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>The a2 Milk Company (ATM) will report its FY26 result on Monday, 17 August 2026.</li>
<li>ATM noted a ‘large proportion’ of its China-label customers were forced to switch brands due to inadequate supply in 4Q26.</li>
<li>We look for an update on ATM’s Pokeno facility, where we expect utilisation to ramp up significantly in FY27.</li>
</ul>


The a2 Milk Company (ATM) will report its FY26 result on Monday, 17 August 2026.
ATM noted a ‘large proportion’ of its China-label customers were forced to switch brands due to inadequate supply in 4Q26.
We look for an update on ATM’s Pokeno facility, where we expect utilisation to ramp up significantly in FY27.


The a2 Milk Company FY26 Preview—Supply Restored

<ul><li>The a2 Milk Company (ATM) provided a positive update on its supply chain and FY26 guidance.</li><li>As a result, product flows to distributors and retailers have materially improved, and stock levels for both English Label and China Label have returned to targeted levels.</li><li>With uncertainty still relatively elevated and ATM now trading on a 12-month forward PE of ~28x, broadly in line with history, we continue to see a balanced risk–reward profile.</li></ul>

The a2 Milk Company (ATM) provided a positive update on its supply chain and FY26 guidance.As a result, product flows to distributors and retailers have materially improved, and stock levels for both English Label and China Label have returned to targeted levels.With uncertainty still relatively elevated and ATM now trading on a 12-month forward PE of ~28x, broadly in line with history, we continue to see a balanced risk–reward profile.

Australia

Commonwealth Bank of Australia provides banking, life insurance, and related services for individuals, small businesses and medium sized commercial enterprises. The Bank provides corporate and general banking, international financing, institutional banking and stock broking and funds management such as superannuation product.

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Commonwealth Bank of Australia (CBA AU)

The a2 Milk Company FY26 Preview—Supply Restored

The a2 Milk Company (ATM) will report its FY26 result on Monday, 17 August 2026. ATM noted a ‘large proportion’ of its China-label customers were...

Forsyth Barr

The a2 Milk Company Bottlenecks Breaking

The a2 Milk Company (ATM) provided a positive update on its supply chain and FY26 guidance. As a result, product flows to distributors and...

Forsyth Barr

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