Narrative Tracker
NEWTrack how NZX management messaging evolves year-over-year. Combines earnings themes, sentiment analysis, guidance direction, and AGM speech intelligence to reveal tone shifts and emerging narratives.
Companies
117
Snapshots
990
Tone Shifts
557
Major Shifts
243
magnitude 40+
Dominant Tone
optimistic
408 results
557 tone shifts found
| Company | Period | Tone Shift | Guidance | New Topics | Dropped Topics | Magnitude |
|---|---|---|---|---|---|---|
AFT AFT | FY2022 → FY2023 | optimisticcautious | newdowngrade | +product sales growth acceleration+licensing income deferral+3 | -international IP commercialisation expansion-Maxigesic global product launches+3 | 75 |
MFB MFB | FY2021 → FY2022 | optimisticcautious | maintainnew | +inflation and cost pressures+supply chain disruptions+3 | -product innovation success-supply chain optimisation+3 | 75 |
STU STU | FY2020 → FY2021 | defensiveoptimistic | downgrademaintain | +residential construction strength+manufacturing sector recovery+3 | -COVID-19 lockdown revenue impact-branch network restructuring+3 | 70 |
DOW DOW | FY2023 → FY2024 | defensiveoptimistic | downgrademaintain | +EBITA margin improvement trajectory+cost out program execution+3 | -weather disruption impacts-labour shortage challenges+3 | 68 |
SCL SCL | FY2020 → FY2021 | cautiousoptimistic | downgrademaintain | +diversified agribusiness strategy+food ingredients growth+3 | -COVID-19 disruption to Asian markets-supply chain disruptions and shipping delays+3 | 68 |
FBU FBU | FY2023 → FY2024 | mixeddefensive | maintainnew | +market volume decline NZ/Australia+construction legacy project resolution+3 | -residential market softening-weather event impact recovery+3 | 67 |
SCL SCL | FY2021 → FY2022 | optimisticcautious | maintaindowngrade | +cyclone infrastructure damage recovery+global proteins record growth+3 | -diversified agribusiness strategy-food ingredients growth+3 | 67 |
AFT AFT | FY2023 → FY2024 | cautiousoptimistic | downgrademaintain | +Maxigesic US FDA approval+international market expansion+3 | -product sales growth acceleration-licensing income deferral+3 | 66 |
TRA TRA | FY2022 → FY2023 | optimisticcautious | newmaintain | +auto retail market share gains+interest rate margin compression+3 | -used car market supply constraints-auto retail expansion pipeline+3 | 66 |
PFI PFI | FY2021 → FY2022 | optimisticcautious | newmaintain | +property valuation losses+rental growth acceleration+2 | -property portfolio revaluation gains-industrial property market strength+3 | 66 |
DGL DGL | FY2021 → FY2022 | optimisticcautious | downgrademaintain | +vintage quality impact on yields+global case sales growth+3 | -export case sales decline-operating profit record+3 | 66 |
LIC LIC | FY2024 → FY2025 | cautiousoptimistic | maintainnew | +sexed semen quality improvement+genomic testing expansion+3 | -milk price environment decline-bull team valuation reduction+3 | 66 |
LIC LIC | FY2023 → FY2024 | optimisticcautious | newmaintain | +milk price environment decline+bull team valuation reduction+3 | -premium genetics uptake acceleration-genomics investment returns+3 | 66 |
2CC 2CC | FY2023 → FY2024 | cautiousoptimistic | newmaintain | +gross margin expansion+electric and hybrid vehicle demand+3 | -used vehicle sales growth-gross margin expansion strategy+3 | 65 |
PGW PGW | FY2020 → FY2021 | cautiousoptimistic | newmaintain | +rural commodity prices strength+livestock market growth+3 | -COVID-19 pandemic disruption-livestock saleyard closures+3 | 65 |
RYM RYM | FY2025 → FY2026 | cautiousoptimistic | newupgrade | +deferred management fee pricing uplift+sales momentum rebuild+3 | -pricing model changes driving DMF growth-operational reset and cost reduction+3 | 65 |
SPK SPK | FY2023 → FY2024 | optimisticcautious | upgrademaintain | +mobile service revenue growth+IT services demand weakness+3 | -mobile market leadership-TowerCo infrastructure divestment+3 | 65 |
MOV MOV | FY2024 → FY2025 | cautiousoptimistic | newmaintain | +transformation programme execution+cost reduction and efficiency savings+3 | -cost base restructuring-cashflow generation priority+3 | 65 |
