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Track how NZX companies' disclosure language evolves over time. This analysis scores 5 dimensions of communication style — hedging patterns, sentiment volatility, buried risk frequency, guidance consistency, and forward-looking statement density — to surface companies whose disclosure language may warrant closer attention.
| Ticker | Company | Sector | Overall | Rating | Hedge | Vol | Risk | Guide | Fwd | Anns |
|---|---|---|---|---|---|---|---|---|---|---|
SDL SDL | Solution Dynamics Limited | Consumer Discretionary | 90 | Concerning | 49 | |||||
ATM ATM | The a2 Milk Company Limited | Consumer Staples | 89 | Concerning | 124 | |||||
NTL NTL | New Talisman Gold Mines Ltd | Industrials | 87 | Concerning | 152 | |||||
PGW PGW | PGG Wrightson Limited | Industrials | 87 | Concerning | 71 | |||||
MCK MCK | Millennium & Copthorne Hotels New Zealand Limited | Consumer Discretionary | 86 | Concerning | 79 | |||||
2CC 2CC | 2 Cheap Cars Group Limited | Financials | 85 | Concerning | 73 | |||||
CMO CMO | The Colonial Motor Company Limited | Consumer Discretionary | 85 | Concerning | 44 | |||||
ENS ENS | Enprise Group Limited | Information Technology | 85 | Concerning | 92 | |||||
HLG HLG | Hallenstein Glasson Holdings Limited | Consumer Discretionary | 85 | Concerning | 91 | |||||
LOC LOC | Locate Technologies Limited | Information Technology | 85 | Concerning | 12 | |||||
PHL PHL | Promisia Healthcare Limited | Healthcare | 85 | Concerning | 84 | |||||
RTO RTO | RTO Limited | Information Technology | 85 | Concerning | 43 | |||||
SML SML | Synlait Milk Limited | Consumer Staples | 85 | Concerning | 185 | |||||
STU STU | Steel & Tube Holdings Limited | Materials | 85 | Concerning | 128 | |||||
SVR SVR | Savor Limited | Consumer Staples | 85 | Concerning | 54 | |||||
AIR AIR | Air New Zealand | Industrials | 84 | Concerning | 249 | |||||
BRW BRW | Bremworth Limited | Consumer Discretionary | 84 | Concerning | 88 | |||||
CDI CDI | CDL Investments New Zealand Limited | Real Estate | 84 | Concerning | 65 | |||||
CHI CHI | Channel Infrastructure NZ Limited | Energy | 84 | Concerning | 195 | |||||
RBD RBD | Restaurant Brands New Zealand Limited | Consumer Discretionary | 84 | Concerning | 92 | |||||
SPN SPN | South Port New Zealand Limited | Industrials | 84 | Concerning | 70 | |||||
WHS WHS | The Warehouse Group Limited | Consumer Discretionary | 84 | Concerning | 113 | |||||
AFC AFC | AFC Group Holdings Limited | Financials | 83 | Concerning | 39 | |||||
ARB ARB | ArborGen Holdings Limited | Industrials | 83 | Concerning | 94 | |||||
DGL DGL | Delegat Group Limited | Consumer Staples | 83 | Concerning | 82 | |||||
MEE MEE | Me Today Limited | Consumer Staples | 83 | Concerning | 44 | |||||
SEK SEK | Seeka Limited | Consumer Staples | 83 | Concerning | 133 | |||||
ALF ALF | Allied Farmers Limited | Financials | 82 | Concerning | 61 | |||||
AOF AOF | AoFrio Limited | Financials | 82 | Concerning | 115 | |||||
BLT BLT | BLIS Technologies Limited | Consumer Staples | 82 | Concerning | 79 | |||||
CCC CCC | Cooks Coffee Company Limited | Consumer Staples | 82 | Concerning | 90 | |||||
CVT CVT | Comvita Limited | Industrials | 82 | Concerning | 114 | |||||
LIC LIC | Livestock Improvement Corporation Limited | Financials | 82 | Concerning | 73 | |||||
