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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.

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Rakon Limited 

Stars Align 


Rakon (RAK) is a New Zealand headquartered technology company specialising in high-frequency control systems and timing solutions. At the core of the product suite is the requirement for stable and highly accurate timing and frequency references to successfully transfer data and provide positioning information. Growing momentum in several potentially long-dated growth markets builds confidence in RAK's future.



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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.

Copyright Forsyth Barr Limited. You may not redistribute, copy, revise, amend, create a derivative work from, extract data from, or otherwise commercially exploit these publications in any way. These publications have been prepared in good faith based on information obtained from sources believed to be reliable and accurate.

These publications are general in nature and should not be regarded as personalised investment advice. For personalised financial advice contact your Forsyth Barr Investment Adviser.