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) recent annual shareholder meeting trading update suggested lower management conviction in its ability to generate earnings growth in FY25.</li><li>Guidance now suggests: ‘we remain focused on increasing underlying NPAT in FY25’, compared to: ‘we expect an increase in underlying NPAT in FY25 compared to FY24’, at the time of the FY24 result.</li><li>Trading conditions have remained challenging following a tough 4Q24. </li></ul>

Tourism Holdings' (THL) recent annual shareholder meeting trading update suggested lower management conviction in its ability to generate earnings growth in FY25.Guidance now suggests: ‘we remain focused on increasing underlying NPAT in FY25’, compared to: ‘we expect an increase in underlying NPAT in FY25 compared to FY24’, at the time of the FY24 result.Trading conditions have remained challenging following a tough 4Q24. 

Tourism Holdings - Rightsizing the Near Term