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>We reinstate coverage on Synlait Milk (SML) with an UNDERPERFORM rating and a target price of NZ$0.32.</li><li>Our view reflects: (1) the distinct possibility of SML losing significant volumes as its key customer, The a2 Milk Company (ATM), transforms its supply chain.</li><li>(2) Lack of customer diversification with the Abbott North Island contract and Foodservice yet to show any material signs of filling this void. </li></ul>

We reinstate coverage on Synlait Milk (SML) with an UNDERPERFORM rating and a target price of NZ$0.32.Our view reflects: (1) the distinct possibility of SML losing significant volumes as its key customer, The a2 Milk Company (ATM), transforms its supply chain.(2) Lack of customer diversification with the Abbott North Island contract and Foodservice yet to show any material signs of filling this void. 

Synlait Milk - More Evidence Needed: UNDERPERFORM