Forsyth Barr MST Access Research
Forsyth Barr MST Access Research delivers institutional quality research to investors and fund managers on small and microcap companies, leveraging intelligence and insight from the capabilities of both Forsyth Barr and MST Access. The research provided is issuer-sponsored.
Latest report
Scott Technology
FY25 Automation Cycle Back in Motion
22 OCTOBER 2025
Scott Technology (SCT) delivered a solid FY25 result, with EBITDA of NZ$31.5m (+4% versus FY24 adjusted), supported by disciplined cost management, a strong second-half revenue rebound, and early traction from its Destination 2030 strategy. Group revenue held steady versus FY24, but a strong rebound in 2H25 reversed a 1H25 decline and helped lift full-year margins to a record. SCT’s focus on modular product platforms and lifecycle services continues to expand recurring revenue, with services now 29% of revenue. Forward work rose, spread across all divisions and weighted toward higher-margin contracts. After several years of inconsistent earnings, SCT enters FY26 with positive momentum, a stronger balance sheet, and better visibility across its key domains, particularly in Protein and Appliances, positioning it well to build scale and deliver on its FY30 target of NZ$530m in revenue and 14% EBITDA margin. We make minor adjustments to earnings estimates and lift our blended spot valuation to NZ$3.70.
15 October 2025 | Scott Technology - Record Appliance Wins Build Momentum
Scott Technology (SCT) has secured NZ$44m of new appliance automation contracts across the US and Brazil, including its largest-ever US appliances deal. This marks a significant milestone for its Appliances division and provides early validation of its...
13 October | Scott Technology - SoftBank’s Robotics and AI Convergence Bid
SoftBank’s US$5.4b purchase of ABB’s robotics division highlights the accelerating convergence between artificial intelligence (AI) and industrial automation, plus SCT’s relatively cheap trading multiples. It reinforces the growing value of robotics ...
9 October 2025 | PaySauce-Transition Quarter as Its Australian Pilot Starts
PaySauce (PYS) delivered a modestly softer-than-expected 2Q26 update but demonstrated many of the drivers (slowing growth in New Zealand, growth in ARPU, and a focus on the Australian pilot launch) we outlined in our 2 October 2025 initiation note ...
2 October 2025 | PaySauce - Redefining Micro-SME Payroll Experiences
PaySauce (PYS) is a specialist SaaS provider of payroll and adjacent tools purpose-built for micro employers (micro-SMEs). The global payroll software market is substantial, and while competition is fierce, PYS’s micro-SME focus, automation of complex ...
12 September 2025 | Scott Technology - Destination 2030, Lots of Meat on the Bone
Scott Technology’s (SCT) investor day set out a refreshed strategic blueprint under its new CEO, anchored to bold FY30 ambitions of NZ$530m in revenue and a 14% EBITDA margin. Combined, this is a material step-up in earnings power if realised, lifting ...
27 August 2025 | NZME Limited 1H25 - Cost Reset to Offset
NZME’s (NZM) 1H25 result was complicated by the closure of several community publications in December 2024 and NZ$5.2m of non-recurring costs. Underlying performance was solid, with operating EBITDA up +12% to NZ$23.9m. A significant restructuring program
25 August 2025 | Rakon Limited - Tech Tailwinds Turning Tangible
Rakon (RAK) provided a solid trading update at its ASM. First-time FY26 guidance was issued for underlying EBITDA of NZ$15m–NZ$24m, a meaningful lift on NZ$9.5m in FY25 and broadly aligned with our NZ$18.9m forecast. Management
14 August 2025 | ikeGPS AMPed for What’s Next
IKE’s oversubscribed and upsized share purchase plan (SPP) builds on July’s institutional placement, further enhancing balance sheet flexibility. While near-term cash use is likely to increase due to the accelerated development of two customer council-led
15 July 2025 | Tower Limited - Transfer of Coverage
We transfer Tower Limited (TWR) to full research coverage, as it is now a member of the NZX50 index. Our issuer-sponsored coverage ceases with immediate effect. Investors can no longer rely on our previous Forsyth Barr/MST Access earnings estimates ...
11 July 2025 | ikeGPS New Council-Backed Products Greenlit
ikeGPS (IKE) has now committed to building two new subscription software modules at the direct request of its customer council—a group comprising more than a dozen major North American electric utilities.
04 July 2025 | Radius Residential Care - Room to Fill and Profit Still
Radius Residential Care (RAD) continues to benefit from improving operational metrics, with the FY25 result illustrating the earnings leverage this delivers. The government’s most recent funding round has provided an uplift above the rate of inflation ...
19 June 2025 | Scott Technology - Stacking up the Contract Wins in FY25 Update
Scott Technology’s (SCT) FY25 trading update was broadly in line with our expectations. Revenue is tracking -7% behind FY24 through 3Q25 (versus FB estimate of down -5% for FY25),...
16 June 2025 | Radius Residential Care - Beginning FY26 on the Right ARC
Radius Residential Care (RAD) provided an upbeat trading update not long after its FY25 result announcement, with operational performance in 1H26 tracking significantly ahead of the prior corresponding period, albeit broadly in line with our underlying...
