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

Thematic (Sector/Industry)

New zealand It / Thematic (Sector/Industry)

<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