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 alpha scores combining 5 proprietary signal dimensions — enriched by credibility momentum, governance deterioration, and OCI divergence signals — validated on 10 years of NZX data.16 validated factors (7 statistically significant) and 7 proprietary signals (5 strong) scored per company.
| # | Ticker | Company | Score | Rating | Gov | Ins | Cred | Qual | Div | Signals |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | GNZ | Goodman NZ | 71 | Moderate Alpha | 14 | 16 | 16 | 7 | 13 | 4 |
| 2 |
| Factor | Category | IC | t-stat | Hit Rate | Direction | Strength |
|---|---|---|---|---|---|---|
| P/B Ratio | Valuation | -0.149 | -3.40 | 68% | SHORT | strong |
| Earnings Yield | Valuation | 0.131 | 2.86 | 64% | LONG | strong |
| Net Profit Growth | Growth | 0.089 | 2.35 | 61% | LONG | strong |
| Net Debt/EBITDA | Leverage |
2+ directors resigning within 30 days. Event study on 1,242 board changes.
Resignation clusters 5x worse than single departures. Strongest proprietary signal found.
Composite of guidance accuracy (40%), tone consistency (30%), insider alignment (30%).
Bottom quartile (lowest credibility): -7.97% avg 1yr. Score range 15-85, mean 46.8.
Management tone in earnings calls (optimistic/cautious/mixed/defensive/neutral).
Tone level 2x more predictive than tone shift. Defensive tone: -1.80% avg 90d.
Data sourced from publicly available records. 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.
| SKT |
| Sky Network Television Limited |
| 71 |
| Moderate Alpha |
19 |
20 |
12 |
2 |
13 |
| 5 |
| 3 | SPG | Stride Property Limited | 70 | Moderate Alpha | 23 | 20 | 12 | 2 | 13 | 4 |
| 4 | SAN | Sanford Limited | 69 | Moderate Alpha | 16 | 16 | 12 | 7 | 13 | 3 |
| 5 | TEM | Templeton Emerging Markets Investment Trust PLC | 66 | Moderate Alpha | 20 | 16 | 12 | 3 | 13 | 4 |
| 6 | PEB | Pacific Edge Limited | 64 | Moderate Alpha | 18 | 20 | 12 | 7 | 7 | 1 |
| 7 | GNE | Genesis Energy Limited | 63 | Moderate Alpha | 22 | 20 | 12 | 0 | 7 | 4 |
| 8 | IFT | Infratil Limited | 63 | Moderate Alpha | 16 | 20 | 12 | 0 | 13 | 4 |
| 9 | CHI | Channel Infrastructure NZ Limited | 62 | Moderate Alpha | 19 | 20 | 16 | 0 | 7 | 5 |
| 10 | FPH | Fisher & Paykel Healthcare Corporation Limited | 62 | Moderate Alpha | 16 | 16 | 16 | 7 | 7 | 2 |
| 11 | HLG | Hallenstein Glasson Holdings Limited | 62 | Moderate Alpha | 19 | 10 | 12 | 14 | 7 | 2 |
| 12 | MFB | My Food Bag Group Limited | 62 | Moderate Alpha | 18 | 20 | 12 | 3 | 7 | 2 |
| 13 | SEK | Seeka Limited | 62 | Moderate Alpha | 16 | 20 | 16 | 3 | 7 | 3 |
| 14 | SUM | Summerset Group Holdings Limited | 62 | Moderate Alpha | 19 | 16 | 12 | 2 | 13 | 4 |
