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’s (POT) recent exit from MetroPort suggests a strategic shift back towards its core maritime gateway operations.</li><li>MetroPort, New Zealand’s largest inland port, is still operational and facilitates a significant proportion of POT’s container volume (currently ~17%), but is now under KiwiRail’s control.</li><li>With a strong medium-term EBITDA growth outlook, we retain an OUTPERFORM rating.</li></ul>

Port of Tauranga’s (POT) recent exit from MetroPort suggests a strategic shift back towards its core maritime gateway operations.MetroPort, New Zealand’s largest inland port, is still operational and facilitates a significant proportion of POT’s container volume (currently ~17%), but is now under KiwiRail’s control.With a strong medium-term EBITDA growth outlook, we retain an OUTPERFORM rating.

Port Of Tauranga The Rise, Fall And Reincarnation Of MetroPort