Forsyth Barr - TM results will be underwhelming

[digidog]

Forsyth Barr warns TM investors to "expect an underwhelming first-half result in February.'' They say that TM's historic practice of achieving earnings growth through endless price increases may be coming to an end.

We do not see competition replacing Trade Me's market place and classified overall positions. We do see competition hindering Trade Me's ability to make meaningful price increases and we also see it gradually chipping away in some areas, particularly in the new goods marketplace.