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>Is Christmas shopping creeping up on you? Don’t worry—our annual Santa’s Stocking report is here to take the pressure off.</li><li>We forecast 1% to 2% real core retail spend growth in 2026—see our note Retail Rundown: What’s in Store for 2026, dated 10 December 2025, for more detail.</li><li>Looking ahead to 2026, we’ve got a number of gift ideas to build anticipation for upcoming sporting events and family fun.</li></ul>

Is Christmas shopping creeping up on you? Don’t worry—our annual Santa’s Stocking report is here to take the pressure off.We forecast 1% to 2% real core retail spend growth in 2026—see our note Retail Rundown: What’s in Store for 2026, dated 10 December 2025, for more detail.Looking ahead to 2026, we’ve got a number of gift ideas to build anticipation for upcoming sporting events and family fun.

<ul><li>After a challenging few years for NZX-listed retailers, we are starting to see signs that the worst may be over.</li><li>Australian retailers that reported in August indicated that the consumer backdrop has improved sequentially throughout 2025 in New Zealand.</li><li>For the upcoming September reporting season, we will be looking for updates on recent trading, promotional pricing activity, cost control, and capital management.</li></ul>

After a challenging few years for NZX-listed retailers, we are starting to see signs that the worst may be over.Australian retailers that reported in August indicated that the consumer backdrop has improved sequentially throughout 2025 in New Zealand.For the upcoming September reporting season, we will be looking for updates on recent trading, promotional pricing activity, cost control, and capital management.

Retail Sector Checking Out Reporting Season

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

<ul><li>A down week for furniture and furnishings stocks amid a broader small-cap pullback against a background of increased policy uncertainty.</li><li>The WTR Commercial/Contract Furniture Index declined 4%, the Residential Manufacturers &amp; Suppliers Index fell 2.3%, and the Home Goods Retailers Index fell 10.1%, while the broader market indexes declined 1.7% and the R2K fell 3.6%.</li><li>The administration’s plans to target Chinese shipbuilding could increase costs for importers.</li></ul>

A down week for furniture and furnishings stocks amid a broader small-cap pullback against a background of increased policy uncertainty.The WTR Commercial/Contract Furniture Index declined 4%, the Residential Manufacturers &amp; Suppliers Index fell 2.3%, and the Home Goods Retailers Index fell 10.1%, while the broader market indexes declined 1.7% and the R2K fell 3.6%.The administration’s plans to target Chinese shipbuilding could increase costs for importers.

Furniture/Furnishings Weekly - Chinese Shipbuilding Targeted; IKEA Update

Equity Bottom-Up

<ul><li>Briscoe Group (BGP) provided a robust 2Q27 sales update, though its initial 1H27 NPAT guidance was slightly below our prior expectations.</li><li>Gross margin pressure also remains a feature, impacted by the weaker New Zealand dollar and continued promotional pressure in the domestic retail landscape.</li><li>However, this is already reflected in the price, with the stock trading at ~16.5x one-year forward PE versus its long-run average of ~13x, offering limited upside valuation support at current levels.</li></ul>

Briscoe Group (BGP) provided a robust 2Q27 sales update, though its initial 1H27 NPAT guidance was slightly below our prior expectations.Gross margin pressure also remains a feature, impacted by the weaker New Zealand dollar and continued promotional pressure in the domestic retail landscape.However, this is already reflected in the price, with the stock trading at ~16.5x one-year forward PE versus its long-run average of ~13x, offering limited upside valuation support at current levels.

Briscoe Group 2Q27 Trading Update—Still Not on Sale

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Four things to know about China’s plan to go ‘all-out’ on infrastructure</li><li>Did Henan authorities abuse virus controls to stymie swindled bank depositors?</li><li>Chart of the Day: China’s record high youth unemployment rate</li></ul>

Four things to know about China’s plan to go ‘all-out’ on infrastructureDid Henan authorities abuse virus controls to stymie swindled bank depositors?Chart of the Day: China’s record high youth unemployment rate

CX Daily: Four Things to Know About China’s Plan to Go ‘All-Out’ on Infrastructure

Netherlands

IKEA of Sweden AB retails home and office furnishing products. The Company offers furniture, home and kitchen appliances, lighting, textile, carpets, decoration, and other products. IKEA of Sweden serves customers worldwide.

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IKEA of Sweden AB (4168877Z SS)

Retail Sector Santas Stocking

We forecast 1% to 2% real core retail spend growth in 2026—see our note Retail Rundown: What’s in Store for 2026, dated 10 December 2025, for more...

Forsyth Barr

Retail Sector Checking Out Reporting Season

Australian retailers that reported in August indicated that the consumer backdrop has improved sequentially throughout 2025 in New Zealand.

Forsyth Barr

Furniture/Furnishings Weekly - Chinese Shipbuilding Targeted; IKEA Update

A down week for furniture and furnishings stocks amid a broader small-cap pullback against a background of increased policy uncertainty.

Water Tower Research

Briscoe Group 2Q27 Trading Update—Still Not on Sale

Briscoe Group (BGP) provided a robust 2Q27 sales update, though its initial 1H27 NPAT guidance was slightly below our prior expectations. Gross...

Forsyth Barr

CX Daily: Four Things to Know About China’s Plan to Go ‘All-Out’ on Infrastructure

Four things to know about China’s plan to go ‘all-out’ on infrastructure. Did Henan authorities abuse virus controls to stymie swindled bank...

Caixin Global

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