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>Mainfreight's (MFT) 1H25 result was better at the edges than that 'estimated' at its Dallas investor day last month, but we don't expect the market's forward earnings track to change as a result.</li><li>FY25 remains a year of rebased earnings, hampered by cyclical challenges domestically and a more normal (but not yet ‘normal’) Air &amp; Ocean rates environment.</li><li>The latter is likely to persist as a risk, weighing on medium-term consensus. Despite current headwinds, pockets of MFT are performing strongly — in particular, Australia Transport and US Warehousing, as new business wins continue. </li></ul>

Mainfreight's (MFT) 1H25 result was better at the edges than that 'estimated' at its Dallas investor day last month, but we don't expect the market's forward earnings track to change as a result.FY25 remains a year of rebased earnings, hampered by cyclical challenges domestically and a more normal (but not yet ‘normal’) Air &amp; Ocean rates environment.The latter is likely to persist as a risk, weighing on medium-term consensus. Despite current headwinds, pockets of MFT are performing strongly — in particular, Australia Transport and US Warehousing, as new business wins continue. 

Mainfreight - 1H25 — Tough Journey in Lower Gear

Mainfreight Ltd

Mainfreight - 1H25 — Tough Journey in Lower Gear