24 November 2022 | Tower Limited - FY22 Guidance Beaten But One-offs Impact
Tower (TWR) reported a solid FY22 result, with underlying NPAT up +31% to NZ$27.3m from NZ$20.8m in FY21. Reported NPAT was flat at NZ$18.9m relative to NZ$19.3 in FY21 after including the higher Christchurch earthquake costs and one-off policy...
18 January 2023 | Trade Window Holdings - Capital Raising — Up to NZ$20m Being Sought
TWL has announced a capital raising of up to NZ$20m at NZ$0.45. The issue price represents a 10% discount to the closing price on 16 January 2022. Undertaken via a non-underwritten share offer...
8 February 2023 | ikeGSP - Powering Up During 3Q23
IKE reported a solid nine month result for the period ending 31 December 2022, with YTD revenue of NZ$23.3m, a +134%
increase on the prior period.
increase on the prior period.
28 February 2023 | Trade Window Holdings - Capital Raising Falls Short of Expectations but Discussions Continue
TWL has announced that it has raised NZ$5.4m under its non-underwritten capital raising. This falls well short of its target of NZ$20m despite some key investors participating in the offer.
2 March 2023 | Trade Window Holdings - Coverage Discontinued
We discontinue coverage of Trade Window (TWL) with immediate effect. As a result our previous valuation and earnings forecasts can no longer be relied upon by investors.
8 March 2023 | Rakon Limited - Looking Beyond a Solid FY23 Guidance Update
Rakon (RAK) tightened FY23 guidance (ending March) by lifting the bottom of the range. Underlying EBITDA guidance range is now NZ$40m to NZ$44m (previously NZ$38m to NZ$44m).
13 April 2023 | Scott Technology - 1H23 Results Reinforce ‘Scott 2025’ Strategy
Scott Technology (SCT) released a strong 1H23 result for the six months ending 28 February 2023, with revenue of NZ$127m, up +11% on restated 1H22 numbers.
9 May 2023 | Tower Limited - Wild Weather Weighs but Growth Continues
Tower Limited's (TWR) market update reflects an exceptionally unusual year of weather in New Zealand and across the Pacific.
25 May 2023 | Rakon Limited - Robust FY23 Completed
Rakon (RAK) reported solid underlying EBITDA of NZ$42.2m for FY23, within management's upgraded guidance. The FY23 underlying EBITDA result was down -23% on FY22, a year bolstered by one-off contracts at elevated margins.
12 December 2023 | Rakon Limited - NZ$1.70 Per Share Offer Received
Rakon (RAK) announced it has received a non-binding, indicative proposal from a ‘credible industry player’ to purchase 100% of the company in an all-cash offer of NZ$1.70 per share.
19 April 2024 | ikeGPS - Sales Cycle Turning Positive — 4Q24
ikeGPS's (IKE) 4Q24 and FY24 performance update was in-line with our expectations, with positive outlook commentary suggesting the sales cycle is likely turning positive...
24 April 2024 | Rakon Limited - 5G Weakness Persisting, Inventory Stabilising?
We adjust our Rakon (RAK) forecasts to account for prolonged market weakness in its key Telecommunications segment (~55% of FY24E revenue) following negative updates from key global telco players...
8 May 2024 | Scott Technology - Meat Sector Cyclicality Grinds On
Several prominent names in the meat industry have delivered results highlighting the cyclical challenges in the protein/meat market.
22 May 2024 | Turners Automotive Group Ltd - Switching Gears for FY28
Turners Automotive Group's (TRA) FY24 result delivered robust growth, with an +8% increase in net profit before tax (NPBT) versus FY23...
30 May 2024 | Rakon Limited - FY24 Result Cyclicality, Opportunities Grow
FY24 was a challenging period for Rakon (RAK), with revenue sliding -29% from FY23 to NZ$128.0m due to a significant downturn in its Telecommunications and Positioning segments...
12 June 2024 | Tower Limited - Calm Claims Help Elevate Profit Projections
Tower (TWR) has upgraded FY24 guidance for the third time in the past six months, reflecting continued operational improvements and a benign claims environment.
16 July 2024 | ikeGPS | Margin Strengthens in 1Q25
ikeGPS (IKE) reported a solid 1Q25 trading update, with the outlook for FY25 remaining positive.
31 July 2024 | NZME Limited - Editing Expectations
Recent data points suggest the economic backdrop in New Zealand has deteriorated, which is likely to contribute to softer trading for NZME (NZM) in FY24. NZM is highly exposed to the domestic economy, with advertising contributing ~70% of ...
07 August 2024 | Radius Residential Care - Positive 1Q25 Trading Update
Radius Residential Care (RAD) has provided a positive 1Q25 trading update at its ASM, with all key metrics tracking ahead of 1Q24 ...
09 August 2024 | Tower Limited - Guidance Upgrades Galore
Tower (TWR) has delivered another guidance upgrade, reflecting lower business-as-usual (BAU) claims performance and robust GWP growth.
