Treasury Wine Estates (TWE)

The wine producer boasts labels such as Penfolds and Wolf Blass. Despite a favourable long-term outlook. Uncertainty remains around China’s tariffs on Australian wine.

AGL Energy (AGL) Plagued by declining wholesale electricity prices. Uncertainty remains around the proposed demerger of its retail energy arm and coal fired power stations.

Scentre Group (SCG) Has direct exposure to bricks and mortar retail, which in our view will continue to struggle. BWP Trust (BWP)

Its property portfolio includes Bunnings stores. Covid will likely depress retail rents, leading to softer s market rent reviews.