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 downgrade Port of Tauranga (POT) to UNDERPERFORM from NEUTRAL following a weak first quarter trading update at its Annual Shareholder Meeting, with first time FY24 NPAT guidance well below consensus expectations.</li><li>The soft guidance follows a tough first quarter, with total trade down -9% against a weak first quarter in FY23 when total trade was down -7%.</li><li>The volatility in freight flows has increased in recent periods as inventory levels across the supply chain normalise post-COVID, reflecting reduced end consumer demand. </li></ul>

We downgrade Port of Tauranga (POT) to UNDERPERFORM from NEUTRAL following a weak first quarter trading update at its Annual Shareholder Meeting, with first time FY24 NPAT guidance well below consensus expectations.The soft guidance follows a tough first quarter, with total trade down -9% against a weak first quarter in FY23 when total trade was down -7%.The volatility in freight flows has increased in recent periods as inventory levels across the supply chain normalise post-COVID, reflecting reduced end consumer demand. 

Port of Tauranga - Weighed Down by Containers