Get NZX governance insights in your inbox
Weekly digest of board changes, insider trades, and market signals. No spam. Unsubscribe anytime.
Get NZX governance insights in your inbox
Weekly digest of board changes, insider trades, and market signals. No spam. Unsubscribe anytime.
Composite 0-100 score identifying NZX companies that may be susceptible to activist campaigns, based on 8 governance and financial factors
Average score per factor across all analysed companies. Higher averages may indicate systemic patterns.
Sorted by composite vulnerability score (highest first). Scores are indicative only and do not constitute investment advice.
| Ticker | Company | Sector | Score | Rating | Gov | Own | Pay | Ent | Cov | Top Factors |
|---|---|---|---|---|---|---|---|---|---|---|
| SKC | SkyCity Entertainment Group Limited | Consumer Discretionary | 67 | High | 46 | 90 |
The Activist Vulnerability Score aggregates 8 factors into a single 0-100 composite score. Higher scores may indicate a greater number of characteristics associated with activist targeting, based on available data. The score is an analytical tool and does not predict or encourage activist activity.
See also: Corporate Risk Score — composite litigation, regulatory, governance risk. · Dissent Tracker — AGM voting dissent analysis. · CEO Pay vs Returns — CEO compensation vs shareholder returns. · Ownership Intelligence — top 20 shareholder analysis.
Identifies NZX companies potentially vulnerable to activist campaigns based on governance risk, capital allocation, and financial weakness signals.
Companies with multiple governance indicators below common thresholds. Flags include: low board independence (<50%), no female directors, resolutions not passed, directors with 12+ year tenure (NZX independence threshold), and low GRS scores (<50).
A data-driven ranking of all NZX companies by their Governance Risk Score (v2.0)
Data sourced from NZX governance data, shareholder registers, AGM voting records, financial statements, and political connection data. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz.
For informational purposes only. Not investment advice.
| -- |
| 50% |
| Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Pay Performance: CEO compensation of $2.6M alongside -21.1% one-year return may suggest pay-performance misalignment |
| FCG | Fonterra Co-operative Group Limited | Consumer Staples | 64 | High | 37 | 90 | 100 | -- | 50% | Pay Performance: CEO compensation of $6.1M alongside -25.9% one-year return may suggest pay-performance misalignment; Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| EBO | EBOS Group Limited | Healthcare | 60 | High | 26 | 90 | 100 | -- | 50% | Pay Performance: CEO compensation of $6.4M alongside -29.4% one-year return may suggest pay-performance misalignment; Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| CVT | Comvita Limited | Industrials | 58 | Elevated | 58 | 90 | 65 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Pay Performance: CEO compensation of $7.3M alongside -8.0% one-year return may suggest pay-performance misalignment |
| ATM | The a2 Milk Company Limited | Consumer Staples | 57 | Elevated | 29 | 90 | 100 | -- | 50% | Pay Performance: CEO compensation of $8.3M alongside -30.6% one-year return may suggest pay-performance misalignment; Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| AIR | Air New Zealand | Industrials | 56 | Elevated | 25 | 90 | 85 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Pay Performance: CEO compensation of $2.8M alongside -27.4% one-year return may suggest pay-performance misalignment |
| DGL | Delegat Group Limited | Consumer Staples | 56 | Elevated | 47 | 90 | 55 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Pay Performance: CEO compensation of $1.2M with -18.1% return indicates moderate alignment |
| PGW | PGG Wrightson Limited | Industrials | 56 | Elevated | 58 | 90 | 55 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Governance Risk: Governance score of 42.07 suggests moderate governance practices |
| VSL | Vulcan Steel Limited | Materials | 56 | Elevated | 36 | 90 | 85 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 1) may make it easier for an activist to build a meaningful stake; Pay Performance: CEO compensation of $3.9M alongside -15.6% one-year return may suggest pay-performance misalignment |
| HFL | Henderson Far East Income Limited | Financials | 55 | Elevated | 57 | 90 | -- | -- | 38% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Governance Risk: Governance score of 43.45 suggests moderate governance practices |
| RGI | Rua Gold Inc | Materials | 55 | Elevated | 83 | -- | -- | -- | 25% | Governance Risk: Governance score of 17.14 may indicate structural weaknesses that could attract activist attention |
| TCM | Taiko Critical Minerals Limited | Materials | 55 | Elevated | 83 | -- | -- | -- | 25% | Governance Risk: Governance score of 17.14 may indicate structural weaknesses that could attract activist attention |
