New Zealand Professional Investment Services Firm

Forsyth Barr

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.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<ul>
<li>Air New Zealand (AIR) reported a weaker 1H24 result, consistent with its most recent commentary and reflective of a sequential deterioration in profitability through the period.</li>
<li>The next six months look even worse. FY24 guidance, that was issued earlier this week, suggests the business will be barely profitable through 2H24, with particular pressure evident across its North America and domestic segments.</li>
<li>The profit squeeze is a function of yield pressure from increasing competition and slowing demand, and continued above trend cost inflation. </li>
</ul>


Air New Zealand (AIR) reported a weaker 1H24 result, consistent with its most recent commentary and reflective of a sequential deterioration in profitability through the period.
The next six months look even worse. FY24 guidance, that was issued earlier this week, suggests the business will be barely profitable through 2H24, with particular pressure evident across its North America and domestic segments.
The profit squeeze is a function of yield pressure from increasing competition and slowing demand, and continued above trend cost inflation. 


Air New Zealand - 1H24 — Descending into the Wrong Airport