SML SML | FY2024 → FY2025 | cautiousoptimistic | downgrademaintain | +return to profitability+advanced nutrition demand uplift+3 | -debt reduction and deleveraging-North Island asset strategic review+3 | 65 |
ARB ARB | FY2024 → FY2025 | optimisticcautious | maintaindowngrade | +US forestry market cycle downturn+Brazil expansion and capacity growth+3 | -Brazil market expansion momentum-US South market challenges+3 | 65 |
BRW BRW | FY2019 → FY2020 | defensivemixed | +strategic transformation to sustainability+COVID-19 lockdown impact+3 | -wool product focus shift-synthetic carpet sales decline+3 | 60 | |
VCT VCT | FY2020 → FY2021 | cautiousoptimistic | maintain | +regulated network infrastructure investment+decarbonisation and low carbon transition+3 | -AWS strategic alliance for energy platform-regulatory revenue cap settings impact+3 | 60 |
STU STU | FY2022 → FY2023 | optimisticcautious | maintain | +inventory unwinding and cash generation+pricing discipline and gross margin improvement+3 | -steel pricing elevated environment-inventory management and supply chain+3 | 60 |
RBD RBD | FY2020 → FY2021 | cautiousoptimistic | +COVID-19 pandemic disruptions+same-store sales growth+3 | -COVID-19 operational disruption-California store acquisition+3 | 60 | |
GTK GTK | FY2021 → FY2022 | cautiousoptimistic | +cloud-native technology modernization+utilities market expansion+3 | -UK energy market instability-customer insolvencies+3 | 60 | |
MCK MCK | FY2021 → FY2022 | cautiousmixed | maintainnew | +workforce retention and recruitment challenges+hotel occupancy recovery constraints+3 | -pandemic impact on tourism-international border closures+3 | 59 |
NPH NPH | FY2021 → FY2023 | cautiousmixed | maintaindowngrade | +cyclone damage to crops+container volume growth+3 | -log export volume growth-labour shortage impacts+3 | 58 |
TRA TRA | FY2023 → FY2024 | cautiousmixed | maintainnew | +auto retail branch expansion+retail channel optimization+3 | -auto retail market share gains-interest rate margin compression+3 | 56 |
TRU TRU | FY2024 → FY2025 | optimisticcautious | +China market expansion+strategic distribution alliances+3 | -China market expansion breakthrough-cervical cancer screening technology+3 | 56 | |
BRM BRM | FY2024 → FY2025 | optimisticdefensive | +investment portfolio underperformance+company-specific performance challenges+2 | -portfolio performance above benchmark-online classified advertising strength+3 | 56 | |
SKT SKT | FY2024 → FY2025 | optimisticmixed | downgrademaintain | +satellite migration completion+streaming service growth+3 | -revenue growth amid economic headwinds-digital product rollout+3 | 55 |
THL THL | FY2025 → FY2026 | cautiousmixed | maintainnew | +rental fleet expansion+UK Ireland divestment+3 | -RV market bottom-of-cycle recovery-rental revenue growth trajectory+3 | 55 |
NPH NPH | FY2020 → FY2021 | mixedcautious | downgrademaintain | +log export volume growth+labour shortage impacts+3 | -COVID-19 pandemic disruptions-container and bulk cargo decline+3 | 55 |
SML SML | FY2021 → FY2024 | defensivecautious | newdowngrade | +debt reduction and deleveraging+North Island asset strategic review+3 | -a2 Milk Company customer concentration-infant formula demand collapse+3 | 55 |
2CC 2CC | FY2021 → FY2022 | optimisticcautious | maintain | +COVID-19 lockdown impact on retail operations+vehicle inventory management and processing efficiency+3 | -Covid-19 operational disruption-dealership rationalization+3 | 54 |
KFL KFL | FY2021 → FY2022 | optimisticcautious | +post-Covid inflation pressures+supply chain disruption+3 | -sharemarket recovery post-COVID-portfolio stock gains+3 | 54 | |
MPG MPG | FY2020 → FY2022 | defensivemixed | newnew | +covid-19 lockdown operational disruption+international shipping cost inflation+3 | -intense competition in glass processing markets-Australian operations restructuring+3 | 54 |
APL APL | FY2021 → FY2022 | optimisticdefensive | +property portfolio vacancy challenges+Munroe Lane development delays+3 | -Munroe Lane development project completion-35 Graham Street office redevelopment opportunity+3 | 54 | |
