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.

Thematic (Sector/Industry)

<ul><li>Christmas is a significant trading period for retailers. While 2024 has been a challenging year for the sector, recent listed trading updates and Stats NZ data suggest that sales declines are slowing.</li><li>We expect gross margins will remain under pressure as competition is elevated across the industry.</li><li>Despite this, the sector is optimistic for the year ahead, with our recent Pulse of NZ Business survey showing that retailers have seen demand increase over the last three months. </li></ul>

Christmas is a significant trading period for retailers. While 2024 has been a challenging year for the sector, recent listed trading updates and Stats NZ data suggest that sales declines are slowing.We expect gross margins will remain under pressure as competition is elevated across the industry.Despite this, the sector is optimistic for the year ahead, with our recent Pulse of NZ Business survey showing that retailers have seen demand increase over the last three months. 

Retail Sector - What's in Stock for Christmas & The Year Ahead

Equity Bottom-Up

Hallenstein Glassons Holdings / Equity Bottom-Up

<ul><li>Hallenstein Glassons (HLG) reported a strong 18-week trading update, with sales up c.+10% on the prior year.</li><li>Strong momentum in Glassons AU continues to offset softer New Zealand operating conditions, a trend which we expect to continue to play out in FY25. ​​​​​</li><li>We think the vastly improved retail fundamentals of its Glassons Australia business gives HLG license to expand its store base, which HLG is now actioning, targeting 2–5 net new stores per year in Australia over the medium term. </li></ul>

Hallenstein Glassons (HLG) reported a strong 18-week trading update, with sales up c.+10% on the prior year.Strong momentum in Glassons AU continues to offset softer New Zealand operating conditions, a trend which we expect to continue to play out in FY25. ​​​​​We think the vastly improved retail fundamentals of its Glassons Australia business gives HLG license to expand its store base, which HLG is now actioning, targeting 2–5 net new stores per year in Australia over the medium term. 

Hallenstein Glasson - Green and Gold Pastures

<ul><li>Hallenstein Glassons (HLG) reported a strong FY24 result, which was in line with our expectations. </li><li>Glassons Australia continues to grow as the group's largest profit centre, with sales and NPAT growing mid-double digits versus FY23.</li><li>In contrast, the NZ operating backdrop remains challenging, with Glassons NZ NPAT flat and Hallenstein Brothers NPAT only growing slightly in dollar terms. </li></ul>

Hallenstein Glassons (HLG) reported a strong FY24 result, which was in line with our expectations. Glassons Australia continues to grow as the group's largest profit centre, with sales and NPAT growing mid-double digits versus FY23.In contrast, the NZ operating backdrop remains challenging, with Glassons NZ NPAT flat and Hallenstein Brothers NPAT only growing slightly in dollar terms. 

Hallenstein Glasson - FY24 Result — On Trend

<ul><li>Hallenstein Glasson (HLG) reported a strong FY24 trading update, materially ahead of our expectations.</li><li>Annual sales growth of +6%, including +14% in 2H24 versus 2H23, is an impressive feat on its own, but even more so against the current economic backdrop.</li><li>Gross margins also surprised to the upside, due to a mix shift towards the higher margin Glassons Australia business, and improved inventory management reducing the need for end of season discounting. </li></ul>

Hallenstein Glasson (HLG) reported a strong FY24 trading update, materially ahead of our expectations.Annual sales growth of +6%, including +14% in 2H24 versus 2H23, is an impressive feat on its own, but even more so against the current economic backdrop.Gross margins also surprised to the upside, due to a mix shift towards the higher margin Glassons Australia business, and improved inventory management reducing the need for end of season discounting. 

Hallenstein Glasson - Wearing It Well Upgrade to OUTPERFORM

<ul><li>Hallenstein Glasson (HLG) provided a solid (as expected) 1H24 result.</li><li>Despite the result having largely been signalled at its trading update in February, there were a few key new pieces of information.</li><li>(1) Trading remains solid despite the challenging operating backdrop. </li></ul>

Hallenstein Glasson (HLG) provided a solid (as expected) 1H24 result.Despite the result having largely been signalled at its trading update in February, there were a few key new pieces of information.(1) Trading remains solid despite the challenging operating backdrop. 

Hallenstein Glasson - Threading the Needle

New Zealand

Hallenstein Glasson Holdings Limited owns and operates retail stores that sell men's, women's, and young men's apparel products and sportswear. The stores are located throughout New Zealand and Australia.

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Hallenstein Glassons Holdings (HLG NZ)

Retail Sector - What's in Stock for Christmas & The Year Ahead

Christmas is a significant trading period for retailers. While 2024 has been a challenging year for the sector, recent listed trading updates and...

Forsyth Barr

Hallenstein Glasson - Green and Gold Pastures

Strong momentum in Glassons AU continues to offset softer New Zealand operating conditions, a trend which we expect to continue to play out in...

Forsyth Barr

Hallenstein Glasson - FY24 Result — On Trend

Hallenstein Glassons (HLG) reported a strong FY24 result, which was in line with our expectations. Glassons Australia continues to grow as the...

Forsyth Barr

Hallenstein Glasson - Wearing It Well Upgrade to OUTPERFORM

Annual sales growth of +6%, including +14% in 2H24 versus 2H23, is an impressive feat on its own, but even more so against the current economic...

Forsyth Barr

Hallenstein Glasson - Threading the Needle

Despite the result having largely been signalled at its trading update in February, there were a few key new pieces of information.

Forsyth Barr

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