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>The Colonial Motor Company (CMO) reported its FY25 result, and 2 Cheap Cars (2CC) updated the market—both spoke to persistent macro headwinds.</li><li>The September 2025 quarter saw total used-vehicle transactions lift +5% quarter-on-quarter, the second consecutive quarter of growth, with total vehicle imports up +9% to reach record highs.</li><li>Turners Automotive (TRA) continues to stand out in what, for now, remains a challenging environment.</li></ul>

The Colonial Motor Company (CMO) reported its FY25 result, and 2 Cheap Cars (2CC) updated the market—both spoke to persistent macro headwinds.The September 2025 quarter saw total used-vehicle transactions lift +5% quarter-on-quarter, the second consecutive quarter of growth, with total vehicle imports up +9% to reach record highs.Turners Automotive (TRA) continues to stand out in what, for now, remains a challenging environment.

Forsyth Barr Vehicle And EV Digest Edition 10—Macro Headwinds, Micro Strengths

Equity Bottom-Up

<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

United States

Heartland Express, Inc. is a short-to-medium haul truckload carrier.  The Company transports a variety of goods, including appliances, automotive parts, paper products, retail goods, and packaged foodstuffs.  Heartland operates in the United States.

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Heartland Express (HTLD US)

Forsyth Barr Vehicle And EV Digest Edition 10—Macro Headwinds, Micro Strengths

The Colonial Motor Company (CMO) reported its FY25 result, and 2 Cheap Cars (2CC) updated the market—both spoke to persistent macro headwinds.

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

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