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) provided a reassuring FY23 trading update which addressed investors' key concerns around long-term horticulture impacts and the timing of an earnings recovery.</li><li>SCL confirmed: (1) there are no signs of further tree losses or long-term damage from Cyclone Gabrielle, (2) no changes to the FY23 NPAT guidance range of NZ$14m to NZ$19m, and (3) first time FY24 NPAT guidance of NZ$30m to NZ$35m: the upper end reflects a return to pre-COVID profitability. </li><li>SCL is typically conservative in issuing guidance, and we believe this update meaningfully reduces near-term uncertainty. </li></ul>

Scales (SCL) provided a reassuring FY23 trading update which addressed investors' key concerns around long-term horticulture impacts and the timing of an earnings recovery.SCL confirmed: (1) there are no signs of further tree losses or long-term damage from Cyclone Gabrielle, (2) no changes to the FY23 NPAT guidance range of NZ$14m to NZ$19m, and (3) first time FY24 NPAT guidance of NZ$30m to NZ$35m: the upper end reflects a return to pre-COVID profitability. SCL is typically conservative in issuing guidance, and we believe this update meaningfully reduces near-term uncertainty. 

Scales Corp Ltd

Scales - Over the Core Issue