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 (MFT) released a trading update for the first 17 weeks of 2H23 highlighting a sequential slowdown in growth, as it consolidates the substantial profit uplift over the past two years</li><li>PBT fell -1% against the prior year compared to a +66% lift in 1H23</li><li>Profit growth in all three products (Transport, Warehousing and Air &amp; Ocean) slowed, as volumes, rates and costs were impacted by a normalising trading environment and inflationary pressures</li></ul>

Mainfreight (MFT) released a trading update for the first 17 weeks of 2H23 highlighting a sequential slowdown in growth, as it consolidates the substantial profit uplift over the past two yearsPBT fell -1% against the prior year compared to a +66% lift in 1H23Profit growth in all three products (Transport, Warehousing and Air &amp; Ocean) slowed, as volumes, rates and costs were impacted by a normalising trading environment and inflationary pressures

Mainfreight Ltd

Mainfreight: Trading Update