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 mixed 1Q25 trading update.</li><li>Our key positive takeaways were: (1) sales declines in its direct to consumer (D2C) channels are clearly moderating, and (2) gross margins have been more resilient than we had expected.</li><li>This is offset by its wholesale businesses, which remain challenging; improvement is not expected until at least 2H25. </li></ul>

KMD Brands (KMD) provided a mixed 1Q25 trading update.Our key positive takeaways were: (1) sales declines in its direct to consumer (D2C) channels are clearly moderating, and (2) gross margins have been more resilient than we had expected.This is offset by its wholesale businesses, which remain challenging; improvement is not expected until at least 2H25. 

Kathmandu Holdings

KMD Brands - Trekking Through the Cycle