26 August 2024 | Harmoney - FY24 — Good Progress in a Tough Market
Harmoney's (HMY.AX) FY24 result was broadly in line with expectations (but with a one-off write-off), reflecting good cost-out progress amidst challenging market conditions.
29 August 2024 | Rakon - 5G Challenges Roll On, Opportunities Remain
Rakon (RAK) updated the market at its ASM, providing opening underlying EBITDA guidance for FY25 of between NZ$5m to NZ$15m.
24 September 2024 | Tower Limited - Positive FY25 Reinsurance Outcome
Tower (TWR) has placed its reinsurance programme for FY25 under significantly more favourable terms than our prior expectations.
14 October 2024 | Tower Limited - Sunnier Days and Good Management Deliver
Tower (TWR) has provided final FY24 underlying NPAT guidance of NZ$83m, +6% ahead of our prior estimate of NZ$78.4m.
18 October 2024 | Scott Technology - Needing More Meat on the Table
Scott Technology (SCT) reported a mixed FY24 result, with operating EBITDA -6% below our expectations, despite robust growth in Minerals and Materials Handling & Logistics (MHL).
12 November 2024 | NZME Limited - FY24 Guidance Downgraded, Plus Web Insights
NZME (NZM) has downgraded its FY24 EBITDA guidance by -8% at the midpoint, reflecting weaker-than-expected advertising revenue and cost pressures.
22 November 2024 | ikeGPS - Pole-Powered Growth in 1H25
ikeGPS (IKE) delivered a solid 1H25 result in revenue terms, which was pre-released in October.
28 November 2024 | Rakon Limited - Amid Weak Core Markets, AI Sales Start Soon
Rakon Limited's (RAK) 1H25 was marked by significant challenges, as the Telecommunications and Positioning segments faced subdued demand amidst adverse market conditions.
29 January 2025 | ikeGPS - 3Q25 Remains Powered-On
ikeGPS (IKE) released a solid 3Q25 trading update for the period ending 31 December 2024.
12 February 2025 | Tower Limited - Robust 1Q25 Trading Update at ASM
Tower (TWR) provided a robust 1Q25 trading update, which included further detail on favourable business-as-usual (BAU) claims performance and solid customer growth
21 February 2025 | Harmoney - 1H25 Result—Operational Leverage Overture
Harmoney (HMY) reported a strong 1H25 result, underpinned by continued operational scalability and improving credit performance. Key highlights for 1H25 included: (1) a +50 bp sequential improvement in net interest margin (NIM) to 9.0%, now back within...
21 May 2025 | Tower Limited - 1H25—Low Claims, High Divs (Fully Imputed)
Tower (TWR) delivered a very strong 1H25 result underpinned by another period of unusually benign weather, which flowed through to low business-as-usual claims.
29 May 2025 | Rakon Limited - FY25—2H Frequency Signals FY26 Rebound
Rakon (RAK) has navigated one of its most challenging years to deliver FY25 underlying EBITDA of NZ$9.5m, near the midpoint of its guidance, despite significant headwinds in Telecommunications and Positioning.
05 June 2025 | NZME Limited ASM: Boardroom Reset, Cost-out to Offset
NZME’s (NZM) 2025 ASM saw the new board formally reset and included a measured trading update. While operating EBITDA for the first four months of the year was ahead of 2024 (excluding restructuring costs),
15 March 2021 | A Tower of Strength
We initiate coverage of Tower (TWR), a New Zealand based pure-play general insurer, focussed predominately on personal lines insurance throughout New Zealand and the Pacific Islands.
18 May 2021 | Hopes for FY21 Growth Go Up in Smoke
Tower (TWR) has downgraded its FY21 guidance for underlying NPAT from >NZ$29.8m to NZ$25–27m (-13% at the midpoint) a little over a week out from its 1H21 result. We have made preliminary adjustments to our forecasts based on the limited details released.
27 May 2021 | Tower 1H21 Result
Tower (TWR) reported a disappointing 1H21 result and we have again downgraded our estimates. We remain encouraged by the strong premium growth from the Tower Direct business and continued efficiency improvements, but now expect some permanent degradation.
14 June 2021 | Raining on Expectations
Tower (TWR) has provided estimates of the impact of the recent Canterbury floods which has lifted its annual assumption for ‘large events’ to the maximum annual level of NZ$14.0m versus NZ$9.7m previously.
2 November 2021 | Tidying up the Pacific
Tower (TWR) has announced the purchase of an additional 22% stake in Samoan headquartered National Pacific Insurance (NPI), taking TWR's stake from 71% to 93%, costing NZ$3.4m. TWR will now move to compulsorily acquire the remaining 7% of shareholders.
11 November 2021 | Reassessing Flood and Climate Change Risks
Tower (TWR) has released an important change in how it assesses flooding risk after a year of background research, analysis and extensive modelling.
25 November 2021 | FY21 Simplifying the Story
Tower (TWR) released its FY21 result which showed the impact of a challenging period of weather and COVID impacted claims.
