IFSPF - Skyline Champion: Also Exposed To Building Cycle Shortages

• The big theme in housing that we are interested in is that the inventory of incomplete projects is rising on supply issues.
• Skyline Champion stock has retraced levels, and will probably experience issues as housing starts have slowed on account of shortages in the latter part of building cycles.
• Where modular usually has an advantage over site-built homes in our opinion, the benefits are neutralised when windows, doors and garages can't be completed across the board.
• However, we remain bullish on Skyline Champion due to the housing shortage and its positioning in a rate-hike environment.

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