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>In contrast, MFT's very strong 1H23 provisional result and bullish investor day commentary highlight further customer wins, strong momentum in network development, and margin improvement strategies across its three core products, particularly Air &amp; Ocean (A&amp;O).</li><li>We broadly reverse our downgrades from last week, but more importantly accept a higher level of sustainability within current A&amp;O profits and higher customer win driven growth over the medium term, despite cyclical risks.</li><li>MFT now trades on ~16x PE on our revised earnings estimates, which more than compensates investors for current A&amp;O over-earning.</li></ul>

In contrast, MFT's very strong 1H23 provisional result and bullish investor day commentary highlight further customer wins, strong momentum in network development, and margin improvement strategies across its three core products, particularly Air &amp; Ocean (A&amp;O).We broadly reverse our downgrades from last week, but more importantly accept a higher level of sustainability within current A&amp;O profits and higher customer win driven growth over the medium term, despite cyclical risks.MFT now trades on ~16x PE on our revised earnings estimates, which more than compensates investors for current A&amp;O over-earning.

Mainfreight: Blue Blood Transfusion; Upgrade to OUTPERFORM

Mainfreight Ltd

Mainfreight: Blue Blood Transfusion; Upgrade to OUTPERFORM