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HMY 20250707 Signs of recovery in New Zealand.pdf

Read Trim Capital Group's research report on Harmoney (ASX: HMY), published on 7 July 2025.

Improving economic indicators in Australia and New Zealand gives us a higher degree of confidence that Harmoney will meet its FY25 guidance and achieve some catalysts. We reiterate our valuation of $2.27 that provides 298% upside.

TRIM CAPITAL: Signs of recovery in New Zealand