| 15 | FBU | Fletcher Building | 61 | Moderate Alpha | 17 | 16 | 12 | 7 | 7 | 1 |
| 16 | PFI | Property for Industry Limited | 61 | Moderate Alpha | 18 | 16 | 12 | 0 | 13 | 5 |
| 17 | AIA | Auckland International Airport Limited | 60 | Moderate Alpha | 20 | 10 | 16 | 7 | 7 | 2 |
| 18 | CEN | Contact Energy Limited | 60 | Moderate Alpha | 18 | 16 | 16 | 3 | 7 | 4 |
| 19 | FCG | Fonterra Co-operative Group Limited | 60 | Moderate Alpha | 14 | 16 | 16 | 7 | 7 | 2 |
| 20 | MHJ | Michael Hill International Limited | 60 | Moderate Alpha | 14 | 20 | 12 | 7 | 7 | 2 |
| 21 | FCT | F&C INVESTMENT TRUST PLC | 59 | Neutral | 17 | 16 | 12 | 7 | 7 | 1 |
| 22 | NZM | NZME Limited | 59 | Neutral | 10 | 20 | 20 | 2 | 7 | 4 |
| 23 | GEN | General Capital Limited | 58 | Neutral | 16 | 10 | 12 | 2 | 13 | 3 |
| 24 | GXH | Green Cross Health Limited | 58 | Neutral | 14 | 10 | 12 | 7 | 13 | 1 |
| 25 | KMD | KMD Brands Limited | 58 | Neutral | 19 | 20 | 12 | 0 | 7 | 4 |
| 26 | SCT | Scott Technology Limited | 58 | Neutral | 12 | 16 | 16 | 7 | 7 | 3 |
| 27 | AFI | Australian Foundation Investment Company Limited | 57 | Neutral | 19 | 16 | 12 | 3 | 7 | 3 |
| 28 | AOF | AoFrio Limited | 57 | Neutral | 18 | 20 | 12 | 0 | 7 | 3 |
| 29 | FRW | Freightways Group Limited | 57 | Neutral | 15 | 16 | 12 | 7 | 7 | 3 |
| 30 | MCY | Mercury NZ Limited | 57 | Neutral | 20 | 16 | 12 | 2 | 7 | 3 |
| 31 | PGW | PGG Wrightson Limited | 57 | Neutral | 15 | 20 | 12 | 3 | 7 | 2 |
| 32 | TWR | Tower Limited | 57 | Neutral | 22 | 4 | 12 | 7 | 7 | 3 |
| 33 | BPG | Black Pearl Group Limited | 56 | Neutral | 14 | 20 | 12 | 3 | 7 | 2 |
| 34 | BRM | Barramundi Limited | 56 | Neutral | 21 | 16 | 12 | 0 | 7 | 4 |
| 35 | LIC | Livestock Improvement Corporation Limited | 56 | Neutral | 12 | 20 | 8 | 7 | 7 | 2 |
| 36 | MFT | Mainfreight Limited | 56 | Neutral | 14 | 16 | 12 | 7 | 7 | 1 |
| 37 | RUA | Rua Bioscience Limited | 56 | Neutral | 17 | 16 | 16 | 0 | 7 | 5 |
| 38 | 2CC | 2 Cheap Cars Group Limited | 55 | Neutral | 15 | 16 | 12 | 3 | 7 | 2 |
| 39 | BFG | Burger Fuel Group Limited | 55 | Neutral | 17 | 10 | 12 | 7 | 7 | 0 |
| 40 | BLT | BLIS Technologies Limited | 55 | Neutral | 17 | 10 | 12 | 7 | 7 | 0 |
| 41 | EBO | EBOS Group Limited | 55 | Neutral | 19 | 10 | 12 | 7 | 7 | 1 |
| 42 | DOW | Downer EDI Limited | 54 | Neutral | 19 | 16 | 12 | 0 | 7 | 4 |
| 43 | GTK | Gentrack Group Limited | 54 | Neutral | 20 | 4 | 16 | 7 | 7 | 3 |
| 44 | MLN | Marlin Global Limited | 54 | Neutral | 21 | 16 | 12 | 3 | 2 | 4 |
| 45 | RYM | Ryman Healthcare Limited | 54 | Neutral | 15 | 20 | 12 | 0 | 7 | 5 |
| 46 | SKO | Serko Limited | 54 | Neutral | 16 | 4 | 24 | 3 | 7 | 4 |
| 47 | SPK | Spark New Zealand Limited | 54 | Neutral | 19 | 16 | 12 | 7 | 0 | 4 |
