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>Digital Hearts Holdings is a provider of QA testing for corporate customers, the second-largest in Japan by market cap.</li><li>After a volatile FY3/24, the company expects to return to double-digit growth and margin expansion this year in preparation for the spin-off in 2025 of its enterprise-focused businesses (AGEST Group).</li><li>Similar growth rates are expected over the medium term due to the expansion of services, the provision of a wide range of adaptable solutions, and the tailwind of an acceleration in AI-driven demand for data collection and tagging.</li></ul>

Digital Hearts Holdings is a provider of QA testing for corporate customers, the second-largest in Japan by market cap.After a volatile FY3/24, the company expects to return to double-digit growth and margin expansion this year in preparation for the spin-off in 2025 of its enterprise-focused businesses (AGEST Group).Similar growth rates are expected over the medium term due to the expansion of services, the provision of a wide range of adaptable solutions, and the tailwind of an acceleration in AI-driven demand for data collection and tagging.

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