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So far, Australian retailers haven't felt Amazon AU's presence, but the threat is real.
Urge to merge has strategic merits, but structural headwinds are here to stay.
While results were positive, top line or revenue growth underwhelmed, reflecting the lack of inflationary pressures and difficulty raising prices in an increasingly competitive environment.

Global trade tensions and their far-reaching implications have the potential to trigger a global economic recession within the next two years.

Developing product aligned to customer needs will deliver long-term rewards.
New competitors are unlikely to breach the firm's wide economic moat.
Earnings growth prospects are tied to long-term demand for infrastructure and energy assets.
A novel approach targeting recurrent heart attacks adds significant upside potential to CSL's pipeline.
Quality stock and value closer to high-octane than regular unleaded.
Market optimistically expects spot prices and capital restraint to continue to underpin high returns.
Treasury's premium portfolio is on-trend, but valuation still too rich for our taste.
Coles demerger opens up new possibilities, but stops short of materially adding to underlying value.
More than half of Telstra's NBN-inflicted earnings gap can be filled with productivity gains and cost reductions, says Morningstar senior equity analyst Brian Han.
The reporting season for these companies was reasonable despite economic growth still below the long-term trend.
While market momentum at home and abroad remains positive into the end of 2017, shifting economic fortunes in China and the US will likely see this slow across 2018 and 2019, says Peter Warnes, head of equities research, Morningstar Australia.
Next-gen speech processor underscores innovative leadership but pricing resonates in emerging markets for new entrants.
Times are tough for Australian department stores and Morningstar's cautious stance on the sector hinges on two premises.
Liberation of value in underutilised infrastructure could drive shares to our upgraded fair value estimate.
Greencross is well-placed to benefit from favourable industry dynamics--the most notable among these being the humanisation of pets.
Morningstar's Adam Fleck and Brian Han discuss the implications of visitor growth from China on Australia's leisure and travel sectors.
Narrow-moat-rated Domain Holdings offers exposure to favourable trends in the Australian real estate market, but with relatively low exposure to real estate price risk.
Despite lacking competitive advantages, we like MyState's attractive earnings and dividend growth prospects.
The iron ore miners featured in what was an otherwise lacklustre reporting season, while some big names disappointed.
For investors seeking global equities exposure, and who are comfortable with the associated equity market and currency risks, Magellan Global Trust is a highly appealing offer.
Morningstar expects Premier's unique Smiggle brand to continue growing sales at double digits over the next 10 years, more than offsetting structural and cyclical headwinds.
Although the retirement village operator has suffered reputational damage, Morningstar believes there will be a modest impact on earnings in the near term.
APA has been a very strong performer since listing in 2000, but Morningstar cautions investors not to look in the rear-view mirror, believing the firm's best days are behind it.
Morningstar's Brian Han recommends investors don't hang up on Australia's biggest telco despite challenges from the National Broadband Network and TPG Telecom.
Morningstar's bi-annual Forecast is written on the premise of a subscriber asking what could be the key issues, trends, and risks in the share market and economy over the next year.
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