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>Turners Automotive (TRA) used its 2025 ASM to underline confidence in continuing earnings growth despite ongoing consumer weakness.</li><li>TRA expects 1H26 NPBT growth of at least +10%, in line with our forecast of +11.7% in 1H26.</li><li>TRA’s Finance receivables book grew +5% in the first four months of FY26, tracking towards our expectation of +12% growth for the full year.</li></ul>

Turners Automotive (TRA) used its 2025 ASM to underline confidence in continuing earnings growth despite ongoing consumer weakness.TRA expects 1H26 NPBT growth of at least +10%, in line with our forecast of +11.7% in 1H26.TRA’s Finance receivables book grew +5% in the first four months of FY26, tracking towards our expectation of +12% growth for the full year.

Turners Automotive Group Ltd ASM Diversified Growth Steers Confidence

<ul><li>The June 2025 quarter extended the uneven trends seen in the first quarter of 2025, with NZ's vehicle markets continuing to face macro headwinds amid soft import volumes and a fragile consumer backdrop.</li><li>Our sales tracker indicates TRA's sales volumes are tracking broadly flat in comparison with FY25 thus far in FY26, modestly below our estimates for a +4% increase during FY26.</li><li>On 4 July 2025, we downgraded our rating on TRA to NEUTRAL, from OUTPERFORM, citing a re-rating of ~50% over the past year to ~14x 12-month forward PE.</li></ul>

The June 2025 quarter extended the uneven trends seen in the first quarter of 2025, with NZ's vehicle markets continuing to face macro headwinds amid soft import volumes and a fragile consumer backdrop.Our sales tracker indicates TRA's sales volumes are tracking broadly flat in comparison with FY25 thus far in FY26, modestly below our estimates for a +4% increase during FY26.On 4 July 2025, we downgraded our rating on TRA to NEUTRAL, from OUTPERFORM, citing a re-rating of ~50% over the past year to ~14x 12-month forward PE.

Forsyth Barr Vehicle And Ev Digest Edition 9—Industrys Uneven Road Continues

<ul><li>Turners Automotive (TRA) has been downgraded to NEUTRAL from OUTPERFORM, despite a 50% re-rating over the past year, due to a balanced risk-reward scenario.</li><li>While TRA's medium-term opportunity remains attractive, meaningful earnings upgrades are required to sustain its outperformance, which is unlikely given the suppressed consumer environment in New Zealand.</li><li>The company is expected to achieve its FY28 NPBT target a year early, but further share price momentum will require continued earnings upgrades.</li></ul>

Turners Automotive (TRA) has been downgraded to NEUTRAL from OUTPERFORM, despite a 50% re-rating over the past year, due to a balanced risk-reward scenario.While TRA's medium-term opportunity remains attractive, meaningful earnings upgrades are required to sustain its outperformance, which is unlikely given the suppressed consumer environment in New Zealand.The company is expected to achieve its FY28 NPBT target a year early, but further share price momentum will require continued earnings upgrades.

Turners Automotive Group Ltd Shifting Down a Gear, NEUTRAL

<ul><li>Turners Automotive (TRA) reported a strong FY25 result, delivering record earnings for the fifth consecutive year, with NPBT growth accelerating to +17% in 2H25.</li><li>The FY25 result rounds off an impressive decade of largely organic growth for TRA, with normalised EPS and DPS growing at +10% and +11% per annum since FY15.</li><li>TRA is now on track to hit its FY28 NPBT target of NZ$65m earlier than anticipated, underpinned by the roll-out of new sites in Auto Retail.</li></ul>

Turners Automotive (TRA) reported a strong FY25 result, delivering record earnings for the fifth consecutive year, with NPBT growth accelerating to +17% in 2H25.The FY25 result rounds off an impressive decade of largely organic growth for TRA, with normalised EPS and DPS growing at +10% and +11% per annum since FY15.TRA is now on track to hit its FY28 NPBT target of NZ$65m earlier than anticipated, underpinned by the roll-out of new sites in Auto Retail.

Turners Automotive Group Ltd - FY25 Result—High Octane

<ul><li>Turners Automotive is set to report its fifth consecutive record result, showcasing the benefits of its diversified business model.</li><li>Key focus areas include vehicle-pricing trends, margin recovery in finance, new-site pipeline, retail-optimisation strategy, and the performance of My Auto Shop.</li><li>Management has guided PBT of at least NZ$53m for FY25, with forecasts indicating a 10% growth driven by finance margin recovery and steady insurance growth.</li></ul>

Turners Automotive is set to report its fifth consecutive record result, showcasing the benefits of its diversified business model.Key focus areas include vehicle-pricing trends, margin recovery in finance, new-site pipeline, retail-optimisation strategy, and the performance of My Auto Shop.Management has guided PBT of at least NZ$53m for FY25, with forecasts indicating a 10% growth driven by finance margin recovery and steady insurance growth.

Turners Automotive Group Ltd - FY25 Preview—Steady as She Goes

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)

Turners Automotive Group Ltd ASM Diversified Growth Steers Confidence

Turners Automotive (TRA) used its 2025 ASM to underline confidence in continuing earnings growth despite ongoing consumer weakness.

Forsyth Barr

Forsyth Barr Vehicle And Ev Digest Edition 9—Industrys Uneven Road Continues

Our sales tracker indicates TRA's sales volumes are tracking broadly flat in comparison with FY25 thus far in FY26, modestly below our estimates...

Forsyth Barr

Turners Automotive Group Ltd Shifting Down a Gear, NEUTRAL

Turners Automotive (TRA) has been downgraded to NEUTRAL from OUTPERFORM, despite a 50% re-rating over the past year, due to a balanced risk-reward...

Forsyth Barr

Turners Automotive Group Ltd - FY25 Result—High Octane

Turners Automotive (TRA) reported a strong FY25 result, delivering record earnings for the fifth consecutive year, with NPBT growth accelerating to...

Forsyth Barr

Turners Automotive Group Ltd - FY25 Preview—Steady as She Goes

Management has guided PBT of at least NZ$53m for FY25, with forecasts indicating a 10% growth driven by finance margin recovery and steady...

Forsyth Barr

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