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

Heartland Group Holdings / Equity Bottom-Up

<ul><li>Heartland Group's (HGH) 1H25 result was as weak as expected. Our focus was on NIMs and opex growth, with large impairments pre-announced. </li><li>NIMs were slightly better than expected, driven by Australia, and while underlying costs were in line, reported opex was higher.</li><li>This confirmed our suspicion that HGH has stepped up its opex in FY25, but management indicated cost growth should moderate from here. </li></ul>

Heartland Group's (HGH) 1H25 result was as weak as expected. Our focus was on NIMs and opex growth, with large impairments pre-announced. NIMs were slightly better than expected, driven by Australia, and while underlying costs were in line, reported opex was higher.This confirmed our suspicion that HGH has stepped up its opex in FY25, but management indicated cost growth should moderate from here. 

Heartland Group - 1H25 Result—Inspecting the Damage