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>The a2 Milk Company (ATM) has downgraded its FY26 guidance due to supply chain issues.</li><li>A return to its recent elevated multiple is only likely once ATM demonstrates these impacts are transitory.</li><li>Retain NEUTRAL.</li></ul>

The a2 Milk Company (ATM) has downgraded its FY26 guidance due to supply chain issues.A return to its recent elevated multiple is only likely once ATM demonstrates these impacts are transitory.Retain NEUTRAL.

A2 Milk Co Ltd

The A2 Milk Company A Perfect Storm