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.

Equity Bottom-Up

<ul><li>Mainfreight’s (MFT) Annual Shareholders Meeting (ASM) trading update heralds the dramatic return to synchronised growth.</li><li>PBT for the first 16 weeks was up +78% on the prior year, driven by synchronised growth across all geographies and all products.</li><li>That said, with the earnings cycle now positively back in upgrade territory, and valuation levels by no means stretched, we reiterate an OUTPERFORM rating.</li></ul>

Mainfreight’s (MFT) Annual Shareholders Meeting (ASM) trading update heralds the dramatic return to synchronised growth.PBT for the first 16 weeks was up +78% on the prior year, driven by synchronised growth across all geographies and all products.That said, with the earnings cycle now positively back in upgrade territory, and valuation levels by no means stretched, we reiterate an OUTPERFORM rating.

<ul><li>Mainfreight (MFT) is due to report a strong start to FY27 in an Annual Shareholders Meeting (ASM) trading update on Thursday, 30 July 2026.</li><li>Moreover, we expect the update to be supportive of full-year consensus growth expectations (PBT +13% against the prior year), with risk to the upside.</li><li>Trading at ~22x one-year forward PE, MFT is at a meaningful discount to the average multiple of its closest listed peers—DSV (DSV.CO), Kuehne+Nagel (KNIN.S), and Old Dominion Freight Line (ODFL.O).</li></ul>

Mainfreight (MFT) is due to report a strong start to FY27 in an Annual Shareholders Meeting (ASM) trading update on Thursday, 30 July 2026.Moreover, we expect the update to be supportive of full-year consensus growth expectations (PBT +13% against the prior year), with risk to the upside.Trading at ~22x one-year forward PE, MFT is at a meaningful discount to the average multiple of its closest listed peers—DSV (DSV.CO), Kuehne+Nagel (KNIN.S), and Old Dominion Freight Line (ODFL.O).

Mainfreight ASM to Confirm Strong Start to FY27

<ul><li>Kuehne & Nagel (KNIN.S), a key international peer for Mainfreight (MFT), reported a 2Q26 result overnight, modestly above market expectations.</li><li>The result read-through for MFT is modestly positive with improving air &amp; sea freight conditions (both rates and volumes) particularly on eastbound Transpacific trade lanes.</li><li>Air freight: The stand-out feature in the result benefiting from market share gains and favourable mix (from semiconductors and cloud infrastructure growth).</li></ul>

Kuehne & Nagel (KNIN.S), a key international peer for Mainfreight (MFT), reported a 2Q26 result overnight, modestly above market expectations.The result read-through for MFT is modestly positive with improving air &amp; sea freight conditions (both rates and volumes) particularly on eastbound Transpacific trade lanes.Air freight: The stand-out feature in the result benefiting from market share gains and favourable mix (from semiconductors and cloud infrastructure growth).

Mainfreight (MFT.NZ) - K+N Q2 Read-Through

<ul><li>DSV (DSV.CO), a key international peer for Mainfreight (MFT), reported its 2Q26 result overnight with its share price down ~-14% on the day as quarterly earnings missed consensus expectations.</li><li>DSV is underperforming the market (low to mid-single digit growth) on volumes but its margin path has improved as Schenker synergies are realised (albeit slower than investors would like) and favourable freight rates benefit air and sea forwarding.</li><li>Warehousing is a highlight, while road has experienced quality issues that have increased cost.</li></ul>

DSV (DSV.CO), a key international peer for Mainfreight (MFT), reported its 2Q26 result overnight with its share price down ~-14% on the day as quarterly earnings missed consensus expectations.DSV is underperforming the market (low to mid-single digit growth) on volumes but its margin path has improved as Schenker synergies are realised (albeit slower than investors would like) and favourable freight rates benefit air and sea forwarding.Warehousing is a highlight, while road has experienced quality issues that have increased cost.

Mainfreight (MFT.NZ) - DSV Q2 Read-Through

<ul><li>Mainfreight’s (MFT) 72-page semi-annual employee newsletter points to improving trading momentum across most regions despite a still-challenging macroeconomic backdrop.</li><li>Commentary consistently highlights stronger sales activity, new customer wins and momentum carrying into the early months of FY27, while continuing to emphasise productivity improvements and investment in technology.</li><li>The second half momentum carried on into the first two months of the new year (April and May).</li></ul>

Mainfreight’s (MFT) 72-page semi-annual employee newsletter points to improving trading momentum across most regions despite a still-challenging macroeconomic backdrop.Commentary consistently highlights stronger sales activity, new customer wins and momentum carrying into the early months of FY27, while continuing to emphasise productivity improvements and investment in technology.The second half momentum carried on into the first two months of the new year (April and May).

Mainfreight (MFT.NZ) - July 2026 Team Newsletter Insights

New Zealand

Mainfreight Limited provides and supplies freight, warehousing and logistics services throughout New Zealand and Australia.  The Company provides freight forwarding services by road, rail, sea and air along with providing international freight forwarding services, customs clearance services and specialized handling of hazardous substances.

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Mainfreight Ltd (MFT NZ)

Mainfreight Boom

Mainfreight’s (MFT) Annual Shareholders Meeting (ASM) trading update heralds the dramatic return to synchronised growth. PBT for the first 16...

Forsyth Barr

Mainfreight ASM to Confirm Strong Start to FY27

Mainfreight (MFT) is due to report a strong start to FY27 in an Annual Shareholders Meeting (ASM) trading update on Thursday, 30 July...

Forsyth Barr

Mainfreight (MFT.NZ) - K+N Q2 Read-Through

Kuehne & Nagel (KNIN.S), a key international peer for Mainfreight (MFT), reported a 2Q26 result overnight, modestly above market...

Forsyth Barr

Mainfreight (MFT.NZ) - DSV Q2 Read-Through

DSV (DSV.CO), a key international peer for Mainfreight (MFT), reported its 2Q26 result overnight with its share price down ~-14% on the day as...

Forsyth Barr

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Mainfreight Boom

Mainfreight’s (MFT) Annual Shareholders Meeting (ASM) trading update heralds the dramatic return to synchronised growth. PBT for the first 16...

Forsyth Barr

Mainfreight ASM to Confirm Strong Start to FY27

Mainfreight (MFT) is due to report a strong start to FY27 in an Annual Shareholders Meeting (ASM) trading update on Thursday, 30 July...

Forsyth Barr

Mainfreight (MFT.NZ) - K+N Q2 Read-Through

Kuehne & Nagel (KNIN.S), a key international peer for Mainfreight (MFT), reported a 2Q26 result overnight, modestly above market...

Forsyth Barr

Mainfreight (MFT.NZ) - DSV Q2 Read-Through

DSV (DSV.CO), a key international peer for Mainfreight (MFT), reported its 2Q26 result overnight with its share price down ~-14% on the day as...

Forsyth Barr

Mainfreight (MFT.NZ) - July 2026 Team Newsletter Insights

Mainfreight’s (MFT) 72-page semi-annual employee newsletter points to improving trading momentum across most regions despite a still-challenging...

Forsyth Barr