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>Tourism Holdings (THL) will report a subdued 1H25 result on 25 February 2025, reflective of depressed vehicle sales market conditions.</li><li>We forecast underlying NPAT of NZ$33m, down ~-16% on the prior year.  Rental performance is likely to be robust with a positive North American peak season.</li><li>In contrast, new and used vehicle sales market conditions remain challenging with both volumes and margins below the prior year. </li></ul>

Tourism Holdings (THL) will report a subdued 1H25 result on 25 February 2025, reflective of depressed vehicle sales market conditions.We forecast underlying NPAT of NZ$33m, down ~-16% on the prior year.  Rental performance is likely to be robust with a positive North American peak season.In contrast, new and used vehicle sales market conditions remain challenging with both volumes and margins below the prior year. 

Tourism Holdings - 1H25 Preview - Things Can Only Get Better