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>Turners Automotive (TRA) has been downgraded to NEUTRAL from OUTPERFORM, despite a 50% re-rating over the past year, due to a balanced risk-reward scenario.</li><li>While TRA's medium-term opportunity remains attractive, meaningful earnings upgrades are required to sustain its outperformance, which is unlikely given the suppressed consumer environment in New Zealand.</li><li>The company is expected to achieve its FY28 NPBT target a year early, but further share price momentum will require continued earnings upgrades.</li></ul>

Turners Automotive (TRA) has been downgraded to NEUTRAL from OUTPERFORM, despite a 50% re-rating over the past year, due to a balanced risk-reward scenario.While TRA's medium-term opportunity remains attractive, meaningful earnings upgrades are required to sustain its outperformance, which is unlikely given the suppressed consumer environment in New Zealand.The company is expected to achieve its FY28 NPBT target a year early, but further share price momentum will require continued earnings upgrades.

Turners Automotive Group Ltd Shifting Down a Gear, NEUTRAL