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>Steel and Tube's (STU) ASM and trading update highlighted worsening conditions, which it had described as ‘even worse than the GFC’ during its FY24 result.</li><li>Market volume declines are being compounded by competitive pressure on prices, while high operating leverage has resulted in STU being loss making.</li><li>Losses are likely to continue in the near term. We forecast a FY25 loss of -NZ$11m, assuming some modest improvement in 2H25, but the current demand environment and timing of improvement in volumes remains uncertain. </li></ul>

Steel and Tube's (STU) ASM and trading update highlighted worsening conditions, which it had described as ‘even worse than the GFC’ during its FY24 result.Market volume declines are being compounded by competitive pressure on prices, while high operating leverage has resulted in STU being loss making.Losses are likely to continue in the near term. We forecast a FY25 loss of -NZ$11m, assuming some modest improvement in 2H25, but the current demand environment and timing of improvement in volumes remains uncertain. 

Steel & Tube Holdings - FY25 Down the Tubes