New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Equity Bottom-Up

NZX Ltd. operates the New Zealand Stock Exchange, the country's primary national stock exchange.  NZX provides markets that facilitate the raising of capital and the trading of corporate securities and operates markets for equities, corporate and government bonds, fixed income securities and alternative equity investments.

<ul><li>NZX’s May operating stats pointed to an improved operating environment with increased volume traded and strong FUM growth.</li><li>Since then, global market returns have been robust and NZX value traded has improved, as such we are comfortable with our current estimate.</li><li>Areas where NZX is tracking below our expectations (particularly dairy derivatives but also value traded) aren’t as important in aggregate as annual listing fees, market data subscriptions, and funds management fee revenue where operating stats point to solid results.</li></ul>

NZX’s May operating stats pointed to an improved operating environment with increased volume traded and strong FUM growth.Since then, global market returns have been robust and NZX value traded has improved, as such we are comfortable with our current estimate.Areas where NZX is tracking below our expectations (particularly dairy derivatives but also value traded) aren’t as important in aggregate as annual listing fees, market data subscriptions, and funds management fee revenue where operating stats point to solid results.

NZX: May Operating Stats—Tracking In-Line with Guidance

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

ComfortDelGro is a multinational land transport company that offers a comprehensive suite of transportation solutions, including bus, rail, taxi, car rental and leasing, and automotive engineering services. The company also provides inspection and testing services, driving instruction, and outdoor advertising. Headquartered in Singapore, ComfortDelGro was formed on March 29, 2003, through the merger of Comfort Group and DelGro Corporation.

<ul><li>Over 5M26, 57 primary-listed Singapore stocks repurchased S$1.26B in shares, up from S$930M in 5M25.</li><li>Jardine Matheson and Hongkong Land conducted buybacks worth US$217M and US$98M respectively during 5M26.</li><li>Singtel executed S$226M in share buybacks in FY26, alongside S$3.9B in asset recycling proceeds.</li></ul>

Over 5M26, 57 primary-listed Singapore stocks repurchased S$1.26B in shares, up from S$930M in 5M25.Jardine Matheson and Hongkong Land conducted buybacks worth US$217M and US$98M respectively during 5M26.Singtel executed S$226M in share buybacks in FY26, alongside S$3.9B in asset recycling proceeds.

Singapore Share Buybacks Near S$1.3B in First Five Months of 2026

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

Banco Bradesco S.A. attracts deposits and offers commercial banking services. The Bank offers business loans, personal credit, mortgages, lease financing, mutual funds, securities brokerage, and Internet banking services.  Bradesco operates in Brazil and Argentina, the United States, the Cayman Islands, and the United Kingdom.  Bradesco offers credit cards, insurance, and pension funds.

<ul>
<li>Bradesco’s re-rating is supported by bank returns recovery and by its premium insurance operations; we estimate that insurance operations account for close to 40% of group value, excluding Bradsaude</li>
<li>We remain positive on Inter as it is deep value for an EM neobank, yet we would advise investors to lighten long positions</li>
<li>The prospect of a very strong El Niño episode could adversely impact Banrisul’s cost of risk going forward, given its exposure to agribusiness credit</li>
</ul>


Bradesco’s re-rating is supported by bank returns recovery and by its premium insurance operations; we estimate that insurance operations account for close to 40% of group value, excluding Bradsaude
We remain positive on Inter as it is deep value for an EM neobank, yet we would advise investors to lighten long positions
The prospect of a very strong El Niño episode could adversely impact Banrisul’s cost of risk going forward, given its exposure to agribusiness credit


Brazil Banks – Stick with Buys on Bradesco and Inter, Calling Time on Banrisul Long

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>RHB's Yeo is optimistic about Food Empire, setting a target price of $3.36.</li><li>RHB keeps 'buy' rating and $11.20 target on CDL before strategic review.</li><li>Analysts' views on Seatrium remain steady after an uneventful 1QFY2026.</li></ul>

RHB's Yeo is optimistic about Food Empire, setting a target price of $3.36.RHB keeps 'buy' rating and $11.20 target on CDL before strategic review.Analysts' views on Seatrium remain steady after an uneventful 1QFY2026.

Singapore Market Roundup (03-Jun-2026): RHB's Yeo sets a target price of $3.36 for Food Empire.

