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

Warehouse Group Limited / Equity Bottom-Up

<ul>
<li>The Warehouse Group's (WHS) 1Q25 trading update provided another stark reminder of how challenging operating conditions are for domestic retailers.</li>
<li>Sales declines across all of its brands continue, and competitive pricing pressure is rising, which is impacting gross margins.</li>
<li>Unfortunately for WHS, it already has thin operating margins and an inflated cost base, so any pressure on gross margins has a material impact on its bottom line. </li>
</ul>


The Warehouse Group's (WHS) 1Q25 trading update provided another stark reminder of how challenging operating conditions are for domestic retailers.
Sales declines across all of its brands continue, and competitive pricing pressure is rising, which is impacting gross margins.
Unfortunately for WHS, it already has thin operating margins and an inflated cost base, so any pressure on gross margins has a material impact on its bottom line. 


The Warehouse Group - Red Alert on Margins

<ul><li>The Warehouse Group (WHS) reported a challenging FY24 result.</li><li>Management is committed to a turnaround in Red Sheds, but any turnaround will take time, and investors will want to see tangible signs of improvement before re-rating the stock.</li><li>In the meantime, domestic consumer spending remains weak, market share losses to key peers continue, and there will be a period of consolidation to sell through old stock. </li></ul>

The Warehouse Group (WHS) reported a challenging FY24 result.Management is committed to a turnaround in Red Sheds, but any turnaround will take time, and investors will want to see tangible signs of improvement before re-rating the stock.In the meantime, domestic consumer spending remains weak, market share losses to key peers continue, and there will be a period of consolidation to sell through old stock. 

The Warehouse Group - Stuck in the Red; Down to UNDERPERFORM

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>General merchandise retailer <a href="https://www.smartkarma.com/entities/warehouse-group-limited-the" target="_blank" data-smartkarma-citation="entities:1721:1" rel="noopener">Warehouse Group Limited (WHS NZ)</a> (TWG) has <a href="https://www.nzx.com/announcements/434820" target="_blank" rel="noopener">announced</a> it has received an approach from Stephen Tindall and PE outfit, Adamantem Capital Partners</li>
<li>Founder and major shareholder Tindall holds a shade over 50%. He launched a $1.6bn privatisation attempt in 2006, but Foodstuffs and <a href="https://www.smartkarma.com/entities/woolworths-ltd" target="_blank" data-smartkarma-citation="entities:500:1" rel="noopener">Woolworths Ltd (WOW AU)</a> effectively blocked the Offer.</li>
<li>The approach arrives after TWG's shares trade around multi-year lows. </li>
</ul>


General merchandise retailer Warehouse Group Limited (WHS NZ) (TWG) has announced it has received an approach from Stephen Tindall and PE outfit, Adamantem Capital Partners
Founder and major shareholder Tindall holds a shade over 50%. He launched a $1.6bn privatisation attempt in 2006, but Foodstuffs and Woolworths Ltd (WOW AU) effectively blocked the Offer.
The approach arrives after TWG's shares trade around multi-year lows. 


The Warehouse Group (WHS NZ): Tindall (Potentially) Reloads

<ul><li>The Warehouse Group (WHS) is the second NZ listed retailer in as many days to provide a disappointing trading update.</li><li>WHS guided to a full-year sales decline of -6% to -7% and EBIT (pre IFRS-16) of NZ$22m–NZ$30m, which implies double-digit declines in 4Q24 sales and a second-half operating loss.</li><li>The NZ consumer is clearly under increased pressure, with company commentary and channel checks suggesting that the rate of deterioration in spending has accelerated over recent weeks. </li></ul>

The Warehouse Group (WHS) is the second NZ listed retailer in as many days to provide a disappointing trading update.WHS guided to a full-year sales decline of -6% to -7% and EBIT (pre IFRS-16) of NZ$22m–NZ$30m, which implies double-digit declines in 4Q24 sales and a second-half operating loss.The NZ consumer is clearly under increased pressure, with company commentary and channel checks suggesting that the rate of deterioration in spending has accelerated over recent weeks. 

The Warehouse Group - Tough Times Roll On

Malaysia Airports Holdings / Event-Driven

<ul>
<li>Back on the 15th May, a consortium (Khazanah Nasional, EPF, the Abu Dhabi Investment Authority, and Global Infrastructure Partners) collectively holding 41.22%, launched an Offer for <a href="https://www.smartkarma.com/entities/malaysia-airports-holdings-bhd" target="_blank" data-smartkarma-citation="entities:117:1" rel="noopener">Malaysia Airports (MAHB MK).</a>
</li>
<li>After some political gymnastics, MAHB squared away the necessary regulatory approvals, and a firm Offer was made on the 15th November. The Offer Doc dispatched on the 6th December. </li>
<li>In the Circular on Friday, the IFA said NOT fair - with reference to a SOTP; but reasonable referencing historical market pricing and that no competing Offer will emerge. </li>
</ul>


Back on the 15th May, a consortium (Khazanah Nasional, EPF, the Abu Dhabi Investment Authority, and Global Infrastructure Partners) collectively holding 41.22%, launched an Offer for Malaysia Airports (MAHB MK).

After some political gymnastics, MAHB squared away the necessary regulatory approvals, and a firm Offer was made on the 15th November. The Offer Doc dispatched on the 6th December. 
In the Circular on Friday, the IFA said NOT fair - with reference to a SOTP; but reasonable referencing historical market pricing and that no competing Offer will emerge. 


Malaysia Airports (MAHB MK): IFA Says NOT Fair, But Reasonable; And To Accept Terms

New Zealand

The Warehouse Group Limited operates general merchandise and stationery supply retail stores throughout New Zealand.

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Warehouse Group Limited (WHS NZ)

The Warehouse Group - Red Alert on Margins

The Warehouse Group's (WHS) 1Q25 trading update provided another stark reminder of how challenging operating conditions are for domestic retailers.

Forsyth Barr

The Warehouse Group - Stuck in the Red; Down to UNDERPERFORM

Management is committed to a turnaround in Red Sheds, but any turnaround will take time, and investors will want to see tangible signs of...

Forsyth Barr

The Warehouse Group (WHS NZ): Tindall (Potentially) Reloads

Although there is no firm Offer on the table; given where shares are trading, and interest is apparent from the major shareholder, I'd look to get...

David Blennerhassett

The Warehouse Group - Tough Times Roll On

WHS guided to a full-year sales decline of -6% to -7% and EBIT (pre IFRS-16) of NZ$22m–NZ$30m, which implies double-digit declines in 4Q24 sales...

Forsyth Barr

Malaysia Airports (MAHB MK): IFA Says NOT Fair, But Reasonable; And To Accept Terms

A "not fair, but reasonable" conclusion has generally not proven to be an impediment to securing shareholder support. If late-Jan payment, trading...

David Blennerhassett

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