New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Equity Bottom-Up

<ul><li>We initiate full coverage of Turners Automotive Group (TRA) with an OUTPERFORM rating and a 12-month target price of NZ$5.30.</li><li>TRA is a high quality operator which has gained market share and grown earnings through the interest rate cycle.</li><li>We see a clear pathway to further earnings growth driven by (1) footprint expansion from new branches, (2) margin recovery and book growth in its Finance segment as the OCR falls and (3) further sales channel optimisation in its Auto Retail segment. </li></ul>

We initiate full coverage of Turners Automotive Group (TRA) with an OUTPERFORM rating and a 12-month target price of NZ$5.30.TRA is a high quality operator which has gained market share and grown earnings through the interest rate cycle.We see a clear pathway to further earnings growth driven by (1) footprint expansion from new branches, (2) margin recovery and book growth in its Finance segment as the OCR falls and (3) further sales channel optimisation in its Auto Retail segment. 

Turners Automotive Group Ltd - No Need to Shift Gears, Growth on Track

Thematic (Sector/Industry)

<div id="m_3223007619533098753iubdj"><ul><li>New car sales, typically a barometer of economic activity, have fallen to anaemic levels in New Zealand as consumers feel the pain from cost inflation and high interest rates.</li><li>Used car sales have also been muted, although the second-hand market has generally been more resilient due to trading-down trends.</li><li>The outlook for the industry may finally be improving, with the RBNZ signalling rate cuts are on the horizon. </li></ul></div>

New car sales, typically a barometer of economic activity, have fallen to anaemic levels in New Zealand as consumers feel the pain from cost inflation and high interest rates.Used car sales have also been muted, although the second-hand market has generally been more resilient due to trading-down trends.The outlook for the industry may finally be improving, with the RBNZ signalling rate cuts are on the horizon. 

Forsyth Barr EV and Vehicle Digest Edition 5 — The Cycle Continues

<ul><li>Government policy changes have led to significant volatility in the types and volumes of vehicles imported recently.</li><li>New car registrations in NZ have remained subdued, falling by -20% in 1Q24, as high interest rates, more conservative lending policies, changes to EV subsidies, and increased household costs have dampened consumer demand.</li><li>However, 1Q24 saw total used car transactions begin to recover, showing a +1% increase compared to the same period in the previous year. </li></ul>

Government policy changes have led to significant volatility in the types and volumes of vehicles imported recently.New car registrations in NZ have remained subdued, falling by -20% in 1Q24, as high interest rates, more conservative lending policies, changes to EV subsidies, and increased household costs have dampened consumer demand.However, 1Q24 saw total used car transactions begin to recover, showing a +1% increase compared to the same period in the previous year. 

<ul><li>The Forsyth Barr EV and Vehicle Digest delves into the automotive landscape in NZ and the accelerating electric vehicle (EV) revolution.</li><li>We aim to provide regular insights into crucial industry aspects, such as government policies, vehicle loan financing, and transaction analysis.</li><li>Further, we will periodically detail developments in consumer preferences, charging infrastructure, battery technology, and other influencing factors in the industry.</li></ul>

The Forsyth Barr EV and Vehicle Digest delves into the automotive landscape in NZ and the accelerating electric vehicle (EV) revolution.We aim to provide regular insights into crucial industry aspects, such as government policies, vehicle loan financing, and transaction analysis.Further, we will periodically detail developments in consumer preferences, charging infrastructure, battery technology, and other influencing factors in the industry.

Forsyth Barr EV and Vehicle Digest - Edition 3 — Clean Car Discount Ends

<ul><li>The Forsyth Barr EV and Vehicle Digest delves into the automotive landscape in NZ and the accelerating electric vehicle (EV) revolution.</li><li>We aim to provide regular insights into crucial industry aspects, such as government policies, vehicle loan financing and transaction analysis.</li><li>Further, we will periodically detail developments in consumer preferences, charging infrastructure, battery technology and other influencing factors in the industry.</li></ul>

The Forsyth Barr EV and Vehicle Digest delves into the automotive landscape in NZ and the accelerating electric vehicle (EV) revolution.We aim to provide regular insights into crucial industry aspects, such as government policies, vehicle loan financing and transaction analysis.Further, we will periodically detail developments in consumer preferences, charging infrastructure, battery technology and other influencing factors in the industry.

Forsyth Barr EV and Vehicle Digest - Edition 2 — Global Auto Volatility Continues

New Zealand

Turners Limited specialized personal insurance. The Company provides motor vehicle and personal financial services, and hire purchase services and investment advisory services to businesses.  Dorchester also provides immigration consultancy services assisting business migrants and families.

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Turners Automotive (TRA NZ)

Turners Automotive Group Ltd - No Need to Shift Gears, Growth on Track

We initiate full coverage of Turners Automotive Group (TRA) with an OUTPERFORM rating and a 12-month target price of NZ$5.30.

Forsyth Barr

Forsyth Barr EV and Vehicle Digest Edition 5 — The Cycle Continues

New car sales, typically a barometer of economic activity, have fallen to anaemic levels in New Zealand as consumers feel the pain from cost...

Forsyth Barr

Forsyth Barr EV and Vehicle Digest

Government policy changes have led to significant volatility in the types and volumes of vehicles imported recently. New car registrations in NZ...

Forsyth Barr

Forsyth Barr EV and Vehicle Digest - Edition 3 — Clean Car Discount Ends

The Forsyth Barr EV and Vehicle Digest delves into the automotive landscape in NZ and the accelerating electric vehicle (EV) revolution.

Forsyth Barr

Forsyth Barr EV and Vehicle Digest - Edition 2 — Global Auto Volatility Continues

The Forsyth Barr EV and Vehicle Digest delves into the automotive landscape in NZ and the accelerating electric vehicle (EV) revolution.

Forsyth Barr

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