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Speaker 1: Samtrathor Wey Milford Acid Management.

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Speaker 2: Hi, I Sam, good evening.

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Speaker 1: He So what did you make of that for sher

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Speaker 1: and PIKEL result.

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Speaker 2: Well, look, it was a big day for the market

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Speaker 2: because Frishi and Bikel is the largest listed company and

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Speaker 2: naturally has a big overall influence on performance of the INSIDECX.

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Speaker 2: So the result the company delivered was what the market

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Speaker 2: calls a beaten rays. So profit growth for the period

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Speaker 2: came and ahead of guidance provided in August, and they

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Speaker 2: also upgraded or raised guidance for the year ahead. So

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Speaker 2: the company's core product, which is respiratory masks that are

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Speaker 2: used in intensive care units and elsewhere in hospitals across

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Speaker 2: the globe, grew at seventeen percent a year on year,

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Speaker 2: so that's a continuation of pretty strong growth that they

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Speaker 2: have been seeing there for every long time. And the

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Speaker 2: company also demonstrated some good cost control, benefiting a bit

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Speaker 2: from the weakening New Zealand dollar to deliver overall profit

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Speaker 2: growth of and pretty impressive thirty nine percent. So despite

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Speaker 2: the headwinds from Trump's tariffs, they managed to pull off

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Speaker 2: a big number there. So it's impressive company world class

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Speaker 2: technology and stands out when we look across the globe.

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Speaker 1: Yeah, well, what impact does the tariffs having on them?

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Speaker 1: How are they managing that?

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Speaker 2: Yes, that's certainly been, I guess an area of concern

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Speaker 2: for investors over this year with the US essentially being

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Speaker 2: Fresh and Piper's largest customer and the company is getting

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Speaker 2: head on tariffs from product source to here and New

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Speaker 2: zeal And sold into the US and about a third

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Speaker 2: of their production as based here locally. So over the

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Speaker 2: past couple of months, the team at Fresh and bikel

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Speaker 2: have found a range of essentially manufacturing efficiency improvements to

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Speaker 2: offset the cost of the tariffs. That's literally, in the

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Speaker 2: words and the CEO, thousands of small changes across what

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Speaker 2: is a very large production line to offset that impact

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Speaker 2: on their cost base. And that's a positive compared to

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Speaker 2: the alternative, say simply putting up prices and pushing it

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Speaker 2: through to hospital. So there's more impact to come from taofs,

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Speaker 2: but they backed themselves to continue to do that to

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Speaker 2: offset the cost. At the headline.

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Speaker 1: Hey, what was the impact that you saw on the

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Speaker 1: market today from the OCR Cup.

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Speaker 2: Yeah, that was the other big event. So the surprise

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Speaker 2: across the market was clearly the optimism that it was

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Speaker 2: expressed by the RBNZ that the easing cycle is now

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Speaker 2: largely done and the economic recovery is underway, so reflected

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Speaker 2: in what they provided in their forward track of where

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Speaker 2: and straits are heading that was above market expectations. So

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Speaker 2: we did see the ki dollar jump higher, it got

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Speaker 2: across against key crosses on the back of that. But look,

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Speaker 2: going forward, I think there's two clear areas that will

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Speaker 2: be interesting. So firstly, mortgage activity, given the message today

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Speaker 2: as a catalyst for those with mortgages to rethink how

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Speaker 2: far out they are fixed, and it was pretty hot

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Speaker 2: topic of conversation in the press conference this afternoon. You

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Speaker 2: could argue as well that the lack of refixing by

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Speaker 2: mortgage holders onto those lower fixed term rates rather than

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Speaker 2: floating has been a key reason that we haven't seen

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Speaker 2: the economic activity of economic impact of rate cuts flow

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Speaker 2: through to activity so far. And then secondly, it's really

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Speaker 2: around term deposits, so that three percent level where they're

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Speaker 2: just sitting above at the moment, has been historically at

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Speaker 2: sort of a level where many holders up to pen

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Speaker 2: term deposits go hey, look I can do better than

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Speaker 2: that three percent lest tax is not worth it, they

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Speaker 2: start to look for higher attends elsewhere, turn to things

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Speaker 2: like guest dividend paying stocks on the sheer market, property companies, etc.

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Speaker 2: That trend has been underway on the nze X in

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Speaker 2: recent months and those companies has been strong performers. But

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Speaker 2: they are the two clear things that do come out

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Speaker 2: of this announcement that could flow through in the coming months.

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Speaker 1: Sam always good to talk to you mate. Thank you,

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Speaker 1: Sam tra through we have milfed Acid Management. For more

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Speaker 1: from Hither Duplessy Allen Drive.

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Speaker 2: Listen live to news talks.

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