IFT IFT | FY2020 → FY2021 | cautiousoptimistic | new | +portfolio diversification benefits+renewable energy investment+3 | -Vodafone acquisition integration-Renewable energy project development+3 | 53 |
GNE GNE | FY2024 → FY2025 | cautiousoptimistic | maintainmaintain | +portfolio flexibility monetization+renewable generation growth+3 | -Electricity market volatility-Thermal generation capacity+3 | 53 |
SPN SPN | FY2020 → FY2021 | cautiousoptimistic | +cargo volume growth+port productivity improvements+3 | -cargo throughput decline-log export volumes drop+3 | 53 | |
AIA AIA | FY2022 → FY2023 | cautiousoptimistic | newnew | +international travel recovery+domestic terminal investment+3 | -border reopening travel demand recovery-domestic passenger volume collapse+3 | 53 |
HLG HLG | FY2020 → FY2021 | defensiveoptimistic | maintainmaintain | +digital transformation acceleration+omni-channel retail expansion+3 | -COVID-19 store closures-digital sales growth+3 | 53 |
MLN MLN | FY2024 → FY2025 | optimisticcautious | +international equity market volatility+portfolio sector underperformance+3 | -revenue growth 55.4%-net profit growth 57.6%+3 | 53 | |
NZK NZK | FY2021 → FY2022 | mixeddefensive | new | +aquaculture mortality events+farming strategy reset+3 | -COVID-19 inventory clearance-freight and distribution cost increases+3 | 53 |
WHS WHS | FY2020 → FY2021 | cautiousoptimistic | +gross margin expansion and pricing strength+online sales growth and click and collect acceleration+3 | -COVID-19 store closures impact-Online sales growth surge+3 | 53 | |
SCT SCT | FY2020 → FY2021 | defensiveoptimistic | +Cost structure streamlining+Margin expansion improvement+3 | -COVID-19 project deferrals-legacy Australasian project impairments+3 | 53 | |
APL APL | FY2020 → FY2021 | defensiveoptimistic | +Munroe Lane development project completion+35 Graham Street office redevelopment opportunity+3 | -investment property revaluation losses-COVID-19 rental abatement impacts+3 | 53 | |
BLT BLT | FY2024 → FY2025 | optimisticcautious | +intellectual property disputes+China regulatory pathway+3 | -B2B ingredient sales growth-cost of living pressures on consumers+3 | 53 | |
OCA OCA | FY2020 → FY2021 | defensiveoptimistic | maintain | +Premium care strategy execution+Sales volumes growth acceleration+3 | -investment property valuation changes-aged care occupancy stability+3 | 52 |
THL THL | FY2022 → FY2023 | cautiousoptimistic | maintain | +RV rental and manufacturing expansion+Tourism industry seasonal recovery+3 | -COVID-19 pandemic impact on tourism-border restrictions affecting rental demand+3 | 52 |
MFB MFB | FY2023 → FY2024 | defensivemixed | maintainmaintain | +cost reduction initiatives+brand portfolio realignment+3 | -Household inflation impact demand-Automated pick technology investment+3 | 52 |
RUA RUA | FY2021 → FY2022 | cautiousoptimistic | new | +European market launch preparation+medicinal cannabis export growth+3 | -GMP certification delays-German market expansion strategy+3 | 52 |
TRU TRU | FY2022 → FY2023 | defensivemixed | +China market recognition+device sales growth+3 | -intangible asset impairment writedown-research development investment losses+3 | 52 | |
MOV MOV | FY2019 → FY2020 | optimisticcautious | new | +COVID-19 wage subsidy support+freight division turnaround strategy+2 | -acquisition integration-new customer contracts+3 | 52 |
CDI CDI | FY2021 → FY2022 | optimisticcautious | maintain | +property market deterioration+residential development sales+3 | -residential property sales growth-Auckland development pipeline+3 | 52 |
CDI CDI | FY2019 → FY2020 | cautiousoptimistic | maintain | +residential property development+commercial centre development+3 | -residential market softening-sales volume decline+3 | 52 |
GEN GEN | FY2022 → FY2023 | optimisticcautious | +finance segment loan book growth+term deposit funding expansion+3 | -finance segment loan portfolio growth-deposit liability and cash growth+3 | 52 | |
