New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

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.

Equity Bottom-Up

<ul><li>Synlait Milk’s (SML) 1H26 result was very challenged and after numerous adjustments, in-line with the trading update it provided in early February.</li><li>Net debt was NZ$472m, up from NZ$251m at FY25 and NZ$392m at 1H25.</li><li>SML has provided no explicit outlook commentary for the second half, nor has it provided clear strategic targets looking forward.</li></ul>

Synlait Milk’s (SML) 1H26 result was very challenged and after numerous adjustments, in-line with the trading update it provided in early February.Net debt was NZ$472m, up from NZ$251m at FY25 and NZ$392m at 1H25.SML has provided no explicit outlook commentary for the second half, nor has it provided clear strategic targets looking forward.

Synlait Milk (SML): 1H26 Result – Initial Impressions

<ul><li>We upgrade our rating to NEUTRAL.</li><li>Synlait Milk (SML)’s FY25 result was the sideshow to the sale of its North Island assets to Abbott for NZ$307m.</li><li>We see this as a clear positive for two reasons: (1) removal of balance sheet risk (we estimate SML will be net cash at FY26); and (2) removal of material losses (FY25 EBIT losses of ~-NZ$20m versus total group EBIT of ~+NZ$50m).</li></ul>

We upgrade our rating to NEUTRAL.Synlait Milk (SML)’s FY25 result was the sideshow to the sale of its North Island assets to Abbott for NZ$307m.We see this as a clear positive for two reasons: (1) removal of balance sheet risk (we estimate SML will be net cash at FY26); and (2) removal of material losses (FY25 EBIT losses of ~-NZ$20m versus total group EBIT of ~+NZ$50m).

Synlait Milk FY25 Result—The Power of Deleverage

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>Technically, the SET Index is expected to gain limitedly, with the support at 1,423/1,416 points and the resistance at 1,448/1,457 points.</li><li>Despite the anticipated deceleration in Chinese economic growth, the impact on the Chinese equity market is expected to be contained.</li><li>We recommend stocks that are likely to benefit from the recovery in the Chinese economy, i.e., SPA, TKN and COCOCO.</li></ul>

Technically, the SET Index is expected to gain limitedly, with the support at 1,423/1,416 points and the resistance at 1,448/1,457 points.Despite the anticipated deceleration in Chinese economic growth, the impact on the Chinese equity market is expected to be contained.We recommend stocks that are likely to benefit from the recovery in the Chinese economy, i.e., SPA, TKN and COCOCO.

United States

Abbott Laboratories discovers, develops, manufactures, and sells a broad and diversified line of health care products and services. The Company's products include pharmaceuticals, nutritional, diagnostics, and vascular products. Abbott markets its products worldwide through affiliates and distributors.

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Abbott Laboratories (ABT US)

Synlait Milk (SML): 1H26 Result – Initial Impressions

Synlait Milk’s (SML) 1H26 result was very challenged and after numerous adjustments, in-line with the trading update it provided in early...

Forsyth Barr

Synlait Milk FY25 Result—The Power of Deleverage

We upgrade our rating to NEUTRAL. Synlait Milk (SML)’s FY25 result was the sideshow to the sale of its North Island assets to Abbott for NZ$307m.

Forsyth Barr

Today's Dominant Ideas

Technically, the SET Index is expected to gain limitedly, with the support at 1,423/1,416 points and the resistance at 1,448/1,457 points. Despite...

Krungthai XSpring

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