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 last quarter delivered broadening signals of economic recovery across New Zealand's listed auto retailers.</li><li>Turners Automotive (TRA) continues to exhibit relative operational resilience, with our proprietary data pointing to modestly improving sales momentum and margin recovery, underpinning management guidance of around NZ$60m NPBT in FY26.</li><li>We lift FY26 earnings estimates and raise our price target to NZ$8.50 from NZ$7.85.</li></ul>

The last quarter delivered broadening signals of economic recovery across New Zealand's listed auto retailers.Turners Automotive (TRA) continues to exhibit relative operational resilience, with our proprietary data pointing to modestly improving sales momentum and margin recovery, underpinning management guidance of around NZ$60m NPBT in FY26.We lift FY26 earnings estimates and raise our price target to NZ$8.50 from NZ$7.85.

Forsyth Barr Vehicle Digest Edition 11—Turner's Rally Drives On

<ul><li>Turners Automotive (TRA) reported a solid 1H26 result, slightly ahead of expectations, with NPBT up +13% to NZ$30.4m despite a subdued New Zealand economy.</li><li>Revenue increased +5% to NZ$219m, underscoring TRA’s ability to navigate a sluggish economy and constrained vehicle supply.</li><li>TRA reiterated its FY26 dividend guidance of at least NZ32c per share (+10% against the prior year), while FY26 NPBT guidance of around NZ$60m implies +11% growth on FY25.</li></ul>

Turners Automotive (TRA) reported a solid 1H26 result, slightly ahead of expectations, with NPBT up +13% to NZ$30.4m despite a subdued New Zealand economy.Revenue increased +5% to NZ$219m, underscoring TRA’s ability to navigate a sluggish economy and constrained vehicle supply.TRA reiterated its FY26 dividend guidance of at least NZ32c per share (+10% against the prior year), while FY26 NPBT guidance of around NZ$60m implies +11% growth on FY25.

Turners Automotive Group Ltd 1H26 Driving Through A Low-Speed Economy

Thematic (Sector/Industry)

<ul><li>November 2025 electronic card spend data saw core retail rise +2% year on year and +1% on a seasonally adjusted, month-on-month basis.</li><li>November consumer confidence was the highest level in six months, whilst the future conditions index is the highest in over a year.</li><li>New car sales rose +11% year on year in the year to November.</li></ul>

November 2025 electronic card spend data saw core retail rise +2% year on year and +1% on a seasonally adjusted, month-on-month basis.November consumer confidence was the highest level in six months, whilst the future conditions index is the highest in over a year.New car sales rose +11% year on year in the year to November.

Consumer Sector - ON The Road To Recovery

<ul><li>The December 2024 quarter remained tough for New Zealand's used vehicle market as import levels collapsed, with ex-overseas used vehicle transactions down -33% year-on-year.</li><li>Outside of imports, vehicle transaction levels have started to recover, and the public-to-public segment continues to take the largest share, circumventing dealers.</li><li>These factors have impacted heavily on 2 Cheap Cars' (2CC) and Colonial Motor's (CMO) recent updates. </li></ul>

The December 2024 quarter remained tough for New Zealand's used vehicle market as import levels collapsed, with ex-overseas used vehicle transactions down -33% year-on-year.Outside of imports, vehicle transaction levels have started to recover, and the public-to-public segment continues to take the largest share, circumventing dealers.These factors have impacted heavily on 2 Cheap Cars' (2CC) and Colonial Motor's (CMO) recent updates. 

<div id="m_-4491327355502150754iubdj"><ul><li>The September 2024 quarter was an improved period for New Zealand's vehicle market.</li><li>New vehicle sales rose +16% from a low base and used car sales were broadly flat versus the comparable period in 2023.</li><li>Nevertheless, conditions are still challenging for industry participants. </li></ul></div>

The September 2024 quarter was an improved period for New Zealand's vehicle market.New vehicle sales rose +16% from a low base and used car sales were broadly flat versus the comparable period in 2023.Nevertheless, conditions are still challenging for industry participants. 

Forsyth Barr EV and Vehicle Digest - Edition 6 — Trying to Turn the Corner

New Zealand

Turners Limited specialized personal insurance. The Company provides motor vehicle and personal financial services, and hire purchase services and investment advisory services to businesses.  Dorchester also provides immigration consultancy services assisting business migrants and families.

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Turners Automotive (TRA NZ)

Forsyth Barr Vehicle Digest Edition 11—Turner's Rally Drives On

Turners Automotive (TRA) continues to exhibit relative operational resilience, with our proprietary data pointing to modestly improving sales...

Forsyth Barr

Turners Automotive Group Ltd 1H26 Driving Through A Low-Speed Economy

Turners Automotive (TRA) reported a solid 1H26 result, slightly ahead of expectations, with NPBT up +13% to NZ$30.4m despite a subdued New Zealand...

Forsyth Barr

Consumer Sector - ON The Road To Recovery

November 2025 electronic card spend data saw core retail rise +2% year on year and +1% on a seasonally adjusted, month-on-month basis.

Forsyth Barr

Forsyth Barr EV and Vehicle Digest

The December 2024 quarter remained tough for New Zealand's used vehicle market as import levels collapsed, with ex-overseas used vehicle...

Forsyth Barr

Forsyth Barr EV and Vehicle Digest - Edition 6 — Trying to Turn the Corner

New vehicle sales rose +16% from a low base and used car sales were broadly flat versus the comparable period in 2023. Nevertheless, conditions are...

Forsyth Barr

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