24 January 2022 | Hunga Tonga — Hunga Ha'apai
Tower (TWR.NZ) has updated the market, saying it is in the early stages of assessing the impact of a powerful ‘1 in 1,000 year event’ eruption near Tonga. It remains too early to properly determine or estimate the cost of repairs at this stage.
3 February 2022 | Steady as She Goes - But Growing
Tower (TWR) held its ASM and gave an upbeat update to the market on business performance, the capital return, Tongan eruption impacts and solid underlying business growth.
27 May 2022 | FY22 Record Result Awaits New Capacity
Rakon Limited (RAK) reported its most profitable year (in its fifty year history) over FY22, with underlying EBITDA of NZ$54.4m +132%, on revenue of NZ$172m +34%.
10 June 2022 | The Front Line of Trade
Global trade and commerce complexities cry out for modern solutions to streamline supply chains. Trade Window's (TWL) solutions replace time-consuming, manual, paper-based processes with secure, digital solutions.
14 September 2022 | ikeGPS Group Ltd
ikeGPS (IKE) is a productivity solutions company with products that enable the collection, measurement and engineering analysis of distribution pole data and distribution pole projects for electric utilities, telecommunications groups and related...
3 October 2022 | ikeGPS - Solid AGM Update Driven By Customer & USD Tailwinds
At its AGM on Friday, 30 September 2022, ikeGPS (IKE) updated the market on progress and provided revenue expectations for 1H23 (to the end of September 2022).
19 October 2022 | ikeGPS - Exceptional Momentum Continues in 1H23
ikeGPS (IKE) updated the market with 1H23 revenues of NZ$15.4m. This was above the NZ$14.7m to NZ$15.0m guidance the company provided at its ASM in September 2022.
21 November 2022 | Trade Window Holdings - 1H23 — Awaiting Offshore Growth Drivers
TradeWindow (TWL) announced its inaugural 1H23 result with total revenue of NZ$2.7m and an EBITDA loss of -NZ$5.9m. While gross margin was stable, costs came in below our estimate, resulting in a lower than expected loss.
25 November 2022 | Rakon Limited - Post Strong 1H23 Result, Outlook Softens
Rakon (RAK) reported underlying EBITDA of NZ$28.1m for 1H23, up +6% from 1H22 and ahead of our expectations of NZ$19.9m. The significant uplift relative to expectations was due to a net +NZ$7.4m foreign exchange gain.
30 November 2022 | ikeGPS - Solid Momentum Shown in 1H23
ikeGPS (IKE) 1H23 result saw revenues grow +170% on the prior period to NZ$15.4m, as recently pre-released. This solid result shows good momentum in the core business, with rising customer numbers and transactional revenues displaying exceptional...
12 January 2023 | Tower Limited - New Zealand General Insurance Digest
The NZ General Insurance Digest provides a snapshot of relevant information for the general insurance industry. We detail information pertinent to Tower (TWR), local financial comparables and Australasian listed insurance peers. Edition 2.
16 January 2023 | Trade Window Holdings - Updated Guidance and Longer Term Outlook
TradeWindow (TWL) provided an update on its financial performance for FY23. The company has seen some implementations taking longer than expected, which has pushed expected revenue into FY24.
20 January 2023 | Scott Technology - Transforming Industry via Smart Automation
Scott Technology’s (SCT) market-leading products are transforming industries by replacing dangerous, dirty, repetitive manual processes with cost-effective, productive, safe automation.
20 February 2023 | Tower Limited - FY23 Estimates Flooded, but the Inflationary Environment Continues in Higher GWP Growth
Tower (TWR) has updated FY23 guidance after two severe weather events impacted the North Island; the Auckland floods in January and Cyclone Gabrielle in February 2023.
1 March 2023 | Tower Limited - 1Q23 and ASM Updates
Tower (TWR) released further information about Auckland's January floods and February's Cyclone Gabrielle during its 1Q23 update and ASM.
8 March 2023 | Turners Automotive Group Ltd - Fueling Growth Despite Headwinds
Turners Automotive Group (TRA) has updated its FY23 guidance, with profit before tax (PBT) now expected to be at least NZ$44.0m for the year ending 31 March.
5 April 2023 | Tower Limited Edition 3 — NZ General Insurance Digest
The New Zealand General Insurance Digest provides a snapshot of relevant information for the general insurance industry. We detail information pertinent to Tower (TWR), local financial comparables and Australasian listed insurance peers.
5 May 2023 | ikeGPS - Solid 4Q23 Update as FY23 Electrifies
ikeGPS (IKE) reported a solid 4Q23 and FY23 update for the year ending 31 March 2023. Total FY23 revenues were NZ$30.8m, representing a +93% increase on the prior year and 4Q23 revenues were NZ$7.5m, up +23%.
24 May 2023 | Turners Automotive Group Ltd - Brand Momentum Drives Market Share Growth
Turners Automotive Group (TRA) reported a solid FY23 result that was slightly ahead of our expectations and the guidance provided by the company in March 2023.
