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 March 2026 quarter delivered a continuation of mixed economic signals, although updates from NZ's listed auto retailers remained constructive.</li><li>Against this backdrop, Turners Automotive (TRA) continued to exhibit operational resilience, as reflected in management's upgraded FY26 guidance announced at the company's 2026 Investor Day.</li><li>We lift TRA's target price by +3% to NZ$8.65, driven by a recovery in peer multiples and with an expected 12-month total return of +3%, retain our UNDERPERFORM rating.</li></ul>

The March 2026 quarter delivered a continuation of mixed economic signals, although updates from NZ's listed auto retailers remained constructive.Against this backdrop, Turners Automotive (TRA) continued to exhibit operational resilience, as reflected in management's upgraded FY26 guidance announced at the company's 2026 Investor Day.We lift TRA's target price by +3% to NZ$8.65, driven by a recovery in peer multiples and with an expected 12-month total return of +3%, retain our UNDERPERFORM rating.

Forsyth Barr Vehicle Digest Edition 12—The Wheels Are Turning

United States

Gevo Inc. operates as a technology development company for biobutanol. The Company offers products that enable the production of fuels for the diesel and jet markets, and the production of green chemicals derived from renewable resources.

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Gevo (GEVO US)

Forsyth Barr Vehicle Digest Edition 12—The Wheels Are Turning

The March 2026 quarter delivered a continuation of mixed economic signals, although updates from NZ's listed auto retailers remained...

Forsyth Barr

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