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 (HGH) reported a softer-than-expected four-month trading update, as the challenging conditions at the end of FY24 have spilled into FY25.</li><li>In particular, receivables growth has been lower than expected.</li><li>Through the first quarter of FY25, Heartland Bank NZ saw non-performing loans increase ~+14 bps, and took an additional NZ$6.6m of provisioning (~13 bps of NZ receivables). </li></ul>

Heartland Group (HGH) reported a softer-than-expected four-month trading update, as the challenging conditions at the end of FY24 have spilled into FY25.In particular, receivables growth has been lower than expected.Through the first quarter of FY25, Heartland Bank NZ saw non-performing loans increase ~+14 bps, and took an additional NZ$6.6m of provisioning (~13 bps of NZ receivables). 

Heartland Group - Holding On — Trading Update