31 May 2023 | ikeGPS Operating Leverage Emerges on Stellar Topline
ikeGPS (IKE) reported a stellar FY23, with operating revenues growing +93% to NZ$30.8m. Due to a less favourable product mix in FY23 the gross margin percentage fell -9% to ~53%, meaning gross profit was NZ$16.3m, in line with our estimate.
18 July 2023 | Rakon Limited - Demand and Inventory Led Softness Continues
Rakon (RAK) has provided a downbeat market update, warning of up to NZ$10m downside risk to its FY24 EBITDA guidance range of NZ$26m to NZ$34m (though it did not withdraw existing guidance).
20 July 2023 | Tower Limited - Claims Inflation Steals Wild Weather's Thunder
Tower (TWR) has downgraded its FY23 NPAT guidance by - Z$10m at the midpoint, citing an ongoing challenging claims environment impacted by inflation, motor crime and supply chain issues.
27 July 2023 | ikeGPS - Transactions Stumble while Subscriptions Surge
ikeGPS (IKE) reported a subdued 1Q24, with short-term weakness in Platform Transactions partially offset by continued growth in Platform Subscriptions.
4 August 2023 | MHM Automation - Automation and Materials Handling Go Global
MHM Automation (MHM) designs and supplies innovative, engineered solutions for the food and primary industries worldwide, with a particular focus on state-of-the-art food processing and packaging technologies.
24 August 2023 | Turners Automotive Group Ltd - Core Auto Retailing Continues to Drive Results
Turners Automotive's (TRA) FY24 trading update and commentary from management at its ASM highlight the continued resilience of its businesses and the success of its strategy, despite a challenging operating backdrop.
31 August 2023 | MHM Automation - Unpacking the Wyma Acquisition and MHM's Solid Organic Growth Story
MHM Automation's (MHM) strong FY23 result showed promising early signs from the transformational acquisition of Wyma and highlighted continued momentum in its underlying business, reaffirming our positive view.
29 September 2023 | Tower Limited - Successful FY24 Reinsurance Placement
Tower (TWR) has successfully navigated a challenging reinsurance market to renew its cover for FY24.
2 October 2023 | ikeGPS - Key Customer Transactional Delays Continue
ikeGPS (IKE) released a trading update as part of its 2023 ASM, guiding 1H24 revenue lower than the NZ$15.4m reported in 1H23 and beneath analyst expectations.
11 October 2023 | Turners Automotive Group Ltd Speeding to Record Profits in 1H24
Tower (TWR) has revised its FY23 guidance and now expects underlying profit after tax to be between NZ$7m and NZ$10m, up +NZ$8m at the midpoint.
17 October 2023 | Tower Limited - FY23 Updated for Final Large Event Costs
Tower (TWR) has revised its FY23 guidance and now expects underlying profit after tax to be between NZ$7m and NZ$10m, up +NZ$8m at the midpoint.
19 October 2023 | Scott Technology - FY23 Result — Core Growth
Scott Technology (SCT) released a robust FY23 result that underscored the company's strategic focus to productise automated solutions across its core industries of: 1) protein processing, 2) materials handling and logistics, and 3) minerals sample...
26 October 2023 | ikeGPS 1H24 Trading Update — Transactional Delays
ikeGPS' (IKE) 1H24 trading update showed a weak result, with revenue declining -32% versus 1H23 to NZ$10.5m. The decline was driven by a significant slowdown in transactional activity from key customers.
30 October 2023 | Rakon Limited - Telecoms Weakness Persists
While Rakon (RAK) has previously said it expects customer inventory levels to normalise by the end of FY24 (to March 2024), our analysis of recent updates from listed telecoms infrastructure companies suggests challenging trading conditions...
6 November 2023 | Scott Technology - MHM Takeover Crystallises Value
Scott Technology's (SCT) strategic review has been brought into the limelight again, with NZX-listed peer MHM Automation Limited (MHM) receiving a takeover bid from Bettcher Industries.
6 November 2023 | MHM Automation - Scheme Implementation Agreement Signed
MHM Automation (MHM) has entered into a Scheme Implementation Agreement (SIA) to sell 100% of the company to US manufacturing firm Bettcher Industries.
9 November 2023 | NZME Limited - Navigating Media's Digital Wave
NZME Limited (NZM) is an integrated media company with operations across three divisions: Audio, Publishing, and OneRoof.
15 November 2023 | Tower Limited - Customer Remediation Process Update
Tower Limited (TWR) has provided an update on its remediation process for customers affected by administrative errors in calculating multi-policy discounts.
24 November 2023 | Rakon Limited - 1H24 — Sector Weakness Deepens
Rakon (RAK) reported a subdued 1H24 with cyclicality evident as its Positioning and Telecommunications revenues slowed
considerably.
considerably.
24 November 2023 | Tower Limited - Goodbye FY23 Floods, Hello FY24
TWR reported a mixed FY23 with strong Gross Written Premium (GWP) growth offset by higher Business as Usual (BAU)
and large events claims costs.
and large events claims costs.
