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 initiate full coverage on Hallenstein Glasson (HLG) with an UNDERPERFORM rating and target price of NZ$5.60.</li><li>HLG has so far escaped the softening trading conditions which have impacted its discretionary retailer peers but the next 12 months may be more challenging, even as the long-term opportunities for the business look robust.</li><li>To date, sales across both its core brands (Hallenstein Brothers and Glassons) have been resilient, supported by (1) a relatively young core customer base that is less immediately impacted by rising interest rates, and (2) affordable pricing which may have captured trading down trends. </li></ul>

We initiate full coverage on Hallenstein Glasson (HLG) with an UNDERPERFORM rating and target price of NZ$5.60.HLG has so far escaped the softening trading conditions which have impacted its discretionary retailer peers but the next 12 months may be more challenging, even as the long-term opportunities for the business look robust.To date, sales across both its core brands (Hallenstein Brothers and Glassons) have been resilient, supported by (1) a relatively young core customer base that is less immediately impacted by rising interest rates, and (2) affordable pricing which may have captured trading down trends. 

Hallenstein Glasson - Upside Wearing Thin