| 48 | TRU | TRUSCREEN GROUP LIMITED | 54 | Neutral | 15 | 20 | 12 | 0 | 7 | 3 |
| 49 | CNU | Chorus Limited | 53 | Neutral | 13 | 16 | 20 | 2 | 2 | 5 |
| 50 | KFL | Kingfish Limited | 53 | Neutral | 21 | 10 | 12 | 3 | 7 | 2 |
| 51 | SCL | Scales Corporation Limited | 53 | Neutral | 17 | 10 | 12 | 7 | 7 | 0 |
| 52 | TAH | Third Age Health Services Limited | 53 | Neutral | 15 | 10 | 12 | 7 | 7 | 0 |
| 53 | FWL | Foley Wines Limited | 52 | Neutral | 15 | 16 | 12 | 0 | 7 | 3 |
| 54 | MCK | Millennium & Copthorne Hotels New Zealand Limited | 52 | Neutral | 14 | 10 | 12 | 7 | 7 | 0 |
| 55 | NZK | New Zealand King Salmon Investments Limited | 52 | Neutral | 14 | 10 | 12 | 7 | 7 | 0 |
| 56 | SPN | South Port New Zealand Limited | 52 | Neutral | 16 | 4 | 12 | 7 | 13 | 2 |
| 57 | VNT | Ventia Services Group Limited | 52 | Neutral | 23 | 10 | 12 | 0 | 7 | 3 |
| 58 | HGH | Heartland Group Holdings Limited | 51 | Neutral | 20 | 16 | 8 | 0 | 7 | 5 |
| 59 | IPL | Investore Property Limited | 51 | Neutral | 17 | 20 | 12 | 2 | 0 | 4 |
| 60 | LOC | Locate Technologies Limited | 51 | Neutral | 12 | 20 | 12 | 0 | 7 | 4 |
| 61 | PHL | Promisia Healthcare Limited | 51 | Neutral | 18 | 10 | 16 | 0 | 7 | 3 |
| 62 | TGG | T&G Global Limited | 51 | Neutral | 15 | 10 | 12 | 7 | 7 | 0 |
| 63 | APL | Asset Plus | 50 | Neutral | 18 | 10 | 12 | 3 | 7 | 2 |
| 64 | MEE | Me Today Limited | 50 | Neutral | 16 | 10 | 12 | 0 | 7 | 3 |
| 65 | BGP | Briscoe Group Limited | 49 | Neutral | 17 | 10 | 12 | 3 | 7 | 2 |
| 66 | BIT | The Bankers Investment Trust PLC | 49 | Neutral | 20 | 10 | 12 | 0 | 7 | 3 |
| 67 | KPG | Kiwi Property | 49 | Neutral | 19 | 16 | 12 | 2 | 0 | 5 |
| 68 | PCT | Precinct Properties New Zealand Limited | 49 | Neutral | 15 | 16 | 16 | 0 | 2 | 7 |
| 69 | ALF | Allied Farmers Limited | 48 | Neutral | 15 | 16 | 8 | 0 | 7 | 3 |
| 70 | CMO | The Colonial Motor Company Limited | 48 | Neutral | 13 | 16 | 12 | 0 | 7 | 3 |
| 71 | DGL | Delegat Group Limited | 48 | Neutral | 14 | 10 | 8 | 7 | 7 | 1 |
| 72 | ERD | EROAD | 48 | Neutral | 13 | 16 | 12 | 0 | 7 | 3 |
| 73 | MOV | MOVE Logistics Group Limited | 48 | Neutral | 16 | 10 | 12 | 3 | 7 | 1 |
| 74 | NZX | NZX Limited | 48 | Neutral | 18 | 4 | 12 | 7 | 7 | 1 |
| 75 | SVR | Savor Limited | 48 | Neutral | 14 | 10 | 8 | 7 | 7 | 0 |
| 76 | VGL | Vista Group International Limited | 48 | Neutral | 12 | 10 | 12 | 7 | 7 | 0 |
| 77 | VHP | Vital Healthcare Property Trust | 48 | Neutral | 14 | 20 | 12 | 0 | 2 | 4 |
| 78 | WHS | The Warehouse Group Limited | 48 | Neutral | 16 | 10 | 12 | 3 | 7 | 1 |
| 79 | ARG | Argosy Property Limited | 47 | Neutral | 18 | 10 | 12 | 0 | 7 | 3 |
| 80 | HFL | Henderson Far East Income Limited | 47 | Neutral | 16 | 10 | 12 | 7 | 2 | 1 |
