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Preparing the next Annolyse view.
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Preparing the next Annolyse view.
The quality of a decision and the quality of its outcome are two different things. Good decisions can produce bad outcomes, and bad decisions can produce good outcomes — so judging investments by price movement alone confuses luck with skill.
Framing articulated by Annie Duke in Thinking in Bets, applied to investing by Charlie Munger.
Below, each covered company shown by fundamental direction versus share price direction over the same window — the divergences are where outcome (price) and process (business trajectory) tell different stories.
Rankings as of 23 April 2026, based on Annolyse's coverage of 89 NZX companies.
| VGLVista Group International | Technology | improving | down-47.3% | Fundamentals up, price down |
|---|---|---|---|---|
| AOFAoFrio | Industrials | improving | down-16.2% | Fundamentals up, price down |
| FPHFisher & Paykel Healthcare | Healthcare | improving | up+8.8% | Aligned — both up |
| CNUChorus | Telecommunications & Media | improving | up+25.8% | Aligned — both up |
| FRWFreightways Group | Transport & Infrastructure | improving | up+25.9% | Aligned — both up |
| SKLSkellerup Holdings | Industrials | improving | up+49.2% | Aligned — both up |
| HGHHeartland Group Holdings | Financials | improving | up+51.3% | Aligned — both up |
| TRATurners Automotive Group | Consumer | improving | up+49.0% | Aligned — both up |
| TWRTower | Financials | improving | up+44.3% | Aligned — both up |
| HLGHallenstein Glasson | Consumer | improving | up+45.7% | Aligned — both up |
| THLTourism Holdings | Consumer | improving | up+48.6% | Aligned — both up |
| SKTSky Network Television | Telecommunications & Media | improving | up+32.0% | Aligned — both up |
| TGGT&G Global Limited and subsidiary companies | Primary Industries | improving | up+50.3% | Aligned — both up |
| CMOThe Colonial Motor Company | Consumer | improving | up+15.5% | Aligned — both up |
| SEKSeeka | Primary Industries | improving | up+36.0% | Aligned — both up |
| NZMNZME | Telecommunications & Media | improving | up+10.3% | Aligned — both up |
| SPNSouth Port New Zealand | Transport & Infrastructure | improving | up+26.2% | Aligned — both up |
| MHJMichael Hill International | Consumer | improving | up+15.5% | Aligned — both up |
| RADRadius Residential Care | Healthcare | improving | up+42.1% | Aligned — both up |
| BLTBLIS Technologies | Healthcare | improving | up+7.1% | Aligned — both up |
| RUARua Bioscience | Healthcare | improving | up+24.0% | Aligned — both up |
| MELMeridian Energy | Energy & Utilities | stable | flat+1.5% | Stable |
| AIAAuckland International Airport | Transport & Infrastructure | stable | flat+1.6% | Stable |
| AFIAustralian Foundation Investment Company | Investment Companies | stable | up+17.3% | Stable |
| CENContact Energy | Energy & Utilities | stable | flat+3.2% | Stable |
| MCYMercury NZ | Energy & Utilities | stable | up+18.2% | Stable |
| FCGFonterra Co-operative Group | Primary Industries | stable | up+53.6% | Stable |
| ATMThe a2 Milk Company | Consumer | stable | flat+2.0% | Stable |
| MFTMainfreight | Transport & Infrastructure | stable | up+6.1% | Stable |
| VCTVector | Energy & Utilities | stable | up+25.6% | Stable |
| EBOEBOS Group | Healthcare | stable | down-41.7% | Stable |
| SPKSpark New Zealand | Telecommunications & Media | stable | flat-0.2% | Stable |
| GNEGenesis Energy | Energy & Utilities | stable | up+7.2% | Stable |
| FBUFletcher Building | Construction & Materials | stable | down-10.3% | Stable |
| SUMSummerset Group Holdings | Healthcare | stable | down-23.2% | Stable |
| PCTPrecinct Properties | Property | deteriorating | flat-2.8% | Stable |
| KPGKiwi Property Group | Property | stable | up+8.3% | Stable |
| CHIChannel Infrastructure NZ | Transport & Infrastructure | stable | up+57.4% | Stable |
| PFIProperty for Industry | Property | stable | up+13.1% | Stable |
| BGPBriscoe Group | Consumer | stable | flat+3.0% | Stable |
| ARGArgosy Property | Property | stable | up+15.3% | Stable |
| SCLScales Corporation | Primary Industries | stable | up+41.2% | Stable |
| SKCSkyCity Entertainment Group | Consumer | stable | down-40.0% | Stable |