| ENS | Enprise Group Limited | Information Technology | 54 | Elevated | 50 | 90 | 60 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Pay Performance: CEO compensation of $0.4M alongside -24.3% one-year return may suggest pay-performance misalignment |
| FPH | Fisher & Paykel Healthcare Corporation Limited | Healthcare | 53 | Elevated | 31 | 90 | 65 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Pay Performance: CEO compensation of $5.1M alongside -9.8% one-year return may suggest pay-performance misalignment |
| NTL | New Talisman Gold Mines Ltd | Industrials | 53 | Elevated | 47 | 90 | 60 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Pay Performance: CEO compensation of $0.1M alongside -67.5% one-year return may suggest pay-performance misalignment |
| VHP | Vital Healthcare Property Trust | Real Estate | 53 | Elevated | 57 | 90 | 45 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Governance Risk: Governance score of 43.45 suggests moderate governance practices |
| ARB | ArborGen Holdings Limited | Industrials | 52 | Elevated | 43 | 90 | 60 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 1) may make it easier for an activist to build a meaningful stake; Pay Performance: CEO compensation of $0.1M alongside -26.7% one-year return may suggest pay-performance misalignment |
| SML | Synlait Milk Limited | Consumer Staples | 52 | Elevated | 37 | 90 | 60 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Pay Performance: CEO compensation of $0.6M alongside -43.0% one-year return may suggest pay-performance misalignment |
| WIN | Winton Land Limited | Real Estate | 52 | Elevated | 26 | 90 | 85 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Pay Performance: CEO compensation of $2.0M alongside -29.8% one-year return may suggest pay-performance misalignment |
| BAI | Being AI | Healthcare | 50 | Elevated | 46 | 90 | -- | -- | 38% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| GTK | Gentrack Group Limited | Information Technology | 50 | Elevated | 30 | 90 | 70 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Pay Performance: CEO compensation of $1.7M alongside -61.2% one-year return may suggest pay-performance misalignment |
| PCT | Precinct Properties New Zealand Limited | Real Estate | 50 | Elevated | 30 | 90 | 70 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Pay Performance: CEO compensation of $2.3M alongside -17.3% one-year return may suggest pay-performance misalignment |
| SPK | Spark New Zealand Limited | Communication Services | 50 | Elevated | 28 | 90 | 55 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Pay Performance: CEO compensation of $1.3M with -13.0% return indicates moderate alignment |
| VGL | Vista Group International Limited | Information Technology | 50 | Elevated | 29 | 90 | 70 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Pay Performance: CEO compensation of $1.7M alongside -25.2% one-year return may suggest pay-performance misalignment |
| CO2 | Carbon Fund | Financials | 49 | Elevated | 73 | -- | -- | -- | 25% | Governance Risk: Governance score of 27.14 may indicate structural weaknesses that could attract activist attention |
| LOC | Locate Technologies Limited | Information Technology | 49 | Elevated | 74 | -- | -- | -- | 25% | Governance Risk: Governance score of 25.71 may indicate structural weaknesses that could attract activist attention |
| MFT | Mainfreight Limited | Industrials | 49 | Elevated | 28 | 90 | 50 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Pay Performance: CEO compensation of $2.9M with -5.0% return indicates moderate alignment |
| WCO | WasteCo Group Limited | Industrials | 49 | Elevated | 33 | 90 | 60 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Pay Performance: CEO compensation of $0.4M alongside -56.3% one-year return may suggest pay-performance misalignment |
| BIF | Booster Innovation Fund | Financials | 48 | Elevated | 72 | -- | -- | -- | 25% | Governance Risk: Governance score of 28.28 may indicate structural weaknesses that could attract activist attention |
| BLT | BLIS Technologies Limited | Consumer Staples | 48 | Elevated | 39 | 90 | 45 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| BPG | Black Pearl Group Limited | Information Technology | 48 | Elevated | 32 | 90 | 60 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Pay Performance: CEO compensation of $0.8M alongside -33.8% one-year return may suggest pay-performance misalignment |
| ERD | EROAD | Industrials | 48 | Elevated | 32 | 90 | 60 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Pay Performance: CEO compensation of $0.7M alongside -63.0% one-year return may suggest pay-performance misalignment |
| FSF | Fonterra Shareholders' Fund | Consumer Staples | 48 | Elevated | 40 | 90 | 50 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Pay Performance: CEO compensation of $8.3M with +3.8% return indicates moderate alignment |
