Uh, tell, tell us a bit about the company and what on earth we're not hearing.

Well, uh, well, it's the latter that's more important.

You know, clearly another data center-related entity, um, or AI-related entity.

Everyone's living this one through the media a little bit at the moment.

It's shrouded in secrecy.

We've heard about a placement covered, not covered, supported, not supported.

We really don't know.

This one is more kind of like tripping in its run-up, right?

closely

there? Well, you didn't really get an awful lot of new news out of them.

And I guess there's an element of hope in this sort of business that you've struggled, we understand the difficulties, you know, I feel sympathetic for the current CEO.

He inherited a very difficult position.

He can't control all prices.

He can control the controllables.

And I think he's doing that reasonably well.

They're quite sort of broadly held by retail investors, aren't they, in New Zealand?

We're sort of starting to see some of that questioned, aren't we?

Yes, you've had the founder write an article in a newspaper this week on what's required to be given social licence.

You know, power was mentioned.

Everyone's talking about that.

Land use, transparency, and what benefits you actually bring to the community.

I think it's been... enormous headline grabbing around the globe, clearly powers are an issue.

A lot of them are satisfied on that, but a lot of people don't talk about the positive stories that are occurring.

Do these things tend to sort of mean more M&A talk?

What's the tail of the tape here then?

Well, they've got cheaper.

They haven't had a good run of recent times.

ANZ had a very good day yesterday, but haven't had a good run, so their prices are a lot cheaper.

We're trading at 20 times now, 15-ish times earnings, so a lot cheaper.

But the key thing for ANZ yesterday was the cost out story.

New CEO, he's delivering, he's been there a year, he's taking the thick end of $875 million out of the business.

Look, if you're looking ahead to the rest of our reporting season, I mean, what is the number that's in your mind at the moment?

Bit of a sort of tale of two cities really, wasn't it, with those two results? What's the break it down for us?

Yeah, look, same thing, massive amount of growth and investment in data centres, AI-related entities, but a different approach.

You've got with Meta, a company that's a bit of a social...

Enterprise transitioning into AI and data centre infrastructure.

Microsoft already in that space and successful at it.

And making money, right? Yeah, very much so.

What's Qscan doing?

Yeah, well, look, it's part of the business.

So I guess that's, I mean, you'd see some share price appreciation there and people would be sort of feeling pretty happy about some of them at the moment.

Yeah, well, ironically, they actually haven't performed afterwards.

They've fallen away in value.

So really good results.

The market is starting to question what is the sustainability? What's the level of ability to continue this rate of growth? Donald Trump and the war all helps create sentiment.

The markets are driven by fear and greed.

People are frightened both sides.

They make most of Nvidia's chips, don't they? But how did they come in?

Ricky, what were your key takeaways from that result when you looked at it?

A couple of things.

One, enormous amounts of money being invested in the sector still.

Secondly, alleviation around confidence that the industry is still growing.

So three to five year contracts, five year you mentioned at the start.

So that provides a bit more comfort.

and the margin retention, shortage of supply, price and strength, unbelievably strong.

So is this now more like structural demand? If you're seeing these big companies, basically, we've got to have it.

What are the ones you've been

watching? Watching the cyclicals at the moment, the other ones have been dealt with big time.

So CSLs, I think you had a commentator here not long ago criticising fund managers for owning it.

It was a large company, it hasn't done well, giving themselves some bloody noses to be fair on the way through.

But that's had an absolutely stormer in this week, it's up roughly 10%.

So things can come back and you can

outsourced still we're hearing that some of those big companies are finding the cost of ai pretty hard like the application of it and that the token cost if you like is pretty astronomical so maybe we have sort of they haven't quite priced this one correctly either no i think people are developing the thought process around it but i think everyone accepts that it's going to play a part Now, construction, obviously, it's been pretty rough here, pretty rough on the other side of the Tasman as well? Yeah,

seen no signs of improvement really.

But if we start with the full year result, what do we hear from Mainfreight that surprised?

Yeah, so I guess the main thing out of this, it was less of a disappointment than what people went.

Everyone expected the backdrop they were facing into to perhaps provide a negative or a downgraded result.

That simply did not happen.

So the market took relief in that.

Then they had a nice little private meeting, as they do for analysts with Don, and you only get the information when you talk to them personally.

People walked out of that rather buoyed.

Is there, I guess, from what you're talking about, sort of repressed demand ready to break out?