| NPHNapier Port Holdings | Transport & Infrastructure | stable | up+40.8% | Stable |
| GTKGentrack Group | Technology | stable | down-44.9% | Stable |
| WINWinton Land | Property | stable | down-6.7% | Stable |
| DGLDelegat Group | Consumer | improving | flat-4.0% | Stable |
| RAKRakon | Technology | stable | up+267.1% | Stable |
| MCKMillennium & Copthorne Hotels New Zealand | Consumer | stable | up+13.3% | Stable |
| WHSThe Warehouse Group | Consumer | stable | down-8.6% | Stable |
| SKOSerko | Technology | stable | down-48.5% | Stable |
| IKEikeGPS Group | Technology | stable | up+49.3% | Stable |
| GXHGreen Cross Health | Healthcare | stable | up+89.2% | Stable |
| SCTScott Technology | Industrials | stable | up+30.6% | Stable |
| PEBPacific Edge | Healthcare | stable | up+39.8% | Stable |
| ERDEROAD | Technology | stable | up+6.9% | Stable |
| PGWPGG Wrightson | Primary Industries | stable | up+9.6% | Stable |
| KMDKMD Brands | Consumer | stable | down-82.0% | Stable |
| STUSteel & Tube Holdings | Construction & Materials | stable | down-46.7% | Stable |
| APLAsset Plus | Property | stable | down-7.3% | Stable |
| MFBMy Food Bag Group | Consumer | stable | up+21.8% | Stable |
| TAHThird Age Health Services | Healthcare | stable | up+68.3% | Stable |
| ARBArborGen Holdings | Primary Industries | stable | down-36.4% | Stable |
| MPGMetro Performance Glass | Construction & Materials | stable | down-37.0% | Stable |
| GENGeneral Capital | Financials | stable | up+16.7% | Stable |
| CCCCooks Coffee Company | Consumer | stable | down-21.4% | Stable |
| BFGBurger Fuel Group | Consumer | improving | flat+3.0% | Stable |
| TRUTruScreen Group | Healthcare | stable | down-46.7% | Stable |
| NTLNew Talisman Gold Mines | Construction & Materials | stable | down-81.9% | Stable |
| BAIBeing AI | Technology | stable | down-85.0% | Stable |
| IPRIperion | Construction & Materials | deteriorating | flat0.0% | Stable |
| RTORTO | Industrials | stable | down-16.1% | Stable |
| AIRAir New Zealand | Transport & Infrastructure | deteriorating | down-21.5% | Aligned — both down |
| SMLSynlait Milk | Primary Industries | deteriorating | down-37.1% | Aligned — both down |
| CDICDL Investments New Zealand | Property | deteriorating | down-12.0% | Aligned — both down |
| SVRSavor | Consumer | deteriorating | down-5.6% | Aligned — both down |
| MEEMe Today | Consumer | deteriorating | down-13.0% | Aligned — both down |
| IFTInfratil | Transport & Infrastructure | deteriorating | up+17.3% | Fundamentals down, price up |
| OCAOceania Healthcare | Healthcare | deteriorating | up+16.9% | Fundamentals down, price up |
| NZKNew Zealand King Salmon Investments | Primary Industries | deteriorating | up+9.3% | Fundamentals down, price up |
| BRWBremworth | Consumer | deteriorating | up+16.1% | Fundamentals down, price up |
| MOVMove Logistics Group | Transport & Infrastructure | deteriorating | up+20.0% | Fundamentals down, price up |
| TEMTempleton Emerging Markets Investment Trust Plc | Investment Companies | insufficient data | up+85.7% | Insufficient data |
| GNZGoodman Property Trust | Property | improving | insufficient data | Insufficient data |
| HFLHenderson Far East Income | Investment Companies | insufficient data | up+37.4% | Insufficient data |
| KFLKingfish | Investment Companies | insufficient data | flat-1.6% | Insufficient data |
| MLNMarlin Global | Investment Companies | insufficient data | down-6.6% | Insufficient data |
| BRMBarramundi | Investment Companies | insufficient data | down-13.8% | Insufficient data |
| CVTComvita | Consumer | improving | insufficient data | Insufficient data |
Fundamental direction combines revenue, NPAT, and cash-flow direction across the most recent reported period vs the prior comparable period. Share price direction is the 12-month percentage change. This page shows divergence between the two — not a recommendation.
Listed investment vehicles are not meaningfully comparable on operating cash flow metrics; these companies appear without a composite direction indicator.
Cash-flow direction uses FCF where available and operating cash flow where FCF is not disclosed. CVT and GNZ currently have incomplete 12-month market-data fields, so their price-direction fields remain insufficient until those inputs resolve.