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>We upgrade Napier Port (NPH) to OUTPERFORM from NEUTRAL following a strong 1H24 result, which again highlighted its effective pricing power.</li><li>A +25% increase in EBITDA (against the prior year) was largely driven by unit revenue gains in its container and cruise operations. ​​​​​​​</li><li>We expect the company to continue to use pricing as a strategic lever to grow earnings and lift returns. In the near term this will be supported by a full Cyclone Gabrielle volume recovery. </li></ul>

We upgrade Napier Port (NPH) to OUTPERFORM from NEUTRAL following a strong 1H24 result, which again highlighted its effective pricing power.A +25% increase in EBITDA (against the prior year) was largely driven by unit revenue gains in its container and cruise operations. ​​​​​​​We expect the company to continue to use pricing as a strategic lever to grow earnings and lift returns. In the near term this will be supported by a full Cyclone Gabrielle volume recovery. 

Napier Port - 1H24 — Wharf a Bit More Than We Port