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>Old Dominion Freight Line (ODFL), a key international peer for Mainfreight (MFT) operating in the North American less-than-truckload (LTL) market, reported its 1Q26 result overnight with its share price down -~5% at the time of writing.</li><li>The key result read-through for MFT is modestly positive given a weak but sequentially improving volume backdrop in the North American LTL market.</li><li>Moreover, the pricing environment remains rational and is supported by significant yield increases in the truck-load (TL) market assisting a mix shift towards LTL.</li></ul>

Old Dominion Freight Line (ODFL), a key international peer for Mainfreight (MFT) operating in the North American less-than-truckload (LTL) market, reported its 1Q26 result overnight with its share price down -~5% at the time of writing.The key result read-through for MFT is modestly positive given a weak but sequentially improving volume backdrop in the North American LTL market.Moreover, the pricing environment remains rational and is supported by significant yield increases in the truck-load (TL) market assisting a mix shift towards LTL.

Mainfreight (MFT.NZ) - ODFL Q1 Read-through

<ul><li>Kuehne & Nagel (KNIN.S), a key international peer for Mainfreight (MFT), reported its 1Q26 result on Friday.</li><li>Its share price declined -4% on the day.</li><li>Key peer results to look out for this week include DSV (29 April), ODFL (29 April), CH Robinson (29 April), DHL (30 April), and SAIA (30 April).</li></ul>

Kuehne & Nagel (KNIN.S), a key international peer for Mainfreight (MFT), reported its 1Q26 result on Friday.Its share price declined -4% on the day.Key peer results to look out for this week include DSV (29 April), ODFL (29 April), CH Robinson (29 April), DHL (30 April), and SAIA (30 April).

Mainfreight (MFT.NZ) - Kuehne & Nagel Q1 Read-through

United States

Old Dominion Freight Line, Inc. is an inter-regional and multi-regional motor carrier.  The Company primarily transports less-than-truckload shipments of general commodities, such as consumer goods, textiles, and capital goods.  Old Dominion serves regional markets throughout the United States.

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Old Dominion Freight Line (ODFL US)

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) - ODFL Q1 Read-through

Old Dominion Freight Line (ODFL), a key international peer for Mainfreight (MFT) operating in the North American less-than-truckload (LTL) market,...

Forsyth Barr

Mainfreight (MFT.NZ) - Kuehne & Nagel Q1 Read-through

Kuehne & Nagel (KNIN.S), a key international peer for Mainfreight (MFT), reported its 1Q26 result on Friday. Its share price declined -4% on...

Forsyth Barr

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