RBD RBD | FY2022 → FY2023 | defensivemixed | +inflation pressures on margins+strategic price increase implementation+3 | -food inflation pressures-wage and labour cost increases+3 | 52 | |
SKL SKL | FY2022 → FY2023 | optimisticcautious | +input cost inflation pressures+supply chain disruptions+3 | -engineering products strategy-international market expansion+3 | 52 | |
BRM BRM | FY2021 → FY2022 | optimisticcautious | +equity market volatility+investment portfolio losses+3 | -investment portfolio gains-record profit performance+3 | 52 | |
BGP BGP | FY2020 → FY2021 | defensiveoptimistic | +online sales growth acceleration+gross margin expansion+3 | -retail competitive intensity-gross margin compression+3 | 52 | |
CMO CMO | FY2020 → FY2021 | cautiousoptimistic | +strong vehicle demand+vehicle supply disruptions+3 | -revenue decline during COVID-19-dividend maintenance despite downturn+3 | 51 | |
OCA OCA | FY2019 → FY2020 | optimisticdefensive | maintain | +investment property valuation changes+aged care occupancy stability+3 | -development completion on budget-aged care occupancy improvement+3 | 51 |
CEN CEN | FY2020 → FY2021 | cautiousoptimistic | +Tauhara geothermal development $580m+renewable energy decarbonisation+3 | -COVID-19 operational resilience-natural gas supply constraints+3 | 51 | |
ENS ENS | FY2024 → FY2025 | optimisticcautious | new | +MYOB contractual relationship restoration+recurring SaaS revenue growth+3 | -MYOB Advanced cloud transition-recurring revenue growth 84%+3 | 51 |
MFT MFT | FY2024 → FY2025 | defensivemixed | +US tariff negotiations supply chain+freight volume volatility uncertainty+3 | -transport cost pressures-revenue decline 16.9%+3 | 51 | |
MFT MFT | FY2023 → FY2024 | optimisticdefensive | +transport cost pressures+revenue decline 16.9%+3 | -revenue growth 8.8%-net profit growth 20%+3 | 51 | |
HLG HLG | FY2022 → FY2023 | cautiousoptimistic | +strong sales revenue growth+gross profit margin expansion+3 | -COVID-19 lockdown impact recovery-margin pressure from USD exchange+3 | 51 | |
HLG HLG | FY2021 → FY2022 | optimisticcautious | maintain | +COVID-19 lockdown impact recovery+margin pressure from USD exchange+3 | -digital transformation acceleration-omni-channel retail expansion+3 | 51 |
KFL KFL | FY2020 → FY2021 | cautiousoptimistic | +sharemarket recovery post-COVID+portfolio stock gains+3 | -COVID-19 market disruption-investment performance recovery+3 | 51 | |
MEL MEL | FY2023 → FY2024 | optimisticcautious | downgrade | +record low hydro inflows+wholesale price spikes+3 | -renewable energy pipeline expansion-grid-scale battery storage development+3 | 51 |
MLN MLN | FY2021 → FY2022 | optimisticdefensive | +equity market downturn+portfolio underperformance+3 | -global sharemarket rally-economic reopening recovery+3 | 51 | |
NZK NZK | FY2023 → FY2024 | cautiousoptimistic | newnew | +mortality reduction success+summer farming strategy adaptation+3 | -fish mortality reduction strategies-seasonal harvest implementation+3 | 51 |
SEK SEK | FY2023 → FY2024 | defensiveoptimistic | +kiwifruit volume recovery+automation and labor efficiency+3 | -horticultural industry downturn-volume decline impact+3 | 51 | |
WHS WHS | FY2021 → FY2022 | optimisticcautious | +COVID-19 store closures impacts+supply chain disruption costs+3 | -gross margin expansion and pricing strength-online sales growth and click and collect acceleration+3 | 51 | |
FSF FSF | FY2024 → FY2025 | cautiousoptimistic | +consumer business divestment+ingredients and foodservice focus+3 | -consumer business divestment exploration-price relativities normalisation+3 | 51 | |
SCT SCT | FY2023 → FY2024 | optimisticcautious | +MHL sector strong growth+Minerals product innovation+3 | -core sector productisation-protein division growth+3 | 51 | |
SUM SUM | FY2024 → FY2025 | cautiousoptimistic | maintain | +record new sales achievement+Australian village development momentum+3 | -retirement village sales growth-aged care funding gap+3 | 51 |
