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>Recent global freight industry data points and peer commentary suggest more downside than upside risk to Mainfreight's (MFT) near-term outlook.</li><li>After a challenging start to FY26 (PBT was down -24% in the first 17 weeks), MFT is in catch-up mode, though its prior-year comparatives become more challenging for the remainder of the year.</li><li>Despite this backdrop, MFT's one-year forward PE has firmed to ~24x in recent weeks, while its closest global peers have de-rated.</li></ul>

Recent global freight industry data points and peer commentary suggest more downside than upside risk to Mainfreight's (MFT) near-term outlook.After a challenging start to FY26 (PBT was down -24% in the first 17 weeks), MFT is in catch-up mode, though its prior-year comparatives become more challenging for the remainder of the year.Despite this backdrop, MFT's one-year forward PE has firmed to ~24x in recent weeks, while its closest global peers have de-rated.

United States

XPO Logistics, Inc. provides logistics services. The Company offers expedited airfreight forwarding, warehousing management, drayage, freight brokerage, intermodal, transportation, and reverse logistics. XPO Logistics serves customers throughout North America.

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

Xpo Logistics (XPO 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 Freighting Re-Rating

Recent global freight industry data points and peer commentary suggest more downside than upside risk to Mainfreight's (MFT) near-term outlook.

Forsyth Barr

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)