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>Current global macro uncertainty couldn't have come at a worse time for Steel and Tube (STU), with the company currently navigating a return to profitability within revised banking covenants.</li><li>Whilst activity appears to have remained solid thus far (particularly in roofing), competitive pressure on margins has yet to abate and peers suggest there are some early signs of softening demand.</li><li>We lower our FY26/27 forecasts to reflect ongoing margin pressure and some demand weakness.</li></ul>

Current global macro uncertainty couldn't have come at a worse time for Steel and Tube (STU), with the company currently navigating a return to profitability within revised banking covenants.Whilst activity appears to have remained solid thus far (particularly in roofing), competitive pressure on margins has yet to abate and peers suggest there are some early signs of softening demand.We lower our FY26/27 forecasts to reflect ongoing margin pressure and some demand weakness.

Steel & Tube Holdings

Steel & Tube Holdings On A Knife's Edge