| NZL | New Zealand Rural Land Company Limited | Real Estate | 48 | Elevated | 40 | 90 | -- | -- | 38% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| RYM | Ryman Healthcare Limited | Healthcare | 48 | Elevated | 30 | 90 | 45 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| SDL | Solution Dynamics Limited | Consumer Discretionary | 48 | Elevated | 42 | 90 | 45 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| AGL | Accordant Group Limited | Utilities | 47 | Elevated | 28 | 90 | 60 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Pay Performance: CEO compensation of $0.6M alongside -51.7% one-year return may suggest pay-performance misalignment |
| KMD | KMD Brands Limited | Consumer Discretionary | 47 | Elevated | 21 | 90 | 70 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Pay Performance: CEO compensation of $1.6M alongside -73.3% one-year return may suggest pay-performance misalignment |
| MEL | Meridian Energy Limited | Utilities | 47 | Elevated | 34 | 90 | 35 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| SKO | Serko Limited | Industrials | 47 | Elevated | 28 | 90 | 60 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Pay Performance: CEO compensation of $1.0M alongside -40.4% one-year return may suggest pay-performance misalignment |
| STU | Steel & Tube Holdings Limited | Materials | 47 | Elevated | 22 | 90 | 70 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Pay Performance: CEO compensation of $1.2M alongside -45.2% one-year return may suggest pay-performance misalignment |
| SUM | Summerset Group Holdings Limited | Healthcare | 47 | Elevated | 21 | 90 | 70 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Pay Performance: CEO compensation of $1.5M alongside -29.0% one-year return may suggest pay-performance misalignment |
| BGP | Briscoe Group Limited | Consumer Discretionary | 46 | Elevated | 29 | 90 | 55 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Pay Performance: CEO compensation of $1.8M with -17.0% return indicates moderate alignment |
| FWL | Foley Wines Limited | Consumer Staples | 46 | Elevated | 36 | 90 | 45 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| MEE | Me Today Limited | Consumer Staples | 46 | Elevated | 26 | 90 | 60 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Pay Performance: CEO compensation of $0.1M alongside -32.9% one-year return may suggest pay-performance misalignment |
| RAK | Rakon Limited | Information Technology | 46 | Elevated | 57 | 90 | 10 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Governance Risk: Governance score of 42.76 suggests moderate governance practices |
| RTO | RTO Limited | Information Technology | 46 | Elevated | 36 | 90 | 45 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 1) may make it easier for an activist to build a meaningful stake |
| AFC | AFC Group Holdings Limited | Financials | 45 | Elevated | 33 | 90 | -- | -- | 38% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| CCC | Cooks Coffee Company Limited | Consumer Staples | 45 | Elevated | 34 | 90 | 45 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| PLP | Private Land and Property Fund | Real Estate | 45 | Elevated | 68 | -- | -- | -- | 25% | Governance Risk: Governance score of 32.41 may indicate structural weaknesses that could attract activist attention |
| SMI | Santana Minerals Ltd | Materials | 45 | Elevated | 34 | 90 | 45 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| THL | Tourism Holdings Limited | Consumer Discretionary | 45 | Elevated | 33 | 90 | 45 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| UVA | Uvre Limited | Materials | 45 | Elevated | 67 | -- | -- | -- | 25% | Governance Risk: Governance score of 32.86 may indicate structural weaknesses that could attract activist attention |
| APL | Asset Plus | Real Estate | 44 | Elevated | 30 | 90 | 45 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| ARG | Argosy Property Limited | Real Estate | 44 | Elevated | 30 | 90 | 45 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| CEN | Contact Energy Limited | Utilities | 44 | Elevated | 27 | 90 | 35 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| IFT | Infratil Limited | Utilities | 44 | Elevated | 31 | 90 | -- | -- | 38% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| IPL | Investore Property Limited | Real Estate | 44 | Elevated | 32 | 90 | -- | -- | 38% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| RUA | Rua Bioscience Limited | Healthcare | 44 | Elevated | 18 | 90 | 60 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Pay Performance: CEO compensation of $0.1M alongside -46.2% one-year return may suggest pay-performance misalignment |
| TRA | Turners Automotive Group | Consumer Discretionary | 44 | Elevated | 46 | 90 | 25 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| WHS | The Warehouse Group Limited | Consumer Discretionary | 44 | Elevated | 25 | 90 | 45 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 2) may make it easier for an activist to build a meaningful stake |
