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>Pressure on container rates continues: Container shipping spot rates have declined significantly since their peak in September 2021</li><li>Peers upgrade cycle slowing: MFT enjoyed a further step-up in consensus earnings following its annual shareholder meeting (ASM) in late July 2022</li><li>Base business growing: Transport performance through early FY23 has been strong as signalled at the ASM</li></ul>

Pressure on container rates continues: Container shipping spot rates have declined significantly since their peak in September 2021Peers upgrade cycle slowing: MFT enjoyed a further step-up in consensus earnings following its annual shareholder meeting (ASM) in late July 2022Base business growing: Transport performance through early FY23 has been strong as signalled at the ASM

Mainfreight: Supercycle Tailwinds Gradually Ebbing

Mainfreight Ltd

Mainfreight: Supercycle Tailwinds Gradually Ebbing