Air New Zealand's Risk-Reward Skewed to the Downside -- Market Talk

Dow Jones

03/26

0003 GMT - Rising fuel prices have skewed Air New Zealand's risk-reward to the downside, Forsyth Barr says. It retains an underperform call and cuts its price target by 30% to NZ$0.35/share. "Air New Zealand's situation was already challenged before the Middle Eastern conflict began," analyst Andy Bowley says. "Losses have been exacerbated by its exposure to the unhedged jet fuel crack spread, creating additional balance sheet pressure." Air New Zealand was already above the top end of its target gearing range in 1H. Forsyth Barr notes Air New Zealand is trading on a multiple of 0.86x trailing net tangible assets. "Such a discount may appear attractive," it says. "However, Air New Zealand has traded as low as 0.39x NTA historically." Air New Zealand is up 1.2% at NZ$0.44. (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires

March 25, 2026 20:03 ET (00:03 GMT)

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It retains an underperform call and cuts its price target by 30% to NZ$0.35/share. \"<a href=\"https://laohu8.com/S/ANZLY\">Air New Zealand</a>'s situation was already challenged before the Middle Eastern conflict began,\" analyst Andy Bowley says. \"Losses have been exacerbated by its exposure to the unhedged jet fuel crack spread, creating additional balance sheet pressure.\" <a href=\"https://laohu8.com/S/AIZ.AU\">Air New Zealand</a> was already above the top end of its target gearing range in 1H. Forsyth Barr notes <a href=\"https://laohu8.com/S/AIR.NZ\">Air New Zealand</a> is trading on a multiple of 0.86x trailing net tangible assets. \"Such a discount may appear attractive,\" it says. \"However, Air New Zealand has traded as low as 0.39x NTA historically.\" Air New Zealand is up 1.2% at NZ$0.44. (david.winning@wsj.com; @dwinningWSJ) \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  March 25, 2026 20:03 ET (00:03 GMT)\n</p>\n<p>\n  Copyright (c) 2026 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Air New Zealand's Risk-Reward Skewed to the Downside -- Market Talk</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAir New Zealand's Risk-Reward Skewed to the Downside -- Market Talk\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time smaller\">2026-03-26 08:03</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n     0003 GMT - Rising fuel prices have skewed <a href=\"https://laohu8.com/S/ANZFF\">Air New Zealand</a>'s risk-reward to the downside, Forsyth Barr says. It retains an underperform call and cuts its price target by 30% to NZ$0.35/share. \"<a href=\"https://laohu8.com/S/ANZLY\">Air New Zealand</a>'s situation was already challenged before the Middle Eastern conflict began,\" analyst Andy Bowley says. \"Losses have been exacerbated by its exposure to the unhedged jet fuel crack spread, creating additional balance sheet pressure.\" <a href=\"https://laohu8.com/S/AIZ.AU\">Air New Zealand</a> was already above the top end of its target gearing range in 1H. Forsyth Barr notes <a href=\"https://laohu8.com/S/AIR.NZ\">Air New Zealand</a> is trading on a multiple of 0.86x trailing net tangible assets. \"Such a discount may appear attractive,\" it says. \"However, Air New Zealand has traded as low as 0.39x NTA historically.\" Air New Zealand is up 1.2% at NZ$0.44. (david.winning@wsj.com; @dwinningWSJ) \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  March 25, 2026 20:03 ET (00:03 GMT)\n</p>\n<p>\n  Copyright (c) 2026 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"NZ20C.NZ","symbol_name":"S&P/NZX 20","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2622853478","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2622853478","pubTimestamp":1774483380,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"0003 GMT - Rising fuel prices have skewed Air New Zealand's risk-reward to the downside, Forsyth Barr says. It retains an underperform call and cuts its price target by 30% to NZ$0.35/share. \"Air New Zealand's situation was already challenged before the Middle Eastern conflict began,\" analyst Andy Bowley says. \"Losses have been exacerbated by its exposure to the unhedged jet fuel crack spread, creating additional balance sheet pressure.\" Air New Zealand was already above the top end of its target gearing range in 1H. Forsyth Barr notes Air New Zealand is trading on a multiple of 0.86x trailing net tangible assets. \"Such a discount may appear attractive,\" it says. \"However, Air New Zealand has traded as low as 0.39x NTA historically.\" Air New Zealand is up 1.2% at NZ$0.44. ","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"NZ20C.NZ":"S&P/NZX 20","BK8015":"航空公司","BK7030":"航空公司","NZ50G.NZ":"S&P/NZX 50","AIR.NZ":"Air New Zealand Limited (NS) Ordinary Shares","AIZ.AU":"AIR NEW ZEALAND LTD","T10G.NZ":"S&P/NZX 10"},"translate_title":"新西兰航空的风险回报偏向下行——市场讨论","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"NZ20C.NZ":1.5,"T10G.NZ":1.5,"NZ50G.NZ":1.5,"AIR.NZ":0.9,"AIZ.AU":0.9},"content_text":"0003 GMT - Rising fuel prices have skewed Air New Zealand's risk-reward to the downside, Forsyth Barr says. It retains an underperform call and cuts its price target by 30% to NZ$0.35/share. \"Air New Zealand's situation was already challenged before the Middle Eastern conflict began,\" analyst Andy Bowley says. \"Losses have been exacerbated by its exposure to the unhedged jet fuel crack spread, creating additional balance sheet pressure.\" Air New Zealand was already above the top end of its target gearing range in 1H. Forsyth Barr notes Air New Zealand is trading on a multiple of 0.86x trailing net tangible assets. \"Such a discount may appear attractive,\" it says. \"However, Air New Zealand has traded as low as 0.39x NTA historically.\" Air New Zealand is up 1.2% at NZ$0.44. (david.winning@wsj.com; @dwinningWSJ) \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  March 25, 2026 20:03 ET (00:03 GMT)\n\n\n  Copyright (c) 2026 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":true,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":true,"need_login_tip":false,"code":"91000000","status":"200"}}}