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).

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Equity Bottom-Up

Hallenstein Glassons Holdings / Equity Bottom-Up

<ul><li>Hallenstein Glasson (HLG) reported an FY23 result in line with our expectations and the middle of its guidance range.</li><li>The result, which was largely pre-released, contained few surprises.</li><li>Revenue growth and gross margins were resilient in FY23, and this supported profitability despite a significant uplift in operating costs from FY22 levels.</li></ul>

Hallenstein Glasson (HLG) reported an FY23 result in line with our expectations and the middle of its guidance range.The result, which was largely pre-released, contained few surprises.Revenue growth and gross margins were resilient in FY23, and this supported profitability despite a significant uplift in operating costs from FY22 levels.

Hallenstein Glasson - FY23 Result — Signs of Slowing

<ul><li>Hallenstein Glasson's (HLG) FY23 result is unlikely to surprise, with revenue and earnings largely pre-released.</li><li>We anticipate NPAT of NZ$32.0m, versus a narrow guidance range of NZ$31.8m to NZ$32.3m.</li><li>The key focus will be on any outlook comments for HLG given the retail sector continues to face a challenging macro-economic backdrop. </li></ul>

Hallenstein Glasson's (HLG) FY23 result is unlikely to surprise, with revenue and earnings largely pre-released.We anticipate NPAT of NZ$32.0m, versus a narrow guidance range of NZ$31.8m to NZ$32.3m.The key focus will be on any outlook comments for HLG given the retail sector continues to face a challenging macro-economic backdrop. 

Hallenstein Glasson - FY23 Preview — What's in Store

<ul><li>Hallenstein Glasson's (HLG) trading update confirmed FY23 revenue and NPAT are broadly in line with our expectations.</li><li>First time FY23 NPAT guidance range is reasonably narrow, at NZ$31.8m to $32.3m (heading into this update, our expectation was for NZ$32.4m). </li><li>The release was light on detail but with revenue slightly ahead of our expectations and NPAT slightly lower, we expect costs will be the key focus when HLG releases its full year result on 29 September 2023. </li></ul>

Hallenstein Glasson's (HLG) trading update confirmed FY23 revenue and NPAT are broadly in line with our expectations.First time FY23 NPAT guidance range is reasonably narrow, at NZ$31.8m to $32.3m (heading into this update, our expectation was for NZ$32.4m). The release was light on detail but with revenue slightly ahead of our expectations and NPAT slightly lower, we expect costs will be the key focus when HLG releases its full year result on 29 September 2023. 

Hallenstein Glasson - Looking Forward to the Runway

<ul><li>We initiate full coverage on Hallenstein Glasson (HLG) with an UNDERPERFORM rating and target price of NZ$5.60.</li><li>HLG has so far escaped the softening trading conditions which have impacted its discretionary retailer peers but the next 12 months may be more challenging, even as the long-term opportunities for the business look robust.</li><li>To date, sales across both its core brands (Hallenstein Brothers and Glassons) have been resilient, supported by (1) a relatively young core customer base that is less immediately impacted by rising interest rates, and (2) affordable pricing which may have captured trading down trends. </li></ul>

We initiate full coverage on Hallenstein Glasson (HLG) with an UNDERPERFORM rating and target price of NZ$5.60.HLG has so far escaped the softening trading conditions which have impacted its discretionary retailer peers but the next 12 months may be more challenging, even as the long-term opportunities for the business look robust.To date, sales across both its core brands (Hallenstein Brothers and Glassons) have been resilient, supported by (1) a relatively young core customer base that is less immediately impacted by rising interest rates, and (2) affordable pricing which may have captured trading down trends. 

Hallenstein Glasson - Upside Wearing Thin

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)

Hallenstein Glasson - FY23 Result — Signs of Slowing

Hallenstein Glasson (HLG) reported an FY23 result in line with our expectations and the middle of its guidance range. The result, which was largely...

Forsyth Barr

Hallenstein Glasson - FY23 Preview — What's in Store

Hallenstein Glasson's (HLG) FY23 result is unlikely to surprise, with revenue and earnings largely pre-released. We anticipate NPAT of NZ$32.0m,...

Forsyth Barr

Hallenstein Glasson - Looking Forward to the Runway

First time FY23 NPAT guidance range is reasonably narrow, at NZ$31.8m to $32.3m (heading into this update, our expectation was for NZ$32.4m).

Forsyth Barr

Hallenstein Glasson - Upside Wearing Thin

HLG has so far escaped the softening trading conditions which have impacted its discretionary retailer peers but the next 12 months may be more...

Forsyth Barr

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