As I said, I wouldn't care if they dropped Apple completely from the range. Kogan has never made much from big label brands, it's not where Kogan's competitive advantage lies for exactly the reason you mentioned - they have to pay what Apple charges so they can't compete on price which is their entire business model. As long as iPhones are selling they can ship them, if they stop selling or if they are shipping at a loss, they can stop stocking them. It won't affect Kogan's bottom line much at all. It's the private label range that is where the margins are, the cheap but surprisingly good quality stuff made by Chinese factories that Kogan buys direct with a little Kogan brand label on. They will absorb the GST rise, especially since the competitors are paying it too.
I agree that Kogan is trading at a multiple that makes it a sentiment stock, and a change in sentiment can (and will) cause big swings in SP. Anyone buying at these levels takes that risk.
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