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>Heading into Heartland Group's (HGH) 1H25 result we thought there were downside risks, but the pre-announcement of a ~-NZ$50m impairment charge and 1H25 NPAT guidance of NZ$2m–$5m was worse than expected.</li><li>Significant impairments in motor and business lending are disappointing, especially given the known economic softness and the lack of further material deterioration in the economy since HGH’s late-November 2024 update.</li><li>Rising costs have also pressured profitability. </li></ul>

Heading into Heartland Group's (HGH) 1H25 result we thought there were downside risks, but the pre-announcement of a ~-NZ$50m impairment charge and 1H25 NPAT guidance of NZ$2m–$5m was worse than expected.Significant impairments in motor and business lending are disappointing, especially given the known economic softness and the lack of further material deterioration in the economy since HGH’s late-November 2024 update.Rising costs have also pressured profitability. 

Heartland Group - Car Crash Crushes Confidence