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>The icing has been partially removed from Freightways’ (FRW) proverbial profit cake for FY26, with fuel costs eating into an otherwise robust year of earnings growth.</li><li>Nonetheless, we continue to expect EBITA growth to accelerate through 2H26 given the first-time consolidation of newly acquired VTFE.</li><li>Our base case assumes a resolution to the fuel crisis over the coming months and a return to modest volume growth through FY27.</li></ul>

The icing has been partially removed from Freightways’ (FRW) proverbial profit cake for FY26, with fuel costs eating into an otherwise robust year of earnings growth.Nonetheless, we continue to expect EBITA growth to accelerate through 2H26 given the first-time consolidation of newly acquired VTFE.Our base case assumes a resolution to the fuel crisis over the coming months and a return to modest volume growth through FY27.

Freightways A Little Less Icing, Still Plenty of Cake

South Korea

TFE Co.,Ltd. operates electronic component manufacturing businesses. The Company produces kits, sockets, boards, and other electronic components. TFE conducts businesses in South Korea.

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TFE (425420 KS)

Freightways A Little Less Icing, Still Plenty of Cake

The icing has been partially removed from Freightways’ (FRW) proverbial profit cake for FY26, with fuel costs eating into an otherwise robust year...

Forsyth Barr

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