MFT MFT | Mainfreight Limited | Industrials | 82 | Concerning | 98 | |||||
NPH NPH | Napier Port Holdings Limited | Industrials | 82 | Concerning | 93 | |||||
PEB PEB | Pacific Edge Limited | Healthcare | 82 | Concerning | 177 | |||||
TGG TGG | T&G Global Limited | Consumer Staples | 82 | Concerning | 55 | |||||
TWL TWL | TradeWindow Holdings Limited | Industrials | 82 | Concerning | 82 | |||||
APL APL | Asset Plus | Real Estate | 81 | Concerning | 66 | |||||
BGP BGP | Briscoe Group Limited | Consumer Discretionary | 81 | Concerning | 107 | |||||
FBU FBU | Fletcher Building | Materials | 81 | Concerning | 181 | |||||
MOV MOV | MOVE Logistics Group Limited | Industrials | 81 | Concerning | 99 | |||||
PYS PYS | PaySauce Limited | Information Technology | 81 | Concerning | 82 | |||||
RAK RAK | Rakon Limited | Information Technology | 81 | Concerning | 116 | |||||
SAN SAN | Sanford Limited | Consumer Staples | 81 | Concerning | 74 | |||||
SCT SCT | Scott Technology Limited | Industrials | 81 | Concerning | 86 | |||||
THL THL | Tourism Holdings Limited | Consumer Discretionary | 81 | Concerning | 117 | |||||
AIA AIA | Auckland International Airport Limited | Industrials | 80 | Concerning | 302 | |||||
BAI BAI | Being AI | Healthcare | 80 | Concerning | 44 | |||||
FCG FCG | Fonterra Co-operative Group Limited | Consumer Staples | 80 | Concerning | 385 | |||||
MHJ MHJ | Michael Hill International Limited | Consumer Discretionary | 80 | Concerning | 221 | |||||
NZK NZK | New Zealand King Salmon Investments Limited | Consumer Staples | 80 | Concerning | 108 | |||||
SKO SKO | Serko Limited | Industrials | 80 | Concerning | 90 | |||||
TRU TRU | TRUSCREEN GROUP LIMITED | Industrials | 80 | Concerning | 146 | |||||
TWR TWR | Tower Limited | Financials | 80 | Concerning | 125 | |||||
WCO WCO | WasteCo Group Limited | Industrials | 80 | Concerning | 35 | |||||
AFT AFT | AFT Pharmaceuticals Limited | Healthcare | 79 | Concerning | 156 | |||||
FSF FSF | Fonterra Shareholders' Fund | Consumer Staples | 79 | Concerning | 386 | |||||
GEN GEN | General Capital Limited | Financials | 79 | Concerning | 93 | |||||
HGH HGH | Heartland Group Holdings Limited | Financials | 79 | Concerning | 108 | |||||
MPG MPG | Metro Performance Glass | Real Estate | 79 | Concerning | 87 | |||||
RUA RUA | Rua Bioscience Limited | Healthcare | 79 | Concerning | 98 | |||||
RYM RYM | Ryman Healthcare Limited | Healthcare | 79 | Concerning | 143 | |||||
TAH TAH | Third Age Health Services Limited | Consumer Discretionary | 79 | Concerning | 67 | |||||
AGL AGL | Accordant Group Limited | Utilities | 78 | Concerning | 42 | |||||
DOW DOW | Downer EDI Limited | Industrials | 78 | Concerning | 240 | |||||
FWL FWL | Foley Wines Limited | Consumer Staples | 78 | Concerning | 39 | |||||
IKE IKE | ikeGPS Group Limited | Materials | 78 | Concerning | 155 | |||||
NZL NZL | New Zealand Rural Land Company Limited | Real Estate | 78 | Concerning | 54 | |||||
NZM NZM | NZME Limited | Communication Services | 78 | Concerning | 124 | |||||
SKT SKT | Sky Network Television Limited | Communication Services | 78 | Concerning | 150 | |||||
ERD ERD | EROAD | Industrials | 77 | Concerning | 131 | |||||
IFT IFT | Infratil Limited | Utilities | 77 | Concerning | 193 | |||||
