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>Serko (SKO) reported a solid 1H25 result, with cost control ahead of our expectations.</li><li>We upgrade SKO to NEUTRAL from UNDERPERFORM, reflecting: (1) stronger gross margins and operating leverage, (2) improved confidence in the growth trajectory of Booking.com for Business (B4B), and (3) our incrementally positive view of SKO's US$12m (plus earn-outs) acquisition of Sabre's GetThere online booking tool (OBT).</li><li>While the acquisition adds complexity and execution risk, it gives SKO an improved foothold in the large US managed travel market, and reduces its reliance on the pivotal B4B contract. </li></ul>

Serko (SKO) reported a solid 1H25 result, with cost control ahead of our expectations.We upgrade SKO to NEUTRAL from UNDERPERFORM, reflecting: (1) stronger gross margins and operating leverage, (2) improved confidence in the growth trajectory of Booking.com for Business (B4B), and (3) our incrementally positive view of SKO's US$12m (plus earn-outs) acquisition of Sabre's GetThere online booking tool (OBT).While the acquisition adds complexity and execution risk, it gives SKO an improved foothold in the large US managed travel market, and reduces its reliance on the pivotal B4B contract. 

Serko - 1H25 Getting There Faster with US Acquisition

Serko Ltd

Serko - 1H25 Getting There Faster with US Acquisition