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

New Zealand King Salmon / Equity Bottom-Up

<ul><li>New Zealand King Salmon (NZK) is highly volume constrained in the short term and needs to scale down its core business.</li><li>There are positive long term trends including regulatory reform and government growth targets for the aquaculture industry, but it could take some time for this to translate to realisable opportunities for NZK.</li><li>If approved, the Blue Endeavour open ocean farming project still requires significant investment and execution may be challenging.</li></ul>

New Zealand King Salmon (NZK) is highly volume constrained in the short term and needs to scale down its core business.There are positive long term trends including regulatory reform and government growth targets for the aquaculture industry, but it could take some time for this to translate to realisable opportunities for NZK.If approved, the Blue Endeavour open ocean farming project still requires significant investment and execution may be challenging.

New Zealand King Salmon: Scaling Down; Neutral