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>Sanford's (SAN) 3Q23 update surprised to the downside, with wildcatch volumes affected by lower than expected squid catch. </li><li>While this was partially offset by (1) resilient volumes across other key species, and (2) better than anticipated price movements from product mix and strong in-market demand, we estimate the wildcatch division may struggle with operating deleverage in 2H23.</li><li>Positively, Mussels and Salmon prices and volumes are generally in line with our expectations, and we expect both will post robust year on year earnings growth (albeit off a COVID-impacted base). </li></ul>

Sanford's (SAN) 3Q23 update surprised to the downside, with wildcatch volumes affected by lower than expected squid catch. While this was partially offset by (1) resilient volumes across other key species, and (2) better than anticipated price movements from product mix and strong in-market demand, we estimate the wildcatch division may struggle with operating deleverage in 2H23.Positively, Mussels and Salmon prices and volumes are generally in line with our expectations, and we expect both will post robust year on year earnings growth (albeit off a COVID-impacted base). 

Sanford Limited

Sanford - A Calamari Calamity