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

Heartland Group Holdings / Equity Bottom-Up

<ul><li>Heartland Group's (HGH) 1H24 result was weak as expected, with pressure from both slowing receivable growth and shrinking net interest margins (NIM) due to higher funding costs.</li><li>Conditions should gradually become more conducive for receivable growth through 2024, but relief from elevated funding costs appears further off.</li><li>While HGH appears attractive at current levels, the combination of the lagged impact from the weakening economic backdrop and execution risk in its Australian venture make us cautious on the near-term outlook. </li></ul>

Heartland Group's (HGH) 1H24 result was weak as expected, with pressure from both slowing receivable growth and shrinking net interest margins (NIM) due to higher funding costs.Conditions should gradually become more conducive for receivable growth through 2024, but relief from elevated funding costs appears further off.While HGH appears attractive at current levels, the combination of the lagged impact from the weakening economic backdrop and execution risk in its Australian venture make us cautious on the near-term outlook. 

Heartland Group - 1H24 — Counting Down to Challenger Launch