IPR IPR | Iperion Limited | Real Estate | 77 | Concerning | 34 | |||||
KMD KMD | KMD Brands Limited | Consumer Discretionary | 77 | Concerning | 186 | |||||
KPG KPG | Kiwi Property | Real Estate | 77 | Concerning | 150 | |||||
PCT PCT | Precinct Properties New Zealand Limited | Real Estate | 77 | Concerning | 150 | |||||
SCL SCL | Scales Corporation Limited | Industrials | 77 | Concerning | 104 | |||||
SPK SPK | Spark New Zealand Limited | Communication Services | 77 | Concerning | 216 | |||||
VSL VSL | Vulcan Steel Limited | Materials | 77 | Concerning | 108 | |||||
CNU CNU | Chorus Limited | Communication Services | 76 | Concerning | 174 | |||||
MEL MEL | Meridian Energy Limited | Utilities | 76 | Concerning | 345 | |||||
PFI PFI | Property for Industry Limited | Real Estate | 76 | Concerning | 91 | |||||
SUM SUM | Summerset Group Holdings Limited | Healthcare | 76 | Concerning | 95 | |||||
VGL VGL | Vista Group International Limited | Information Technology | 76 | Concerning | 153 | |||||
CEN CEN | Contact Energy Limited | Utilities | 75 | Opaque | 329 | |||||
MKR MKR | Manuka Resources Limited | Materials | 75 | Opaque | 45 | |||||
MLN MLN | Marlin Global Limited | Financials | 75 | Opaque | 723 | |||||
NZX NZX | NZX Limited | Financials | 75 | Opaque | 314 | |||||
OCA OCA | Oceania Healthcare Limited | Healthcare | 75 | Opaque | 92 | |||||
VNT VNT | Ventia Services Group Limited | Industrials | 75 | Opaque | 96 | |||||
BFG BFG | Burger Fuel Group Limited | Consumer Discretionary | 74 | Opaque | 50 | |||||
GNE GNE | Genesis Energy Limited | Utilities | 74 | Opaque | 245 | |||||
RAD RAD | Radius Residential Care Limited | Healthcare | 74 | Opaque | 68 | |||||
SKL SKL | Skellerup Holdings Limited | Industrials | 74 | Opaque | 81 | |||||
VHP VHP | Vital Healthcare Property Trust | Real Estate | 74 | Opaque | 129 | |||||
WBC WBC | Westpac Banking Corporation | Financials | 74 | Opaque | 594 | |||||
BRM BRM | Barramundi Limited | Financials | 73 | Opaque | 699 | |||||
KFL KFL | Kingfish Limited | Financials | 73 | Opaque | 706 | |||||
MCY MCY | Mercury NZ Limited | Utilities | 73 | Opaque | 224 | |||||
TRA TRA | Turners Automotive Group | Consumer Discretionary | 73 | Opaque | 165 | |||||
VCT VCT | Vector Limited | Utilities | 73 | Opaque | 117 | |||||
GNZ GNZ | Goodman NZ | Real Estate | 72 | Opaque | 158 | |||||
GXH GXH | Green Cross Health Limited | Healthcare | 72 | Opaque | 45 | |||||
PLP PLP | Private Land and Property Fund | Real Estate | 72 | Opaque | 110 | |||||
SPG SPG | Stride Property Limited | Real Estate | 72 | Opaque | 26 | |||||
BPG BPG | Black Pearl Group Limited | Information Technology | 71 | Opaque | 41 | |||||
FPH FPH | Fisher & Paykel Healthcare Corporation Limited | Healthcare | 71 | Opaque | 147 | |||||
IPL IPL | Investore Property Limited | Real Estate | 71 | Opaque | 26 | |||||
SKC SKC | SkyCity Entertainment Group Limited | Consumer Discretionary | 71 | Opaque | 74 | |||||
FRW FRW | Freightways Group Limited | Industrials | 70 | Opaque | 72 | |||||
GTK GTK | Gentrack Group Limited | Information Technology | 70 | Opaque | 185 | |||||
RGI RGI | Rua Gold Inc | Materials | 70 | Opaque | 7 | |||||
CRP CRP | Chatham Rock Phosphate Limited | Industrials | 69 | Opaque | 229 | |||||
BIF BIF | Booster Innovation Fund | Financials | 68 | Opaque | 66 | |||||
