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

Hallenstein Glassons Holdings / Equity Bottom-Up

<ul><li>We upgrade Hallenstein Glasson (HLG) to NEUTRAL from UNDERPERFORM as HLG is trading in-line with our valuation after a recent derating in the share price, reflecting market acceptance of a more subdued near-term earnings outlook.</li><li>At its annual shareholder meeting, HLG's 19-week FY24 trading update (to early December) indicated group revenue declined versus the prior period, noting a slight improvement since the last update in October.</li><li>This is in-line with our thesis that HLG is affected by challenging macroeconomic conditions for consumers, and market expectations have softened. </li></ul>

We upgrade Hallenstein Glasson (HLG) to NEUTRAL from UNDERPERFORM as HLG is trading in-line with our valuation after a recent derating in the share price, reflecting market acceptance of a more subdued near-term earnings outlook.At its annual shareholder meeting, HLG's 19-week FY24 trading update (to early December) indicated group revenue declined versus the prior period, noting a slight improvement since the last update in October.This is in-line with our thesis that HLG is affected by challenging macroeconomic conditions for consumers, and market expectations have softened. 

Hallenstein Glasson - Back in Season — Upgrade to NEUTRAL