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>Tourism Holdings' (THL) exposure to the vehicle sales market has significantly impacted both earnings and its share price over the past 12 months; this creates an attractive opportunity as the cycle turns.</li><li>We believe vehicle sales markets in each of THL's jurisdictions are at, or close to, an inflection point.</li><li>Real time Google trends data, a strong proxy for vehicle sales demand, suggests seasonally adjusted sales volumes have not got any worse over the past six months. </li></ul>

Tourism Holdings' (THL) exposure to the vehicle sales market has significantly impacted both earnings and its share price over the past 12 months; this creates an attractive opportunity as the cycle turns.We believe vehicle sales markets in each of THL's jurisdictions are at, or close to, an inflection point.Real time Google trends data, a strong proxy for vehicle sales demand, suggests seasonally adjusted sales volumes have not got any worse over the past six months. 

Tourism Holdings - Google Trenz Inflection Point