23 November 2023 | Turners Automotive Group Ltd - Steering Through 1H24 Drives Growth
Turners Automotive Group's (TRA) 1H24 result reflects a robust performance across its core business segments, with solid
growth in revenue and profitability.
growth in revenue and profitability.
30 November 2023 | ikeGPS 1H24 Transactional Revenue Weakness
ikeGPS (IKE) experienced a challenging 1H24, witnessed by a -32% fall in revenues to NZ$10.5m from 1H23.
16 November 2023 | NZME Limited - Investor Day Highlights—2023
NZME Limited's (NZM) 2023 Investor Day offered refreshed insight into the company's strategies and performance. The presentation unveiled detail on: 1) NZM's commitment to digital transformation and audience engagement...
22 December 2023 | ikeGPS Top US Utility Signs on in PoleForeman Deal
ikeGPS (IKE) has announced a NZ$3.7m five-year subscription contract with one of the largest investor-owned utilities in the US.
9 February 2024 | ikeGPS Subscriptions Power On as Transactions Dim
ikeGPS (IKE) released a weak 3Q24 market update, with positive trends in new customer growth and subscriptions overshadowed by a deepening slowdown in transactional activity...
26 January 2024 | Rakon Limited MercuryX™ and the AI Hardware Revolution
Rakon (RAK) has unveiled its new MercuryX™ product range, targeted at AI computing, data centres (DCs), 5G and 6G, and
satellite applications...
satellite applications...
13 February 2024 | Turners Automotive Group Ltd - Motoring Towards Another Record Result
Turners Automotive (TRA) has upgraded FY24 earnings guidance, reflecting a resilient core Auto Retail business and emerging tailwinds in its Finance segment as the OCR stabilises.
15 February 2024 | Tower Limited - Clear Sky at Night, Tower's Delight
Tower (TWR) has upgraded its FY24 underlying earnings guidance, with strong gross written premium (GWP) growth and better-than-expected claims driving robust year-to-date trading...
20 February 2024 | Harmoney - The Sweet Sound of Operational Leverage
Harmoney Corp (HMY.AX) is Australasia's largest online direct personal lender. Its innovative online lending platform utilises comprehensive data insights...
22 February 2024 | MHM Automation - Cessation of Coverage on Pending Delisting
In light of the impending delisting on 23 February 2023, and final court approval being received, following MHM Automation Limited's (MHM) takeover via a Scheme of Arrangement by Bettcher Industries, Inc, we immediately cease coverage on MHM...
22 February 2024 | Tower Limited - ASM Positively Surprises
Tower (TWR) provided a robust FY24 trading update and upbeat FY25 and FY26 guidance at its ASM. Operational metrics for the first four months of FY24 were in-line or ahead of our expectations, with positive developments in: (1) gross written premium...
22 February 2024 | NZME Limited - Turning the Page on a Challenging FY23
NZME (NZM) reported a subdued FY23 result, with operating EBITDA of NZ$56.2m being below our expectations and the guidance range of NZ$57m–NZ$59m...
26 February 2024 | Harmoney - Tuning up the Efficiency in 1H24
Harmoney (HMY) reported a resilient 1H24 result, with operational efficiency gains the key positive. Rising interest rates and a weak macro environment...
29 February 2024 | NZME Limited Ad - Market Weakness Drives Newshub Closure
In significant news for New Zealand's media industry, Warner Bros. Discovery New Zealand has announced a restructuring that will see the closure...
14 March 2024 | Scott Technology - Rocklabs' New Auckland Site Grand Opening
Rocklabs, a renowned brand within Scott Technology's (SCT) minerals division (~15% of group sales), is a pioneer in sample preparation equipment for mining...
25 March 2024 | Scott Technology - Leadership Transition Amid Continued Growth
Scott Technology's (SCT) CEO, John Kippenberger, and CFO, Cameron Mathewson, have resigned within one week...
12 April 2024 | Tower Limited - Benign is Divine
Tower (TWR) has experienced a positive reversal of fortunes, with its 1H24 likely including zero large events...
17 April 2024 | Scott Technology - Mixed 1H24 Amidst Transition
Scott Technology (SCT) reported a mixed 1H24 result. While revenue and operating EBITDA aligned with our expectations at a group level...
18 April 2024 | Tower Limited - It's Raining Upgrades
Tower (TWR) has updated its FY24 guidance. Underlying NPAT is now expected to be ‘greater than NZ$35m’, up from ‘the top end of or exceeding a range of between NZ$22m and NZ$27m’...
1 May 2024 | Harmoney - Stellare® 2.0 Efficiency Offsets Slower Growth
Harmoney's (HMY.AX) 3Q24 trading update showed incremental loan book growth despite a tough operating environment, with consumers and households under pressure...
16 May 2024 | Rakon Limited - Launching into the LEO NewSpace Market
Rakon (RAK) has announced a NZ$17m three-year contract with an unnamed ‘global leader in communications satellites’, to supply its Master Reference Oscillator (MRO) space subsystems for a new Low Earth Orbit (LEO) satellite constellation.
