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>Port of Tauranga’s (POT) recent exit from MetroPort suggests a strategic shift back towards its core maritime gateway operations.</li><li>MetroPort, New Zealand’s largest inland port, is still operational and facilitates a significant proportion of POT’s container volume (currently ~17%), but is now under KiwiRail’s control.</li><li>With a strong medium-term EBITDA growth outlook, we retain an OUTPERFORM rating.</li></ul>

Port of Tauranga’s (POT) recent exit from MetroPort suggests a strategic shift back towards its core maritime gateway operations.MetroPort, New Zealand’s largest inland port, is still operational and facilitates a significant proportion of POT’s container volume (currently ~17%), but is now under KiwiRail’s control.With a strong medium-term EBITDA growth outlook, we retain an OUTPERFORM rating.

Port Of Tauranga The Rise, Fall And Reincarnation Of MetroPort

Thematic (Sector/Industry)

<ul><li>Australia’s port operators, known as stevedoring companies in Australia, are coming under increasing scrutiny for aggressive increases in landside charges including terminal access charges (TAC) and vehicle booking system (VBS) fees.</li><li>The ACCC now considers government policy or a regulatory response is likely to be required.</li><li>However, the fact that many New Zealand ports are still underearning their cost of capital means that any regulatory interference is unlikely at this stage.</li></ul>

Australia’s port operators, known as stevedoring companies in Australia, are coming under increasing scrutiny for aggressive increases in landside charges including terminal access charges (TAC) and vehicle booking system (VBS) fees.The ACCC now considers government policy or a regulatory response is likely to be required.However, the fact that many New Zealand ports are still underearning their cost of capital means that any regulatory interference is unlikely at this stage.

<ul>
<li>Most of our companies under coverage have reasonable fuel price mitigations; for example, contracted pass-through mechanisms, which may mean some temporary margin pressure, but leaving them net neutral through the fuel price cycle, subject to any demand response.</li>
<li>Port of Tauranga (POT)’s 1H26 result was strong, with earnings growth supported by pricing increases, while cargo volumes remain constrained by container terminal capacity.</li>
<li>An Air &amp; Ocean beneficiary from the impact of higher fuel costs on freight rates.</li>
</ul>


Most of our companies under coverage have reasonable fuel price mitigations; for example, contracted pass-through mechanisms, which may mean some temporary margin pressure, but leaving them net neutral through the fuel price cycle, subject to any demand response.
Port of Tauranga (POT)’s 1H26 result was strong, with earnings growth supported by pricing increases, while cargo volumes remain constrained by container terminal capacity.
An Air &amp; Ocean beneficiary from the impact of higher fuel costs on freight rates.


Transport Trends - Fuel Costs Have Cracked

<ul><li>Christmas cheer is in the air as transport markets are finally showing signs of life, particularly those reliant on New Zealand end-demand.</li><li>2026 is shaping up as a year of recovery. Profitability should collectively improve across all modes, as any excess capacity is partially filled by improving demand, pricing behaviour remains rational, and cost control measures will likely linger late into the up-cycle.</li><li>Our preferred cyclical recovery exposure is OUTPERFORM rated Mainfreight (MFT), given earnings growth support from its Australian and European operations.</li></ul>

Christmas cheer is in the air as transport markets are finally showing signs of life, particularly those reliant on New Zealand end-demand.2026 is shaping up as a year of recovery. Profitability should collectively improve across all modes, as any excess capacity is partially filled by improving demand, pricing behaviour remains rational, and cost control measures will likely linger late into the up-cycle.Our preferred cyclical recovery exposure is OUTPERFORM rated Mainfreight (MFT), given earnings growth support from its Australian and European operations.

<ul><li>Uncertainty and volatility have resurfaced following the Liberation Day tariffs, impacting transport markets with varied responses.</li><li>Napier Port (NPH) and Port of Tauranga (POT) are preferred sector exposures due to improving port performance and pricing initiatives.</li><li>Air freight rates remain stable, while air passenger travel shows moderated declines, particularly for European inbound visitors.</li></ul>

Uncertainty and volatility have resurfaced following the Liberation Day tariffs, impacting transport markets with varied responses.Napier Port (NPH) and Port of Tauranga (POT) are preferred sector exposures due to improving port performance and pricing initiatives.Air freight rates remain stable, while air passenger travel shows moderated declines, particularly for European inbound visitors.

Transport Trends Not Feeling Much Liberation

New Zealand

Port of Tauranga Limited activities include the provision of wharf facilities, back up land for the storage and transit of import and export cargo, berthage, cranes, tug and pilotage services for exporters, importers and shipping companies and the leasing of land and buildings.  The Group also operates a container terminal and has bulk cargo marshalling operations.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Port of Tauranga (POT NZ)

Port Of Tauranga The Rise, Fall And Reincarnation Of MetroPort

Port of Tauranga’s (POT) recent exit from MetroPort suggests a strategic shift back towards its core maritime gateway operations.

Forsyth Barr

Transport Titbits – Landside Story

Australia’s port operators, known as stevedoring companies in Australia, are coming under increasing scrutiny for aggressive increases in landside...

Forsyth Barr

Transport Trends - Fuel Costs Have Cracked

Port of Tauranga (POT)’s 1H26 result was strong, with earnings growth supported by pricing increases, while cargo volumes remain constrained by...

Forsyth Barr

Transport Trends Getting Into Gear

Christmas cheer is in the air as transport markets are finally showing signs of life, particularly those reliant on New Zealand end-demand.

Forsyth Barr

Transport Trends Not Feeling Much Liberation

Uncertainty and volatility have resurfaced following the Liberation Day tariffs, impacting transport markets with varied responses.

Forsyth Barr

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)