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>Port of Tauranga (POT ) will report a subdued FY24 result on 23 August 2024, but with likely sequential improvement evident in 2H24 compared to 1H24.</li><li>Container cargo declines have been partly mitigated by stronger log export volumes.</li><li>The former reflects a combination of: (1) lower import volumes into New Zealand as a result of weaker consumer demand, (2) share losses to Port of Auckland (POAL), aided by less competitive MetroPort services given rail cost increases, and (3) shipping services changes, leading to South Island transhipments migrating to Australian ports.</li></ul>

Port of Tauranga (POT ) will report a subdued FY24 result on 23 August 2024, but with likely sequential improvement evident in 2H24 compared to 1H24.Container cargo declines have been partly mitigated by stronger log export volumes.The former reflects a combination of: (1) lower import volumes into New Zealand as a result of weaker consumer demand, (2) share losses to Port of Auckland (POAL), aided by less competitive MetroPort services given rail cost increases, and (3) shipping services changes, leading to South Island transhipments migrating to Australian ports.

Port of Tauranga - FY24 Preview — Tide Turning