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>We downgrade our rating on Turners Automotive (TRA) from NEUTRAL to UNDERPERFORM.</li><li>TRA has emerged from a prolonged New Zealand economic downturn with its operating model increasingly well understood by the market, alongside early signs of cyclical improvement.</li><li>While we believe a re-rating was justified and continue to view TRA as a high-quality business with disciplined execution, diversified earnings streams, and clear growth drivers, we consider that much of TRA's historical multiple mis-pricing has now been corrected.</li></ul>

We downgrade our rating on Turners Automotive (TRA) from NEUTRAL to UNDERPERFORM.TRA has emerged from a prolonged New Zealand economic downturn with its operating model increasingly well understood by the market, alongside early signs of cyclical improvement.While we believe a re-rating was justified and continue to view TRA as a high-quality business with disciplined execution, diversified earnings streams, and clear growth drivers, we consider that much of TRA's historical multiple mis-pricing has now been corrected.

Turners Automotive Group Ltd Time For A Pitstop