SUM SUM | FY2023 → FY2024 | optimisticcautious | new | +retirement village sales growth+aged care funding gap+3 | -retirement village home delivery acceleration-occupation rights sales growth+3 | 51 |
GEN GEN | FY2023 → FY2024 | cautiousoptimistic | maintain | +secured lending growth+deposit book expansion+3 | -finance segment loan book growth-term deposit funding expansion+3 | 51 |
RBD RBD | FY2021 → FY2022 | optimisticdefensive | +food inflation pressures+wage and labour cost increases+3 | -COVID-19 pandemic disruptions-store network expansion+2 | 51 | |
BRM BRM | FY2022 → FY2023 | cautiousoptimistic | +global equity market rebound+portfolio outperformance+3 | -equity market volatility-investment portfolio losses+3 | 51 | |
CVT CVT | FY2023 → FY2024 | optimisticdefensive | new | +major revenue decline+market impairment charges+3 | -Greater China market expansion-E-commerce revenue growth+3 | 50 |
BRW BRW | FY2022 → FY2023 | optimisticcautious | +cyclone insurance payouts+supply chain disruption recovery+3 | -strategic exit from low-margin commercial carpet sector-wool carpet and rug demand growth+3 | 50 | |
VCT VCT | FY2022 → FY2023 | cautiousmixed | +metering business divestment+electricity network decarbonization+3 | -LPG goodwill impairment-supply chain inflation pressures+3 | 50 | |
VCT VCT | FY2021 → FY2022 | optimisticcautious | +LPG goodwill impairment+supply chain inflation pressures+3 | -regulated network infrastructure investment-decarbonisation and low carbon transition+3 | 50 | |
PHL PHL | FY2022 → FY2023 | cautiousoptimistic | +revenue growth acceleration+labour market tightness+3 | -aged care facility acquisitions-occupancy rate improvement+3 | 50 | |
PHL PHL | FY2021 → FY2022 | optimisticcautious | +aged care facility acquisitions+occupancy rate improvement+3 | -aged care business acquisition-occupancy rights sales growth+3 | 50 | |
2CC 2CC | FY2024 → FY2025 | optimisticcautious | maintainmaintain | +NZ economic downturn impact+used car market demand decline+3 | -gross margin expansion-electric and hybrid vehicle demand+3 | 50 |
ARG ARG | FY2022 → FY2025 | optimisticcautious | maintainmaintain | +green portfolio transformation+property revaluation gains+3 | -green building valuations-industrial property development+3 | 50 |
OCA OCA | FY2022 → FY2023 | optimisticneutral | +Aged care portfolio expansion+Development pipeline acceleration+3 | -retirement village acquisitions-greenfield development strategy+3 | 50 | |
SPG SPG | FY2025 → FY2026 | cautiousoptimistic | maintainmaintain | +asset repositioning and development+office portfolio upgrade+3 | -commercial property portfolio valuation declines-office building repositioning investments+3 | 50 |
FPH FPH | FY2022 → FY2023 | cautiousoptimistic | new | +COVID-19 pandemic normalization+gross margin recovery plan+3 | -COVID-19 demand normalization-hospital hardware utilization decline+3 | 50 |
FPH FPH | FY2020 → FY2021 | optimisticcautious | new | +COVID-19 respiratory demand volatility+Hospital product revenue surge+3 | -respiratory product demand surge-COVID-19 hospital demand acceleration+3 | 50 |
MHJ MHJ | FY2022 → FY2023 | optimisticcautious | maintain | +retail trading conditions+market share performance+2 | -digital sales growth-loyalty program expansion+3 | 50 |
PFI PFI | FY2022 → FY2023 | cautiousoptimistic | maintainmaintain | +industrial property under-renting+rental growth reversion opportunity+3 | -property valuation losses-brownfield redevelopment opportunities+3 | 50 |
AIR AIR | FY2023 → FY2024 | optimisticdefensive | +operational disruptions recovery+cost inflation cumulative impact+3 | -strong international travel demand recovery-fuel price volatility impacts+3 | 50 | |
AIR AIR | FY2022 → FY2023 | defensiveoptimistic | new | +strong international travel demand recovery+fuel price volatility impacts+3 | -pandemic travel restrictions impact-cargo revenue contribution+3 | 50 |
THL THL | FY2024 → FY2025 | optimisticcautious | maintain | +RV market bottom-of-cycle recovery+rental revenue growth trajectory+3 | -RV rental market recovery-international expansion growth+3 | 50 |
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.