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) 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.

France

Danone SA is a food processing company. The Company produces dairy products, beverages, baby food and clinical/medical nutrition products.

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Danone SA (BN FP)

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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