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>Despite Scales' (SCL) earnings mix shift towards Global Proteins, Horticulture still represents ~35% of our long-term NPAT forecasts.</li><li>Cyclone Gabrielle has raised unnecessary questions around the future returns in SCL's Horticulture business.</li><li>We think it is important to step back and remember that there has been no significant structural change in the Horticulture division; NZ is still the best place in the world to grow apples, and Mr Apple is arguably NZ's best apple business. </li></ul>

Despite Scales' (SCL) earnings mix shift towards Global Proteins, Horticulture still represents ~35% of our long-term NPAT forecasts.Cyclone Gabrielle has raised unnecessary questions around the future returns in SCL's Horticulture business.We think it is important to step back and remember that there has been no significant structural change in the Horticulture division; NZ is still the best place in the world to grow apples, and Mr Apple is arguably NZ's best apple business. 

Scales Corp Ltd

Scales - Razzle Dazzle