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>While Rakon (RAK) has previously said it expects customer inventory levels to normalise by the end of FY24 (to March 2024), our analysis of recent updates from listed telecoms infrastructure companies suggests challenging trading conditions persist and a recovery could take longer.</li><li>​​​​​​​On 17 July 2023, RAK said that a temporary slowdown in the telecoms sector meant up to NZ$10m in downside risk to its FY24 underlying EBITDA guidance range of NZ$24m–NZ$36m.</li><li>The temporary slowdown was, 'driven by a more conservative stance from the global mobile network operators for FY24', leading to a slower drawdown of stockpiled inventory amongst RAK's key telecoms infrastructure customers. </li></ul>

While Rakon (RAK) has previously said it expects customer inventory levels to normalise by the end of FY24 (to March 2024), our analysis of recent updates from listed telecoms infrastructure companies suggests challenging trading conditions persist and a recovery could take longer.​​​​​​​On 17 July 2023, RAK said that a temporary slowdown in the telecoms sector meant up to NZ$10m in downside risk to its FY24 underlying EBITDA guidance range of NZ$24m–NZ$36m.The temporary slowdown was, 'driven by a more conservative stance from the global mobile network operators for FY24', leading to a slower drawdown of stockpiled inventory amongst RAK's key telecoms infrastructure customers. 

Rakon Limited - Telecoms Weakness Persists

Rakon Ltd

Rakon Limited - Telecoms Weakness Persists