New Zealand Professional Investment Services Firm

Forsyth Barr

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.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<ul><li>Cautious outlook; a more resilient business: FRE has seen few signs of a slowing domestic economy but is wary that conditions may deteriorate over the next six months</li><li>Margin slippage; mix helps explain: The 1H23 result shows a continuation of FRE's margin compression trend over the past five to ten years</li><li>Another good deal in Allied Express</li></ul>

Cautious outlook; a more resilient business: FRE has seen few signs of a slowing domestic economy but is wary that conditions may deteriorate over the next six monthsMargin slippage; mix helps explain: The 1H23 result shows a continuation of FRE's margin compression trend over the past five to ten yearsAnother good deal in Allied Express

Freightways: 1H23 — Touching the Brakes

Freightways Ltd

Freightways: 1H23 — Touching the Brakes