Smartkarma's AI Co-Pilot, Smartkarma

αSK

Smartkarma's AI Co-Pilot

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Industrial Bank Of Korea / Equity Bottom-Up

Industrial Bank of Korea(IBK) is a policy bank providing development finance and related banking services to support small and medium-sized enterprises in Korea. The Bank provides loans, discount bills, trade finance, deposits, foreign exchange, and payment guarantees. The company also offers services such as credit cards, insurance and smart-phone banking.

<ul>
 <li>
Dominant SME Lender with Government Backing: Industrial Bank of Korea (IBK) is a state-owned policy bank with a clear mandate to support South Korea's small and medium-sized enterprises (SMEs). This provides a stable, government-backed business model and a leading market share in SME loans, which stood at a record 24.41% at the end of 2025.</li>
 <li>
Attractive Valuation and Shareholder Returns: The bank trades at a significant discount to its book value, with a Price-to-Book ratio of 0.5x. This, combined with a consistent dividend payout and a strong 5-year dividend CAGR of over 17%, presents a compelling value proposition for investors.</li>
 <li>
Pivoting Towards Future Growth: While maintaining its core SME focus, IBK is actively pursuing future growth drivers. Strategic initiatives include expanding its global footprint, particularly in emerging markets, and investing in digital transformation, such as developing AI-driven credit systems and exploring digital assets like stablecoins.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Dominant SME Lender with Government Backing: Industrial Bank of Korea (IBK) is a state-owned policy bank with a clear mandate to support South Korea's small and medium-sized enterprises (SMEs). This provides a stable, government-backed business model and a leading market share in SME loans, which stood at a record 24.41% at the end of 2025.
  
Attractive Valuation and Shareholder Returns: The bank trades at a significant discount to its book value, with a Price-to-Book ratio of 0.5x. This, combined with a consistent dividend payout and a strong 5-year dividend CAGR of over 17%, presents a compelling value proposition for investors.
  
Pivoting Towards Future Growth: While maintaining its core SME focus, IBK is actively pursuing future growth drivers. Strategic initiatives include expanding its global footprint, particularly in emerging markets, and investing in digital transformation, such as developing AI-driven credit systems and exploring digital assets like stablecoins.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Industrial Bank Of Korea (024110 KS) - Jun 2026

Financials
Follow the money trail

NZX: May Operating Stats—Tracking In-Line with Guidance

NZX’s May operating stats pointed to an improved operating environment with increased volume traded and strong FUM growth. Since then, global...

Forsyth Barr

Brazil Banks – Stick with Buys on Bradesco and Inter, Calling Time on Banrisul Long

Bradesco's re-rating supported by insurance operations, Inter remains deep value but investors advised to lighten positions, downgrading Banrisul...

Victor Galliano

Singapore Market Roundup (03-Jun-2026): RHB's Yeo sets a target price of $3.36 for Food Empire.

RHB's Yeo targets $3.36 for Food Empire, maintains 'buy' on CDL at $11.20 before review, while analysts' views on Seatrium stay steady post 1QFY2026.

Singapore Market Roundup

Primer: Industrial Bank Of Korea (024110 KS) - Jun 2026

Dominant SME Lender with Government Backing: Industrial Bank of Korea (IBK) is a state-owned policy bank with a clear mandate to support South...

αSK

NZX: May Operating Stats—Tracking In-Line with Guidance

NZX’s May operating stats pointed to an improved operating environment with increased volume traded and strong FUM growth. Since then, global...

Forsyth Barr

Singapore Share Buybacks Near S$1.3B in First Five Months of 2026

Over 5M26, 57 primary-listed Singapore stocks repurchased S$1.26B in shares, up from S$930M in 5M25. Jardine Matheson and Hongkong Land conducted...

Singapore Exchange Ltd (SGX)

Brazil Banks – Stick with Buys on Bradesco and Inter, Calling Time on Banrisul Long

​Bradesco's re-rating supported by insurance operations, Inter remains deep value but investors advised to lighten positions, downgrading Banrisul...

Victor Galliano

Singapore Market Roundup (03-Jun-2026): RHB's Yeo sets a target price of $3.36 for Food Empire.

RHB's Yeo targets $3.36 for Food Empire, maintains 'buy' on CDL at $11.20 before review, while analysts' views on Seatrium stay steady post 1QFY2026.

Singapore Market Roundup

Primer: Industrial Bank Of Korea (024110 KS) - Jun 2026

Dominant SME Lender with Government Backing: Industrial Bank of Korea (IBK) is a state-owned policy bank with a clear mandate to support South...

αSK

Bradesco's re-rating supported by insurance operations, Inter remains deep value but investors advised to lighten positions, downgrading Banrisul...