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>Port of Tauranga (POT) reported a strong 1H25 result and upgraded full-year earnings guidance. Management has reiterated its 7%+ return on invested capital target, which implies robust earnings growth over the medium term.</li><li>We expect this to be primarily driven by pricing, given competition and a capacity-constrained container volume outlook, as well as a bulk trade anchored by mid-range log exports.</li><li>The capacity constraints at Sulphur Point will only be resolved when the Southern Berth extension is completed in FY28 (at the earliest). </li></ul>

Port of Tauranga (POT) reported a strong 1H25 result and upgraded full-year earnings guidance. Management has reiterated its 7%+ return on invested capital target, which implies robust earnings growth over the medium term.We expect this to be primarily driven by pricing, given competition and a capacity-constrained container volume outlook, as well as a bulk trade anchored by mid-range log exports.The capacity constraints at Sulphur Point will only be resolved when the Southern Berth extension is completed in FY28 (at the earliest). 

Port of Tauranga - 1H25—Acceptable Returns on the Horizon