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>Mainfreight's (MFT) 1H24 result appears weak, with profit before tax (PBT) down -42% against the prior year, but follows material overearning in FY23.</li><li>Management suggests the result reflects, "a more normalised trading environment".</li><li>We agree: with emphasis on the word more. We're not convinced that the global freight system has fully normalised yet, given supply chain de-stocking dampening volumes in the period and ocean freight contract rates still materially higher than spot rates. </li></ul>

Mainfreight's (MFT) 1H24 result appears weak, with profit before tax (PBT) down -42% against the prior year, but follows material overearning in FY23.Management suggests the result reflects, "a more normalised trading environment".We agree: with emphasis on the word more. We're not convinced that the global freight system has fully normalised yet, given supply chain de-stocking dampening volumes in the period and ocean freight contract rates still materially higher than spot rates. 

Mainfreight Ltd

Mainfreight - 1H24 — Rebasing