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>Scales' (SCL) FY23 result did little to fundamentally change our view on the company's positioning and outlook.</li><li>We walk away comfortable that: (1) Horticulture earnings will recover to near pre-COVID levels in FY25, (2) customer de-stocking impacts within Global Proteins should be largely complete in the next six months, and (3) the medium-term outlook for Global Proteins earnings remains robust.</li><li>We continue to see SCL as well positioned to capture solid earnings growth from ongoing constructive animal care trends, while near-term earnings are also supported by a Horticulture recovery. </li></ul>

Scales' (SCL) FY23 result did little to fundamentally change our view on the company's positioning and outlook.We walk away comfortable that: (1) Horticulture earnings will recover to near pre-COVID levels in FY25, (2) customer de-stocking impacts within Global Proteins should be largely complete in the next six months, and (3) the medium-term outlook for Global Proteins earnings remains robust.We continue to see SCL as well positioned to capture solid earnings growth from ongoing constructive animal care trends, while near-term earnings are also supported by a Horticulture recovery. 

Scales Corp Ltd

Scales - FY23 Result — Set to Dazzle