| ANZ | ANZ Group Holdings Limited | Financials | 43 | Elevated | 32 | 90 | 40 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| BIT | The Bankers Investment Trust PLC | Financials | 43 | Elevated | 29 | 90 | -- | -- | 38% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| DOW | Downer EDI Limited | Industrials | 43 | Elevated | 34 | 90 | 35 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| GMT | Goodman Property Trust | Real Estate | 43 | Elevated | 36 | 90 | 35 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| TEM | Templeton Emerging Markets Investment Trust PLC | Financials | 43 | Elevated | 30 | 90 | -- | -- | 38% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| ALF | Allied Farmers Limited | Financials | 42 | Elevated | 26 | 90 | 45 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| LIC | Livestock Improvement Corporation Limited | Financials | 42 | Elevated | 54 | 90 | 0 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Governance Risk: Governance score of 45.52 suggests moderate governance practices |
| MHJ | Michael Hill International Limited | Consumer Discretionary | 42 | Elevated | 33 | 90 | 35 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| SVR | Savor Limited | Consumer Staples | 42 | Elevated | 32 | 90 | 35 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| TWR | Tower Limited | Financials | 42 | Elevated | 35 | 90 | 25 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| BRM | Barramundi Limited | Financials | 41 | Elevated | 25 | 90 | -- | -- | 38% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| CMO | The Colonial Motor Company Limited | Consumer Discretionary | 41 | Elevated | 37 | 90 | 25 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| CNU | Chorus Limited | Communication Services | 41 | Elevated | 24 | 90 | 25 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| CRP | Chatham Rock Phosphate Limited | Industrials | 41 | Elevated | 58 | -- | 45 | -- | 38% | Governance Risk: Governance score of 42.07 suggests moderate governance practices |
| GNE | Genesis Energy Limited | Utilities | 41 | Elevated | 24 | 90 | 25 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| KFL | Kingfish Limited | Financials | 41 | Elevated | 25 | 90 | -- | -- | 38% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| SPG | Stride Property Limited | Real Estate | 41 | Elevated | 14 | 90 | 55 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Pay Performance: CEO compensation of $1.2M with -10.1% return indicates moderate alignment |
| MLN | Marlin Global Limited | Financials | 40 | Elevated | 23 | 90 | -- | -- | 38% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| SKT | Sky Network Television Limited | Communication Services | 40 | Elevated | 32 | 90 | 10 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| KPG | Kiwi Property | Real Estate | 39 | Moderate | 19 | 90 | 35 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| MEX | Minerals Exploration Limited | Materials | 39 | Moderate | 50 | 90 | 0 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake; Governance Risk: Governance score of 50.34 suggests moderate governance practices |
| MOV | MOVE Logistics Group Limited | Industrials | 39 | Moderate | 30 | 90 | 25 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| NZX | NZX Limited | Financials | 39 | Moderate | 19 | 90 | 35 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| PFI | Property for Industry Limited | Real Estate | 39 | Moderate | 23 | 90 | 35 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| TRU | TRUSCREEN GROUP LIMITED | Industrials | 38 | Moderate | 28 | 90 | 25 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| TWL | TradeWindow Holdings Limited | Industrials | 38 | Moderate | 28 | 90 | 25 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| AIA | Auckland International Airport Limited | Industrials | 37 | Moderate | 19 | 90 | 25 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| AOF | AoFrio Limited | Financials | 37 | Moderate | 26 | 90 | 25 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| GEN | General Capital Limited | Financials | 37 | Moderate | 24 | 90 | 25 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| IKE | ikeGPS Group Limited | Materials | 37 | Moderate | 37 | 90 | 10 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| IPR | Iperion Limited | Real Estate | 37 | Moderate | 37 | 90 | 10 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 1) may make it easier for an activist to build a meaningful stake |
| MCY | Mercury NZ Limited | Utilities | 37 | Moderate | 17 | 90 | 20 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 1) may make it easier for an activist to build a meaningful stake |
| SCT | Scott Technology Limited | Industrials | 37 | Moderate | 25 | 90 | 25 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| WBC | Westpac Banking Corporation | Financials | 37 | Moderate | 37 | 90 | 10 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| 2CC | 2 Cheap Cars Group Limited | Financials | 36 | Moderate | 39 | 90 | 0 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 2) may make it easier for an activist to build a meaningful stake |
| FBU | Fletcher Building | Materials | 36 | Moderate | 14 | 90 | 20 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| FRW | Freightways Group Limited | Industrials | 36 | Moderate | 27 | 90 | 10 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| NZK | New Zealand King Salmon Investments Limited | Consumer Staples | 36 | Moderate | 39 | 90 | 0 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| RBD | Restaurant Brands New Zealand Limited | Consumer Discretionary | 36 | Moderate | 27 | 90 | 10 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 1) may make it easier for an activist to build a meaningful stake |
