** Conglomerate Wesfarmers' WES.AX Bunnings business outlook remains strong despite monetary tightening, inflation and weak construction cycle, says Jefferies
** Brokerage believes that recovery in housing and consumer sectors should drive sales improvement and operating leverage, with additional benefits from retail media, productivity and continued category expansion
** Jefferies also views energy & renewables segment as a "tangible opportunity", specifically in household solar and battery, home EV charging and in-store EV charging networks
** Notes that Bunnings' new Hammer Media platform should provide material margin benefit as revenue scales, although it remains unclear how much will be reinvested in driving better value for consumers
** Maintains "hold" rating; PT of A$75
** Stock up 0.8% YTD
(Reporting by Kumar Tanishk in Bengaluru)
((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk http://www.x.com/thatstanishk))
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