| 81 | NPH | Napier Port Holdings Limited | 47 | Neutral | 17 | 4 | 12 | 7 | 7 | 1 |
| 82 | OCA | Oceania Healthcare Limited | 47 | Neutral | 18 | 10 | 12 | 0 | 7 | 2 |
| 83 | POT | Port of Tauranga Limited | 47 | Neutral | 15 | 10 | 8 | 7 | 7 | 1 |
| 84 | SML | Synlait Milk Limited | 47 | Neutral | 11 | 10 | 16 | 3 | 7 | 3 |
| 85 | THL | Tourism Holdings Limited | 47 | Neutral | 14 | 10 | 12 | 2 | 7 | 2 |
| 86 | AGL | Accordant Group Limited | 46 | Neutral | 4 | 20 | 12 | 3 | 7 | 3 |
| 87 | ATM | The a2 Milk Company Limited | 46 | Neutral | 16 | 4 | 12 | 7 | 7 | 1 |
| 88 | SDL | Solution Dynamics Limited | 46 | Neutral | 12 | 16 | 8 | 3 | 7 | 3 |
| 89 | SKL | Skellerup Holdings Limited | 46 | Neutral | 16 | 4 | 12 | 7 | 7 | 1 |
| 90 | VCT | Vector Limited | 46 | Neutral | 15 | 10 | 16 | 2 | 3 | 3 |
| 91 | VSL | Vulcan Steel Limited | 46 | Neutral | 14 | 4 | 8 | 7 | 13 | 2 |
| 92 | CDI | CDL Investments New Zealand Limited | 45 | Neutral | 16 | 10 | 12 | 0 | 7 | 2 |
| 93 | ENS | Enprise Group Limited | 45 | Neutral | 12 | 10 | 16 | 0 | 7 | 4 |
| 94 | IPR | Iperion Limited | 45 | Neutral | 16 | 10 | 12 | 0 | 7 | 3 |
| 95 | RTO | RTO Limited | 45 | Neutral | 14 | 10 | 12 | 2 | 7 | 1 |
| 96 | SMI | Santana Minerals Ltd | 45 | Neutral | 14 | 10 | 12 | 2 | 7 | 1 |
| 97 | AIR | Air New Zealand | 44 | Neutral | 15 | 10 | 12 | 0 | 7 | 4 |
| 98 | CCC | Cooks Coffee Company Limited | 44 | Neutral | 15 | 10 | 12 | 0 | 7 | 2 |
| 99 | MPG | Metro Performance Glass | 44 | Neutral | 16 | 10 | 8 | 3 | 7 | 1 |
| 100 | WCO | WasteCo Group Limited | 44 | Neutral | 4 | 10 | 20 | 3 | 7 | 3 |
| 101 | ANZ | ANZ Group Holdings Limited | 43 | Neutral | 14 | 10 | 12 | 0 | 7 | 2 |
| 102 | ARB | ArborGen Holdings Limited | 43 | Neutral | 14 | 10 | 12 | 0 | 7 | 2 |
| 103 | BAI | Being AI | 43 | Neutral | 15 | 16 | 5 | 0 | 7 | 5 |
| 104 | MEX | Minerals Exploration Limited | 43 | Neutral | 14 | 10 | 12 | 0 | 7 | 2 |
| 105 | PLP | Private Land and Property Fund | 43 | Neutral | 12 | 10 | 12 | 2 | 7 | 1 |
| 106 | FSF | Fonterra Shareholders' Fund | 42 | Neutral | 13 | 10 | 12 | 0 | 7 | 2 |
| 107 | RAD | Radius Residential Care Limited | 42 | Neutral | 16 | 4 | 12 | 3 | 7 | 2 |
| 108 | SKC | SkyCity Entertainment Group Limited | 42 | Neutral | 13 | 10 | 12 | 0 | 7 | 2 |
| 109 | WIN | Winton Land Limited | 42 | Neutral | 4 | 10 | 12 | 3 | 13 | 3 |
| 110 | AFT | AFT Pharmaceuticals Limited | 41 | Neutral | 16 | 10 | 8 | 0 | 7 | 3 |
| 111 | BIF | Booster Innovation Fund | 41 | Neutral | 12 | 10 | 12 | 0 | 7 | 2 |
| 112 | CO2 | Carbon Fund | 41 | Neutral | 12 | 10 | 12 | 0 | 7 | 2 |
| 113 | MEL | Meridian Energy Limited | 41 | Neutral | 15 | 4 | 12 | 3 | 7 | 2 |
