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>KMD Brands (KMD) provided a disappointing trading update, led by soft winter trading in Kathmandu, and continued wholesale channel weakness for Rip Curl and Oboz.</li><li>While we had expected near-term trading to remain challenging, the consumer backdrop has proven to be weaker than anticipated.</li><li>Accordingly, we materially rebase our earnings forecasts. At this stage, continued cyclical weakness does not change our view that structural challenges within the business can be addressed, and our investment thesis remains intact. </li></ul>

KMD Brands (KMD) provided a disappointing trading update, led by soft winter trading in Kathmandu, and continued wholesale channel weakness for Rip Curl and Oboz.While we had expected near-term trading to remain challenging, the consumer backdrop has proven to be weaker than anticipated.Accordingly, we materially rebase our earnings forecasts. At this stage, continued cyclical weakness does not change our view that structural challenges within the business can be addressed, and our investment thesis remains intact. 

KMD Brands - Consumers Hibernate for Winter

Kathmandu Holdings

KMD Brands - Consumers Hibernate for Winter