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New Zealand 50 Gross Index

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Question asked 02/05/2026

New Zealand 50 Gross Index

Thank you for all your excellent analysis & insights. I understand that it is a narrow field, but I would be interested in your view on NZ stocks - perhaps a top four or five targets (which may or may not be dual listed on ASX). Thanks again. Cheers Derek

Answer

Hi Derek,

As you alluded to the New Zealand market is indeed very concentrated with the “Top 5” all dual listed on the ASX:

Fisher & Paykel (ASX:FPH) ~17%.
Auckland International Airport (ASX:AIA) ~10%.
Infratil (ASX:IFT) ~9%.
Contact Energy (ASX:CEN) ~7%.
a2 Milk (ASX:A2M) ~6%.

Not surprisingly we believe there are more opportunities in the larger ASX but of the above 5 the only one which MM likes at current levels is Fisher & Paykel:

In February, FPH upgraded FY26 revenue guidance by 3% to ~$2.30bn, driven by strong hospital consumables and device sales. Growth continues to be underpinned by increasing adoption of high flow therapy (HFT) and rollout of MR950/Airvo3, while margins are also trending better than expected.

We can see FPH benefitting both from earnings growth over time and multiple expansion with the stock trading almost 20% below its 5-year average valuation.

MM has been watching FPH for a while and believe it’s good value below $30.

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Fisher & Paykel Corporation (FPH)

LAST UPDATED 30/04/2026 13:50

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