| 114 | TCM | Taiko Critical Minerals Limited | 41 | Neutral | 12 | 10 | 12 | 0 | 7 | 3 |
| 115 | TWL | TradeWindow Holdings Limited | 41 | Neutral | 11 | 4 | 12 | 7 | 7 | 2 |
| 116 | IKE | ikeGPS Group Limited | 40 | Neutral | 11 | 10 | 12 | 0 | 7 | 3 |
| 117 | MKR | Manuka Resources Limited | 40 | Neutral | 11 | 10 | 12 | 0 | 7 | 4 |
| 118 | TRA | Turners Automotive Group | 39 | Moderate Risk | 13 | 4 | 12 | 3 | 7 | 2 |
| 119 | PYS | PaySauce Limited | 38 | Moderate Risk | 15 | 4 | 12 | 0 | 7 | 3 |
| 120 | AFC | AFC Group Holdings Limited | 37 | Moderate Risk | 15 | 10 | 5 | 0 | 7 | 5 |
| 121 | BRW | Bremworth Limited | 37 | Moderate Risk | 8 | 10 | 12 | 0 | 7 | 3 |
| 122 | CRP | Chatham Rock Phosphate Limited | 37 | Moderate Risk | 12 | 10 | 8 | 0 | 7 | 3 |
| 123 | NZL | New Zealand Rural Land Company Limited | 36 | Moderate Risk | 13 | 4 | 12 | 0 | 7 | 4 |
| 124 | STU | Steel & Tube Holdings Limited | 36 | Moderate Risk | 13 | 4 | 12 | 0 | 7 | 4 |
| 125 | WBC | Westpac Banking Corporation | 36 | Moderate Risk | 13 | 4 | 12 | 0 | 7 | 3 |
| 126 | NTL | New Talisman Gold Mines Ltd | 35 | Moderate Risk | 17 | 4 | 5 | 0 | 7 | 4 |
| 127 | CVT | Comvita Limited | 34 | Moderate Risk | 11 | 4 | 12 | 0 | 7 | 4 |
| 128 | RGI | Rua Gold Inc | 31 | Moderate Risk | 9 | 10 | 5 | 0 | 7 | 4 |
| 0.141 |
| 2.20 |
| 60% |
| LONG |
| strong |
| EV/EBITDA | Valuation | -0.142 | -2.08 | 59% | SHORT | strong |
| P/E Ratio | Valuation | -0.078 | -2.08 | 58% | SHORT | strong |
| Net Margin | Profitability | 0.114 | 2.06 | 58% | LONG | strong |
| Return on Equity | Profitability | 0.095 | 1.92 | 57% | LONG | moderate |
| FCF Yield | Cash Flow | 0.088 | 1.85 | 56% | LONG | moderate |
| Dividend Cover | Dividends | 0.082 | 1.78 | 55% | LONG | moderate |
| Revenue Growth | Growth | 0.075 | 1.72 | 55% | LONG | moderate |
| EBITDA Margin | Profitability | 0.071 | 1.65 | 54% | LONG | moderate |
| Current Ratio | Leverage | 0.068 | 1.62 | 54% | LONG | moderate |
| OCF/Net Income | Cash Flow | 0.065 | 1.58 | 53% | LONG | moderate |
| Interest Cover | Leverage | 0.062 | 1.55 | 53% | LONG | moderate |
| P/S Ratio | Valuation | -0.058 | -1.52 | 52% | SHORT | moderate |
3+ directors trading same direction within 7 days.
Contrarian signal — sell clusters more informative than buys. NZ insiders sell to diversify.
Auditor changes, critical phrase emergence, risk word density shifts.
Big4→Non-Big4: -13.32%. Upgrading to Big4 also signals trouble: -18.46%.
Financial strength (F8-9 long) and distress prediction (Z<1.8 short).
Quality factors work better as avoidance signals (short distressed) than long signals on NZX.
9-factor model predicting 20%+ DPS reduction. 1-year lead time.
Risk score separation: cuts avg 36.9 vs non-cuts avg 26.4. F1=0.400.