in delivering after-market parts for the commercial vehicle market. The company's trading operations in Australia and New Zealand are conducted under the Multispares brand. Amotiv Limited (ASX: AOV), formerly G.U.D. Holdings Limited, owns a portfolio of companies specializing in providing automotive products and solutions that meet the evolving needs of its customers worldwide. Kalkine’s Market Event Report covers the Investment Summary, Event Summary, Data Insights & Analysis, Key Financial Metrics, Risks, Outlook, Technical Analysis along with the Valuation, Target Price, and Recommendation on the stock.

Investment Summary

Event Highlights

Data Insights and Analysis

Key Drivers versus Key Challenges

Based on the above data, two ASX stocks have been identified to showcase the momentum.

1) Supply Network Limited (ASX: SNL) (Recommendation: ‘Speculative Buy’ at AUD 32.06, Potential Upside: Low Double-Digit) (M-cap: AUD 1.40bn)

Company Overview: SNL is engaged in delivering after-market parts for the commercial vehicle market. The company's trading operations in Australia and New Zealand are conducted under the Multispares brand.

12-month ended 30 June 2025 Financial Year (FY25) Financial Performance: In FY25, SNL's revenue rose 15.3% year-on-year to AUD 348.83mn, compared to AUD 302.60mn in FY24. This revenue growth was aided by improved performance across its Australian and New Zealand businesses. EBIT increased to AUD 58.43mn from AUD 49.35mn in pcp. Net profit climbed 21.2% to AUD 40.02 million, compared with AUD 33.03 million in FY24, while operating cash flow almost doubled to AUD 32.17 million from AUD 16.49 million a year earlier.

Recent Update: SNL’s Chairman reiterated the company’s FY2026 revenue growth target of approximately AUD 50 million during the company's AGM on 24 October 2025. He further noted that early performance in FY26 suggests the business remains on track to achieve this objective, while emphasising the importance of continued disciplined execution.

Outlook: SNL Board has approved a new three-year strategic plan covering FY26–FY28, centred on driving sustainable long-term growth through continued investment and reinforcing its competitive position in truck and bus spare parts and diagnostics. The company’s objective is to maintain its status as the industry’s partner of choice, underpinning revenue growth and investor confidence, with further performance updates expected at the H1FY26 results announcement.

The stock is down by ~3.06% in last one month, and over the past six months, it has corrected by ~13.13%. The stock has a 52-week low and 52-week high of AUD 30.110 and AUD 41.990, respectively, and is currently trading below its 52-week high-low average. SNL was last covered in a report dated ‘17 November 2025’.

2)  Amotiv Limited (ASX: AOV) (Recommendation: ‘Hold’ at AUD 8.940, Potential Upside: Low Double-Digit) (M-cap: AUD 1.19bn)

Company Overview: AOV, formerly G.U.D. Holdings Limited, owns a portfolio of companies specializing in providing automotive products and solutions that meet the evolving needs of its customers worldwide.

12-month ended 30 June 2025 (FY25) financial performance: AOV reported revenue of AUD 997.4 million in FY25, a modest increase from AUD 987.2 million in FY24. Revenue growth was primarily driven by operations outside Australia and New Zealand, which offset continued softness in the New Zealand market, Australian reseller channel, and OE (Caravan/RV/Truck/Bus) segments. Gross profit remained broadly flat at AUD 436.4 million, compared with AUD 435.1 million in the prior year. Underlying NPATA stood at AUD 119.1 million vs AUD 118.90 million in FY24. However, the company posted a statutory net loss of AUD 106.3 million in FY25, impacted by APG impairment of AUD 190 million.

Recent Update: AOV informed that on 15 December 2025, State Street Corporation and its subsidiaries reduced their shareholding in the company to 5.09% from 6.14% earlier.

Outlook: Despite a challenging trading environment, AOV expects to report increased revenue in FY26 and underlying EBITDA of approximately AUD 195 million. The company anticipates ongoing resilience in its core wear-and-repair segments, while cyclical pressures in Australia and New Zealand are likely to continue. Pricing initiatives are underway to support gross margins, with most benefits expected in H2FY26. The group has already delivered around AUD 10 million in annualised EBITDA benefits from Amotiv Unified Net and expects a further combined impact of about AUD 8 million from incentives and US tariffs. Cash conversion is expected to remain consistent with the capital framework, with balance sheet strengthening supported by second-half deleveraging.

The stock is up by ~1.92% in last one month, and over the past six months, it has increased by ~5.16%. The stock has a 52-week low and 52-week high of AUD 6.780 and AUD 11.130, respectively and is currently trading near its 52-week high-low average. AOV was last covered in a report dated ‘8 December 2025’.

Markets are trading in a highly volatile zone currently due to certain macro-economic issues and geopolitical tensions prevailing. Therefore, it is prudent to follow a cautious approach while investing.

Note 1: Past performance is neither an Indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is 5 January 2026. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual’s appetite for upside potential, risks, holding duration, and any previous holdings. An ‘Exit’ from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Kalkine reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 25-30 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.

Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.

Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.