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>Synlait Milk's (SML) 1H24 market update reinforced the challenging environment it faces.</li><li>Principally: (1) debt levels (and interest costs) remain elevated, and (2) asset base under utilisation continues to be a material drag on margins.</li><li>No new information was provided on SML's potential balance sheet repair (update due 25 March 2024) which will remain a significant overhang on the share price.</li></ul>

Synlait Milk's (SML) 1H24 market update reinforced the challenging environment it faces.Principally: (1) debt levels (and interest costs) remain elevated, and (2) asset base under utilisation continues to be a material drag on margins.No new information was provided on SML's potential balance sheet repair (update due 25 March 2024) which will remain a significant overhang on the share price.

Synlait Milk

Synlait Milk - Double Downgrade