SMI SMI | Santana Minerals Ltd | Materials | 68 | Opaque | 121 | |||||
POT POT | Port of Tauranga Limited | Industrials | 67 | Opaque | 51 | |||||
ARG ARG | Argosy Property Limited | Real Estate | 66 | Opaque | 124 | |||||
AFI AFI | Australian Foundation Investment Company Limited | Financials | 65 | Opaque | 341 | |||||
WIN WIN | Winton Land Limited | Real Estate | 65 | Opaque | 42 | |||||
MFB MFB | My Food Bag Group Limited | Financials | 64 | Opaque | 56 | |||||
EBO EBO | EBOS Group Limited | Healthcare | 63 | Opaque | 156 | |||||
TCM TCM | Taiko Critical Minerals Limited | Materials | 61 | Opaque | 6 | |||||
ANZ ANZ | ANZ Group Holdings Limited | Financials | 60 | Opaque | 1135 | |||||
MEX MEX | Minerals Exploration Limited | Materials | 52 | Opaque | 17 | |||||
BIT BIT | The Bankers Investment Trust PLC | Financials | 42 | Adequate | 2926 | |||||
TEM TEM | Templeton Emerging Markets Investment Trust PLC | Financials | 30 | Adequate | 2472 | |||||
FCT FCT | F&C INVESTMENT TRUST PLC | Financials | 24 | Transparent | 2396 | |||||
CO2 CO2 | Carbon Fund | Financials | 23 | Transparent | 1897 | |||||
HFL HFL | Henderson Far East Income Limited | Financials | 20 | Transparent | 2547 |
Average dimension scores by sector. Darker shading indicates higher scores (more opacity) in that dimension.
| Sector | Companies | Hedging | Volatility | Buried Risk | Guidance | Forward-Looking |
|---|---|---|---|---|---|---|
| Industrials | 23 | 40 | 87 | 97 | 94 | 77 |
| Financials | 22 | 28 | 63 | 76 | 78 | 76 |
| Consumer Discretionary | 15 | 43 | 88 | 100 | 96 | 78 |
| Real Estate | 15 | 38 | 79 | 98 | 83 | 75 |
| Consumer Staples | 14 | 44 | 92 | 100 | 95 | 81 |
| Healthcare | 12 | 36 | 83 | 94 | 92 | 76 |
| Materials | 9 | 43 | 88 | 99 | 61 | 68 |
| Information Technology | 8 | 38 | 85 | 96 | 100 | 78 |
| Utilities | 7 | 37 | 74 | 99 | 97 | 68 |
| Communication Services | 4 | 36 | 81 | 100 | 100 | 69 |
| Energy | 1 | 47 | 92 | 100 | 100 | 79 |
Top 10 companies with the highest overall disclosure opacity scores, suggesting the most notable shifts in communication style based on available data.
Methodology
Hedging Trajectory (0-100): Maps hedging_level (none=0, low=33, moderate=67, heavy=100) and averages across announcements. Higher score indicates heavier hedging language.
Sentiment Volatility (0-100): Standard deviation of sentiment scores. A std dev of 0.5 or higher maps to 100. More volatile sentiment suggests inconsistent messaging.
Buried Risk Frequency (0-100): Percentage of announcements containing buried risk flags. If 50%+ of announcements contain buried risks, the score is 100.
Guidance Consistency (0-100): Counts direction changes in guidance (upgrade/downgrade/maintain). More frequent changes indicate less consistent forward guidance.
Forward-Looking Density (0-100): Based on forward-looking statement count in earnings reports. 20+ statements maps to 0 (transparent); 0 statements maps to 100.
The overall score is the simple average of all 5 dimensions. Companies with fewer than 5 scored announcements are excluded. This analysis describes data patterns and does not constitute financial advice or a judgment of company quality.
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.
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