| HGH | Heartland Group Holdings Limited | Financials | 35 | Moderate | 24 | 90 | 0 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| HLG | Hallenstein Glasson Holdings Limited | Consumer Discretionary | 35 | Moderate | 37 | 90 | 0 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 6) may make it easier for an activist to build a meaningful stake |
| OCA | Oceania Healthcare Limited | Healthcare | 35 | Moderate | 18 | 90 | 20 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| POT | Port of Tauranga Limited | Industrials | 35 | Moderate | 31 | 90 | 10 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| SKL | Skellerup Holdings Limited | Industrials | 35 | Moderate | 24 | 90 | 10 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| VCT | Vector Limited | Utilities | 35 | Moderate | 32 | 90 | 0 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 1) may make it easier for an activist to build a meaningful stake |
| BFG | Burger Fuel Group Limited | Consumer Discretionary | 34 | Moderate | 28 | 90 | 10 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| NZM | NZME Limited | Communication Services | 34 | Moderate | 27 | 90 | 10 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| SAN | Sanford Limited | Consumer Staples | 34 | Moderate | 21 | 90 | 10 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| SEK | Seeka Limited | Consumer Staples | 34 | Moderate | 34 | 90 | 0 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| AFT | AFT Pharmaceuticals Limited | Healthcare | 33 | Moderate | 23 | 90 | 10 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| GXH | Green Cross Health Limited | Healthcare | 33 | Moderate | 31 | 90 | 0 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| MCK | Millennium & Copthorne Hotels New Zealand Limited | Consumer Discretionary | 33 | Moderate | 31 | 90 | 0 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 1) may make it easier for an activist to build a meaningful stake |
| MPG | Metro Performance Glass | Real Estate | 33 | Moderate | 30 | 90 | 0 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| TAH | Third Age Health Services Limited | Consumer Discretionary | 33 | Moderate | 30 | 90 | 0 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| AFI | Australian Foundation Investment Company Limited | Financials | 32 | Moderate | 21 | 90 | 10 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| BRW | Bremworth Limited | Consumer Discretionary | 32 | Moderate | 28 | 90 | 0 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| CHI | Channel Infrastructure NZ Limited | Energy | 32 | Moderate | 21 | 90 | 10 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| MKR | Manuka Resources Limited | Materials | 32 | Moderate | 29 | 90 | 0 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| PYS | PaySauce Limited | Information Technology | 32 | Moderate | 28 | 90 | 0 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| SCL | Scales Corporation Limited | Industrials | 32 | Moderate | 24 | 90 | 0 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| SPN | South Port New Zealand Limited | Industrials | 32 | Moderate | 28 | 90 | 0 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| TGG | T&G Global Limited | Consumer Staples | 32 | Moderate | 28 | 90 | 0 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 1) may make it easier for an activist to build a meaningful stake |
| RAD | Radius Residential Care Limited | Healthcare | 31 | Moderate | 26 | 90 | 0 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| NPH | Napier Port Holdings Limited | Industrials | 30 | Moderate | 23 | 90 | 0 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| PEB | Pacific Edge Limited | Healthcare | 30 | Moderate | 16 | 90 | 10 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| MFB | My Food Bag Group Limited | Financials | 29 | Moderate | 20 | 90 | 0 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| PHL | Promisia Healthcare Limited | Healthcare | 28 | Moderate | 16 | 90 | 0 | -- | 50% | Ownership Concentration: Dispersed ownership (HHI 0) may make it easier for an activist to build a meaningful stake |
| CDI | CDL Investments New Zealand Limited | Real Estate | 25 | Moderate | 23 | -- | 45 | -- | 38% | No significant vulnerability signals |
| FCT | F&C INVESTMENT TRUST PLC | Financials | 25 | Moderate | 37 | -- | -- | -- | 25% | No significant vulnerability signals |
| VNT | Ventia Services Group Limited | Industrials | 16 | Low | 35 | -- | 0 | -- | 38% | No significant vulnerability signals |
Scores are normalized to account for missing data. Confidence level reflects the number of factors with available data: high (7-8 factors), medium (5-6), low (3-4), insufficient (<3). Where data is unavailable for a factor, that factor is excluded and the remaining factors are re-weighted proportionally.