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>Rakon (RAK) announced it has received a takeover notice from Bourns Inc., a privately held US-based electronics company.</li><li>The proposed consideration represents a +72% premium to RAK’s undisturbed last close of NZ$0.90, and a +42% premium to our blended spot valuation.</li><li>While the notice does not constitute a formal takeover bid, it provides Bourns with twenty business days to proceed with a formal offer.</li></ul>

Rakon (RAK) announced it has received a takeover notice from Bourns Inc., a privately held US-based electronics company.The proposed consideration represents a +72% premium to RAK’s undisturbed last close of NZ$0.90, and a +42% premium to our blended spot valuation.While the notice does not constitute a formal takeover bid, it provides Bourns with twenty business days to proceed with a formal offer.

Rakon Limited NZ1.55 Per Share Takeover Notice Received

Thematic (Sector/Industry)

<ul><li>The pace of change across the tech sector is accelerating.</li><li>The global tech selloff reflects growing investor concern over the durability of software moats as AI reshapes the technology landscape.</li><li>Our ratings were unchanged over the March 2026 quarter, with Vista Group (VGL), Serko (SKO), and Gentrack (GTK) all rated OUTPERFORM.</li></ul>

The pace of change across the tech sector is accelerating.The global tech selloff reflects growing investor concern over the durability of software moats as AI reshapes the technology landscape.Our ratings were unchanged over the March 2026 quarter, with Vista Group (VGL), Serko (SKO), and Gentrack (GTK) all rated OUTPERFORM.

Forsyth Barr Technology Digest Edition 14—The Pace of Change Accelerates

<ul><li>New Zealand's listed technology sector has experienced significant volatility in early 2025, with notable fluctuations in the S&amp;P NZ IT Index relative to the NZX 50 Index.</li><li>Key stock ratings have been adjusted this quarter, with Gentrack (GTK) being upgraded to OUTPERFORM, while Vista Group (VGL) and Serko (SKO) have been rated NEUTRAL.</li><li>Forsyth Barr's forecasts diverge from consensus in several areas, including higher revenue expectations for GTK, a more optimistic EBITDA margin for VGL, and a conservative view on SKO's EBITDA forecasts.</li></ul>

New Zealand's listed technology sector has experienced significant volatility in early 2025, with notable fluctuations in the S&amp;P NZ IT Index relative to the NZX 50 Index.Key stock ratings have been adjusted this quarter, with Gentrack (GTK) being upgraded to OUTPERFORM, while Vista Group (VGL) and Serko (SKO) have been rated NEUTRAL.Forsyth Barr's forecasts diverge from consensus in several areas, including higher revenue expectations for GTK, a more optimistic EBITDA margin for VGL, and a conservative view on SKO's EBITDA forecasts.

Forsyth Barr Technology Digest Edition 10—Volatility Reigns

<div><div><div><div><ul><li>NZ's listed technology sector outperformed the broader market by +9% in the December 2024 quarter and +32% during 2024.</li><li>Global technology markets also enjoyed a buoyant 2024, underpinned by investor optimism around the benefits of artificial intelligence (AI).</li><li>Looking ahead, we explore four significant themes poised to define the technology industry in 2025. </li></ul></div></div></div></div>

NZ's listed technology sector outperformed the broader market by +9% in the December 2024 quarter and +32% during 2024.Global technology markets also enjoyed a buoyant 2024, underpinned by investor optimism around the benefits of artificial intelligence (AI).Looking ahead, we explore four significant themes poised to define the technology industry in 2025. 

Forsyth Barr Technology Digest Edition 9 — Agentic, AGI and Quantum Worlds

<div><div><div><div><ul><li>The June 2024 quarter was eventful for New Zealand's listed technology sector, with nine companies reporting results in May.</li><li>Gentrack's (GTK) share price continued its rapid ascent after it reported strong revenue growth in 1H24 and upgraded FY24 guidance.</li><li>Meanwhile, mid-caps Serko (SKO) and EROAD (ERD) reported robust FY24 results that were in line with guidance. </li></ul></div></div></div></div>

The June 2024 quarter was eventful for New Zealand's listed technology sector, with nine companies reporting results in May.Gentrack's (GTK) share price continued its rapid ascent after it reported strong revenue growth in 1H24 and upgraded FY24 guidance.Meanwhile, mid-caps Serko (SKO) and EROAD (ERD) reported robust FY24 results that were in line with guidance. 

Forsyth Barr Technology Digest - Edition 7 — Reporting Season Wrap Up

New Zealand

Rakon Ltd. manufactures frequency control products.  The Company produces crystal and oscillator products for global positioning, wireless, networking, cellular, telecommunications, radio, and microwave products.

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Rakon Ltd (RAK NZ)

Forsyth Barr Technology Digest Edition 14—The Pace of Change Accelerates

The pace of change across the tech sector is accelerating. The global tech selloff reflects growing investor concern over the durability of...

Forsyth Barr

Forsyth Barr Technology Digest Edition 10—Volatility Reigns

New Zealand's listed technology sector has experienced significant volatility in early 2025, with notable fluctuations in the S&P NZ IT Index...

Forsyth Barr

Forsyth Barr Technology Digest Edition 9 — Agentic, AGI and Quantum Worlds

Global technology markets also enjoyed a buoyant 2024, underpinned by investor optimism around the benefits of artificial intelligence (AI).

Forsyth Barr

Forsyth Barr Technology Digest - Edition 7 — Reporting Season Wrap Up

The June 2024 quarter was eventful for New Zealand's listed technology sector, with nine companies reporting results in May.

Forsyth Barr

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