29 May 2024 | Tower Limited - Event-Less 1H24 Sees Earnings Jump
Tower (TWR) delivered a strong 1H24 result, aided by the absence of large events in the period and the hardening rates cycle...
31 May 2024 | ikeGPS FY24 Result Held Back, On Pole for FY25
ikeGPS (IKE) reported a soft FY24 result, which was well signalled to the market. Revenue fell -31% from FY23 due to a major slowdown in Transactions, and operating expenses were elevated relative to our expectations despite cost out initiatives ...
30 June 2024 | Radius Residential Care - Aged Care Focus Drives Superior Returns
Radius Residential Care (RAD) is unique in New Zealand's aged care and retirement village landscape.
20 June 2024 | Radius Residential Care | Aged Care Focus Drives Superior Returns
Radius Residential Care (RAD) is unique in New Zealand's aged care and retirement village landscape.
29 July 2024 | ikeGPS - Transactions Back on the Map
ikeGPS (IKE) has announced a major new Transactions contract, which is expected to generate ~NZ$19m of revenue over
the next 36 months.
the next 36 months.
28 August 2024 | NZME Limited - Displaying Progress With 1H24 Result
NZME (NZM) reported a commendable 1H24 result, given the challenging economic backdrop. While group revenues rose marginally, opex rose faster than expected, and, as a result, EBITDA was below our forecasts.
09 September 2024 | Tower Limited - Strategic Progress on Multiple Fronts
Tower Limited (TWR) has concluded its strategic review, which began in December 2023, to optimise its capital structure and enhance shareholder value.
30 September 2024 | ikeGPS - ASM Commentary Lowers FY25 Growth Target
At its 2024 Annual Shareholder Meeting (ASM), ikeGPS Group (IKE) tempered the growth outlook for its Subscription segment, representing ~55% of 1Q25 sales.
17 October 2024 | Harmoney - Hitting the Right Notes — 1Q25 Trading Update
Harmoney's (HMY) 1Q25 trading update showed robust performance across key metrics, driven by the implementation of its Stellare® 2.0 lending platform in the Australian market.
25 October 2024 | ikeGPS - 1H25 ARR Grows as Enterprise Wins Return
ikeGPS (IKE) announced good progress in its 1H25 performance update. Total recognised revenue in the period rose +16% over 1H24 to ~NZ$12.2m, driven by continued momentum in Subscriptions and a moderate rebound in transactional activity.
21 November 2024 | Scott Technology - Two of Three Segments Shining—ASM Review
Scott Technology's (SCT) 2024 Annual Shareholder Meeting (ASM) highlighted the near-term challenges in North American beef and Australasian lamb markets.
26 November 2024 | Radius Residential Care - Caring for the Core Metrics in a Solid 1H25
Radius Residential Care (RAD) reported a solid 1H25 result, with several operational metrics surprising to the upside, despite continued macroeconomic challenges.
29 November 2024 | Tower Limited - Exceptional FY24, Guidance Raised for FY25
Tower (TWR) delivered an exceptionally strong FY24 result, which was well-signalled to the market.
07 February 2025 | Tower Limited - New Year, New Upgrade
Tower (TWR) has upgraded its FY25 underlying NPAT guidance by +18% at the midpoint to a new range of between NZ$60m and NZ$70m.
10 February 2025 | ikeGPS - M&A Offer Undervalues Growth Potential
ikeGPS (IKE) received an unsolicited, non-binding acquisition proposal from a North American private equity firm in late 2024, valuing the company at approximately NZ$1.00 per share, representing an enterprise value of NZ$165m–NZ$170m and a +62% premium
27 February 2025 | NZME Limited FY24 Result—No Longer Under OneRoof?
NZME's (NZM) FY24 result was in line with our expectations at an operational level, a solid outcome given the challenging economic and industry backdrop...
03 April 2025 | Tower Limited A Long Summer Warms 1H25 Expectations
Tower’s (TWR) 1H25 result, expected on 20 May 2025, will benefit from minimal large event costs and materially below-trend business-as-usual (BAU) claims, largely due to a continuation of benign weather.
04 April 2025 | Scott Technology - Modest Impacts From Liberation Day Tariffs
Donald Trump has announced his Liberation Day tariffs on all goods imported into the US. We view the implications for Scott Technology (SCT) as relatively minor ...
07 April 2025 | Rakon Limited - US Liberation Day Tariffs’ Impact
Donald Trump’s ‘Liberation Day’ tariffs on US-bound imports will have a manageable impact on Rakon’s (RAK) operations. The company has stated that approximately 15%–20% of its revenue comes...
10 April 2025 | Radius Residential Care - Never Fear, There's Profits in Care
Radius Residential Care's (RAD) FY25 trading update highlights strong operational performance that is materially ahead of our prior expectations. RAD continues to deliver impressive improvements in per-bed profitability, underpinned by rising occupancy, a
17 April 2025 | Scott Technology - Soft 1H25 Amidst Emerging Signs of a Rebound
Scott Technology (SCT) delivered a soft 1H25 revenue result, albeit momentum should improve in 2H25 with several large contracts secured in the second quarter.
