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>We update our KMD Brands (KMD) datasets ahead of the final month of its important winter trading quarter.</li><li>We reset our target price to NZ$2.15, adjusting for this consolidation.</li><li>We continue to view the risk–reward as balanced, with careful balance sheet management still required to traverse the NZ$43m step-down in its debt facility in FY27, though we acknowledge the business review (expected to complete before its result in September 2026) could provide a near-term catalyst.</li></ul>

We update our KMD Brands (KMD) datasets ahead of the final month of its important winter trading quarter.We reset our target price to NZ$2.15, adjusting for this consolidation.We continue to view the risk–reward as balanced, with careful balance sheet management still required to traverse the NZ$43m step-down in its debt facility in FY27, though we acknowledge the business review (expected to complete before its result in September 2026) could provide a near-term catalyst.

KMD Brands

KMD Brands Consolidating The Data