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

Sky Network Television / Equity Bottom-Up

<ul>
<li>Sky TV (SKT)’s competitive backdrop is becoming more challenging, both in entertainment and sports, but to varying degrees.</li>
<li>We modestly reduce our earnings estimates but retain OUTPERFORM.</li>
<li>We believe dividends can grow from FY26 and see its ~13% gross dividend yield as attractive.</li>
</ul>


Sky TV (SKT)’s competitive backdrop is becoming more challenging, both in entertainment and sports, but to varying degrees.
We modestly reduce our earnings estimates but retain OUTPERFORM.
We believe dividends can grow from FY26 and see its ~13% gross dividend yield as attractive.


<ul><li>Amazon's (AMZN) launch of Amazon Supply Chain Services (ASCS) poses a long-term structural threat to Mainfreight (MFT) and other global freight players, rather than adding materially to near-term competitive pressures.</li><li>MFT's key protection from AMZN's long-term structural threat lies geographically in its heavy exposure to Australasia, its relationship-driven customer model, integrated supply chain offering and limited exposure to the e-commerce channel.</li><li>While we recognise investor sentiment will be adversely impacted by the ASCS news, MFT already operates in a highly competitive market, and we continue to believe it will maintain positive customer momentum.</li></ul>

Amazon's (AMZN) launch of Amazon Supply Chain Services (ASCS) poses a long-term structural threat to Mainfreight (MFT) and other global freight players, rather than adding materially to near-term competitive pressures.MFT's key protection from AMZN's long-term structural threat lies geographically in its heavy exposure to Australasia, its relationship-driven customer model, integrated supply chain offering and limited exposure to the e-commerce channel.While we recognise investor sentiment will be adversely impacted by the ASCS news, MFT already operates in a highly competitive market, and we continue to believe it will maintain positive customer momentum.

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>For the KTX Tactical DR Picks today, we recommend selling AMZN80 and META80 with slight losses of 1.4% and 0.9%, respectively, while maintaining other DR positions and adding no new DRs today.</li><li>The return on the underlying securities in the portfolio rose 0.7% from the previous day, in line with global stock market conditions, after the Fed Chair signaled the possibility of an interest rate cut.</li><li>According to our study through the KTX Fundamental USDTHB Tracker model, the baht has remained relatively strong.</li></ul>

For the KTX Tactical DR Picks today, we recommend selling AMZN80 and META80 with slight losses of 1.4% and 0.9%, respectively, while maintaining other DR positions and adding no new DRs today.The return on the underlying securities in the portfolio rose 0.7% from the previous day, in line with global stock market conditions, after the Fed Chair signaled the possibility of an interest rate cut.According to our study through the KTX Fundamental USDTHB Tracker model, the baht has remained relatively strong.

External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Systems Limited (SYS) held its corporate briefing to discuss 1H2025 financial result and future outlook.</li><li>SYS recorded the highest ever operating profit of Rs5.1bn in 1H2025. Revenue went up by 18%, followed by a 59% growth in earnings, mainly led by exchange gains due to PKR depreciation during the period.</li><li>While the management is yet to disclose specific details about the acquisition of BAT SAA Services, they noted that it presents an entirely new growth avenue for the company.</li></ul>

Systems Limited (SYS) held its corporate briefing to discuss 1H2025 financial result and future outlook.SYS recorded the highest ever operating profit of Rs5.1bn in 1H2025. Revenue went up by 18%, followed by a 59% growth in earnings, mainly led by exchange gains due to PKR depreciation during the period.While the management is yet to disclose specific details about the acquisition of BAT SAA Services, they noted that it presents an entirely new growth avenue for the company.

Topline Flash Note: Systems Limited (SYS): 1H2025 Corporate Briefing Key Takeaways

<ul><li>We recommend closing the investment positions in SONY80 and MITSU19 with gains of 8.7% and 0.9%, respectively, while opening a new position in AMZN80, a DR referencing AMAZON.COM, INC., listed on the US stock market.</li><li>The underlying securities in the portfolio posted a slight average return decline of -0.56%, pressured by the drop in STEG19, a defense-related company, following the easing of Ukraine-Russia tensions.</li><li>According to our study through the KTX Fundamental USDTHB Tracker model, the baht has remained relatively strong.</li></ul>

We recommend closing the investment positions in SONY80 and MITSU19 with gains of 8.7% and 0.9%, respectively, while opening a new position in AMZN80, a DR referencing AMAZON.COM, INC., listed on the US stock market.The underlying securities in the portfolio posted a slight average return decline of -0.56%, pressured by the drop in STEG19, a defense-related company, following the easing of Ukraine-Russia tensions.According to our study through the KTX Fundamental USDTHB Tracker model, the baht has remained relatively strong.

KTX Tactical DR Picks - August 19, 2025 (Eng.)

United States

Amazon.com, Inc. is an online retailer that offers a wide range of products. The Company's products include books, music, videotapes, computers, electronics, home and garden, and numerous other products.  Amazon offers personalized shopping services, Web-based credit card payment, and direct shipping to customers.

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Amazon (AMZN US)

Sky TV Playing Defense

Sky TV (SKT)’s competitive backdrop is becoming more challenging, both in entertainment and sports, but to varying degrees. We modestly reduce our...

Forsyth Barr

Mainfreight Amazon Delivery Disruption

Amazon's (AMZN) launch of Amazon Supply Chain Services (ASCS) poses a long-term structural threat to Mainfreight (MFT) and other global freight...

Forsyth Barr

KTX Tactical DR Picks

For the KTX Tactical DR Picks today, we recommend selling AMZN80 and META80 with slight losses of 1.4% and 0.9%, respectively, while maintaining...

Krungthai XSpring

Topline Flash Note: Systems Limited (SYS): 1H2025 Corporate Briefing Key Takeaways

Systems Limited (SYS) held its corporate briefing to discuss 1H2025 financial result and future outlook. SYS recorded the highest ever operating...

Topline Securities

KTX Tactical DR Picks - August 19, 2025 (Eng.)

We recommend closing the investment positions in SONY80 and MITSU19 with gains of 8.7% and 0.9%, respectively, while opening a new position in...

Krungthai XSpring

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