23 April 2025 | Pole-Driven Gains Aids FY26 Growth Outlook
ikeGPS (IKE) reported a solid 4Q25 performance update, with total revenue for FY25 growing +19% on FY24, albeit
modestly missing prior expectations on contract timing.
modestly missing prior expectations on contract timing.
23 April 2025 | Tower Limited - Sunny FY25 but Clouds Dampen Outlook
Tower (TWR) has lifted its FY25 underlying NPAT guidance by +15% at the midpoint to a new range of NZ$70m to NZ$80m, reflecting continued better-than-expected business-as-usual (BAU) claims performance.
28 April 2025 | Tower Limited - Softening Reinsurance Costs Reward Risk Focus
Tower Limited (TWR) placed its FY25 reinsurance programme in September 2024, achieving a substantial improvement in cover cost-effectiveness.
29 April 2025 | Rakon Limited - Challenging FY25, 2H Lift to Flow into FY26
Rakon (RAK) has provided a modestly improved FY25 outlook, with underlying EBITDA now expected to be near the midpoint of its NZ$5m to NZ$15m guidance range (from the lower half previously).
1 May 2025 | Radius Residential Care - Expanding the National Footprint with St Allisa
Radius Residential Care (RAD) has announced the acquisition of the St Allisa care home in Christchurch for NZ$14.7m from Arvida.
22 May 2025 | Radius Residential Care - FY25: Less Room to Spare, More to Share
Radius Residential Care (RAD) delivered a strong FY25 result, highlighting significant improvements across virtually all key operating and financial metrics. The key driver was rising occupancy (+100 bps to 92.8% in FY25), unlocking robust operational
30 May 2025 | ikeGPS FY25—Pole Vaults Ahead
ikeGPS (IKE) delivered a solid FY25 result, with several key metrics pre-released at its 4Q25 trading update. The key positive was continued strong growth in Subscription revenue, driven by momentum with PoleForeman, its structural-engineering software.
23 September 2021 | New Guidance on the Journey
Given recent weather events, constraints due to COVID-19 and inflationary pressures there was always the risk Tower (TWR) would need to re-visit its earnings guidance for the upcoming FY21 result.
17 December 2021 | Stars Align
Rakon (RAK) is a New Zealand headquartered technology company specialising in high-frequency control systems and timing solutions.
3 February 2022 | Sector and 5G Market Updated
For investors it has been a rough start to 2022. Global markets and the technology sector specifically have fallen, reacting to changes in inflation expectations and the change in the stance of several central banks.
11 February 2022 | Shooting for the Stars
Rakon (RAK) has upgraded its FY22 underlying EBITDA earnings guidance range to NZ$49m–NZ$53m, up from its prior estimate of NZ$44m–NZ$49m. At the midpoint this is a solid +10% upgrade.
27 May 2022 | 1H22 Growth Upset by Large Events
Tower Limited's (TWR) 1H22 showed improving trends at the top line and reasonable cost control (where controllable) but again large claims expenses muddied the waters. Large events costs were NZ$17.9m in 1H22 versus NZ$9.3m in 1H21.
12 August 2022 | 2022 ASM - Initial FY23 Guidance Impresses
Rakon (RAK) provided an upbeat shareholder update at its Annual Shareholder Meeting (ASM), giving its initial Underlying EBITDA FY23 guidance range of NZ$36m to NZ$44m. At the mid-point this amounts to a +6% uplift on our prior estimates.
3 October 2022 | Tower Limited - FY23 Reinsurance Programme Update
Tower (TWR) updated the market on its FY23 reinsurance programme with savings obtained for comprehensive cover.
5 October 2022 | Tower Limited - New Zealand General Insurance Digest
The New Zealand General Insurance Digest provides a snapshot of relevant information for the general insurance industry. We detail information pertinent to Tower (TWR), local financial comparables and Australasian listed insurance peers. Edition 1.
31 October 2022 | Trade Window Holdings - US Footprint and Key Partner Announced
TradeWindow (TWL) has partnered with the global food safety, quality and sustainability solutions company FoodChain ID. Its new partner provides access to 30,000 customers worldwide, which FoodChain ID manages from offices in 14 countries.
8 February 2023 | Turners Automotive Group Ltd - Driving in the Right Direction
Turners Automotive Group (TRA) is an integrated automotive and financial services company, providing Finance, Insurance and Credit Management solutions besides the main Automotive Retailing business.
20 June 2023 | Rakon Limited - New Indian Plant Opens Opportunities
Rakon (RAK) has opened its new state-of-the-art research and manufacturing facility in Bengaluru, India, replacing two of its leased sites in the city, future-proofing its Indian operations and signalling a significant move towards expansion.
4 July 2023 | Tower Limited - Tidy Up Continues With Solomon Islands Sale
Tower (TWR) has announced the conditional agreement to sell its Solomon Islands business to Trans Pacific Assurance Limited (TPA) for around SBD$17m or NZ$3.3m.
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