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>If Christmas shopping has snuck up on you this year, don’t stress—we’re here to make it simple!</li><li>We've curated a comprehensive Christmas gift guide to offer a variety of ideas for all your family members at any budget.</li><li>Included in this year's top picks are a pickleball set for family fun, a stylish ‘W’ cap (with a donation to Wikipedia), an Oura Ring combining tech and self-care, and a Matakana Village picnic for those who cherish quality time and good wine.</li></ul>

If Christmas shopping has snuck up on you this year, don’t stress—we’re here to make it simple!We've curated a comprehensive Christmas gift guide to offer a variety of ideas for all your family members at any budget.Included in this year's top picks are a pickleball set for family fun, a stylish ‘W’ cap (with a donation to Wikipedia), an Oura Ring combining tech and self-care, and a Matakana Village picnic for those who cherish quality time and good wine.

Retail Sector Santa's Stocking: What's in Store for Christmas?

<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

<ul><li>KMD Brands (KMD) provided a mixed 1Q25 trading update.</li><li>Our key positive takeaways were: (1) sales declines in its direct to consumer (D2C) channels are clearly moderating, and (2) gross margins have been more resilient than we had expected.</li><li>This is offset by its wholesale businesses, which remain challenging; improvement is not expected until at least 2H25. </li></ul>

KMD Brands (KMD) provided a mixed 1Q25 trading update.Our key positive takeaways were: (1) sales declines in its direct to consumer (D2C) channels are clearly moderating, and (2) gross margins have been more resilient than we had expected.This is offset by its wholesale businesses, which remain challenging; improvement is not expected until at least 2H25. 

<ul><li>KMD Brand's (KMD) FY24 result was in line with expectations, leaving our positive invest view unchanged.</li><li>The company's key focus over the last half was improving Kathmandu's product and branding, which appears to be gaining some traction. </li><li>Kathmandu's quarterly sales declines continue to incrementally improve, and gross margin dollars through the first eight-weeks of FY25 was up +5% versus the same period last year. </li></ul>

KMD Brand's (KMD) FY24 result was in line with expectations, leaving our positive invest view unchanged.The company's key focus over the last half was improving Kathmandu's product and branding, which appears to be gaining some traction. Kathmandu's quarterly sales declines continue to incrementally improve, and gross margin dollars through the first eight-weeks of FY25 was up +5% versus the same period last year. 

KMD Brands - FY24 Result — On the Trail

<ul><li>KMD Brands' (KMD) FY24 trading update was in broadly in line with our expectations. More importantly, the update implicitly addressed two of the market's key concerns.</li><li>(1) It confirmed sales declines are sequentially getting less worse, suggesting that we could be getting closer to the end of KMD's earnings downgrade cycle (albeit the wholesale channel remains challenging).</li><li>(2) It showed KMD can effectively manage its working capital, inventory, and net debt levels, which eases concerns around its balance sheet. </li></ul>

KMD Brands' (KMD) FY24 trading update was in broadly in line with our expectations. More importantly, the update implicitly addressed two of the market's key concerns.(1) It confirmed sales declines are sequentially getting less worse, suggesting that we could be getting closer to the end of KMD's earnings downgrade cycle (albeit the wholesale channel remains challenging).(2) It showed KMD can effectively manage its working capital, inventory, and net debt levels, which eases concerns around its balance sheet. 

New Zealand

Kathmandu Holdings Ltd. provides clothing and equipment for the travel and adventure market. The Company operates retail locations throughout Australia and New Zealand.

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Kathmandu Holdings (KMD NZ)

Retail Sector Santa's Stocking: What's in Store for Christmas?

If Christmas shopping has snuck up on you this year, don’t stress—we’re here to make it simple! We've curated a comprehensive Christmas gift guide...

Forsyth Barr

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

KMD Brands - Trekking Through the Cycle

Our key positive takeaways were: (1) sales declines in its direct to consumer (D2C) channels are clearly moderating, and (2) gross margins have...

Forsyth Barr

KMD Brands - FY24 Result — On the Trail

KMD Brand's (KMD) FY24 result was in line with expectations, leaving our positive invest view unchanged. The company's key focus over the last half...

Forsyth Barr

KMD Brands - Positioned to Ride the Wave

KMD Brands' (KMD) FY24 trading update was in broadly in line with our expectations. More importantly, the update implicitly addressed two of the...

Forsyth Barr

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