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 (MFT) will report a material decline in full year earnings when it reports its FY24 result on 29 May 2024.</li><li>That said, it will report higher profits in 2H24 than 1H24, reflecting: (1) seasonality, and (2) that the freight rates and cyclical volume adverse drivers have eased. While cyclical challenges continue to exist in many of MFT's markets, the robust recovery in global freight volumes (in both air and sea) bodes well for growth to re-emerge. </li><li>We believe MFT has a new earnings base from which growth can flow from FY25.</li></ul>

Mainfreight (MFT) will report a material decline in full year earnings when it reports its FY24 result on 29 May 2024.That said, it will report higher profits in 2H24 than 1H24, reflecting: (1) seasonality, and (2) that the freight rates and cyclical volume adverse drivers have eased. While cyclical challenges continue to exist in many of MFT's markets, the robust recovery in global freight volumes (in both air and sea) bodes well for growth to re-emerge. We believe MFT has a new earnings base from which growth can flow from FY25.

Mainfreight - FY24 Preview — Platform for Growth

Mainfreight Ltd

Mainfreight - FY24 Preview — Platform for Growth