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

<ul><li>We upgrade our rating to NEUTRAL.</li><li>Synlait Milk (SML)’s FY25 result was the sideshow to the sale of its North Island assets to Abbott for NZ$307m.</li><li>We see this as a clear positive for two reasons: (1) removal of balance sheet risk (we estimate SML will be net cash at FY26); and (2) removal of material losses (FY25 EBIT losses of ~-NZ$20m versus total group EBIT of ~+NZ$50m).</li></ul>

We upgrade our rating to NEUTRAL.Synlait Milk (SML)’s FY25 result was the sideshow to the sale of its North Island assets to Abbott for NZ$307m.We see this as a clear positive for two reasons: (1) removal of balance sheet risk (we estimate SML will be net cash at FY26); and (2) removal of material losses (FY25 EBIT losses of ~-NZ$20m versus total group EBIT of ~+NZ$50m).

Synlait Milk FY25 Result—The Power of Deleverage

Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

Sahajanand Medical Technologies Ltd / Equity Capital Markets

<ul>
<li>Sahajanand Medical Technologies has re-filed DRHP for its Indian IPO consisting entirely an offer for sale of up to 27.6M equity shares. Key details are yet to be announced.</li>
<li>SMT is a medical device company, with focus on vascular intervention and structural heart products. The company markets its products in 76 countries, with international markets contributing ~70% of revenue.</li>
<li>SMT is well-positioned for sustainable long-term growth, driven by wide portfolio of superior products, market leadership in India and key international markets, strong commercial execution capability amid favorable industry tailwinds.</li>
</ul>


Sahajanand Medical Technologies has re-filed DRHP for its Indian IPO consisting entirely an offer for sale of up to 27.6M equity shares. Key details are yet to be announced.
SMT is a medical device company, with focus on vascular intervention and structural heart products. The company markets its products in 76 countries, with international markets contributing ~70% of revenue.
SMT is well-positioned for sustainable long-term growth, driven by wide portfolio of superior products, market leadership in India and key international markets, strong commercial execution capability amid favorable industry tailwinds.


Sahajanand Medical Pre-IPO: Superior Product Amid Favorable Industry Make the Issue Heartwarming

<ul>
<li>
<a href="https://www.smartkarma.com/entities/medtronic-plc" target="_blank" data-smartkarma-citation="entities:14982:1" rel="noopener">Medtronic Plc (MDT US)</a> has submitted the Hugo robotic-assisted surgery system to the FDA for a urologic indication in 1Q25. In clinical trial, Hugo met the safety and effectiveness endpoints.</li>
<li>Approval is expected in 2H25. Medtronic expects Hugo would contribute to the company’s surgical business in FY26 and will be ‘a meaningful growth driver’ for the company in the medium-term.</li>
<li>Medtronic is well-positioned for accelerated growth, driven by momentum in some of the most attractive growth markets in MedTech. The U.S. approval of Hugo is an icing on the cake.</li>
</ul>



Medtronic Plc (MDT US) has submitted the Hugo robotic-assisted surgery system to the FDA for a urologic indication in 1Q25. In clinical trial, Hugo met the safety and effectiveness endpoints.
Approval is expected in 2H25. Medtronic expects Hugo would contribute to the company’s surgical business in FY26 and will be ‘a meaningful growth driver’ for the company in the medium-term.
Medtronic is well-positioned for accelerated growth, driven by momentum in some of the most attractive growth markets in MedTech. The U.S. approval of Hugo is an icing on the cake.


Medtronic Plc (MDT US): New Approvals to Accelerate Growth Ahead; A Good Time to Buy

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Since late-February (2/25/25 Compass) we expected an 8-10% pullback to provide a buying opportunity. But that all changed in last week's Compass (4/1/25), when we downgraded our outlook to bearish/cautious.</li>
<li>A historic selloff has ensued and significant damage has been done as market dynamics have worsened.</li>
<li>Until we see some base-building process develop alongside improving market dynamics, we remain cautious and we continue to favor defensives as long as the SPX is below its 200-day MA.</li>
</ul>


Since late-February (2/25/25 Compass) we expected an 8-10% pullback to provide a buying opportunity. But that all changed in last week's Compass (4/1/25), when we downgraded our outlook to bearish/cautious.
A historic selloff has ensued and significant damage has been done as market dynamics have worsened.
Until we see some base-building process develop alongside improving market dynamics, we remain cautious and we continue to favor defensives as long as the SPX is below its 200-day MA.


S&P 500 and Nasdaq 100 Testing Prior 2022 Highs; Still Bearish and Cautious

<ul>
<li>Our long-term outlook remains bullish as long as the S&amp;P 500 remains above 5770-5850 and 5600-5670 (worst case), and we are buyers at these levels.</li>
<li>With that said, we see potential for near-term downside based on several developments discussed below.  It likely means at least another 2-4 weeks of consolidation</li>
<li>If SPX remains below 6100 and 6150 resistances, do not be surprised if there is a test of the bottom of the range at either 5770-5850 or 5600-5670</li>
</ul>


Our long-term outlook remains bullish as long as the S&amp;P 500 remains above 5770-5850 and 5600-5670 (worst case), and we are buyers at these levels.
With that said, we see potential for near-term downside based on several developments discussed below.  It likely means at least another 2-4 weeks of consolidation
If SPX remains below 6100 and 6150 resistances, do not be surprised if there is a test of the bottom of the range at either 5770-5850 or 5600-5670


Near-Term Downside Likely Following False Breakouts; Targeting 5770-5850; Long-Term Still Bullish

United States

Abbott Laboratories discovers, develops, manufactures, and sells a broad and diversified line of health care products and services. The Company's products include pharmaceuticals, nutritional, diagnostics, and vascular products. Abbott markets its products worldwide through affiliates and distributors.

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Abbott Laboratories (ABT US)

Synlait Milk FY25 Result—The Power of Deleverage

We upgrade our rating to NEUTRAL. Synlait Milk (SML)’s FY25 result was the sideshow to the sale of its North Island assets to Abbott for NZ$307m.

Forsyth Barr

Sahajanand Medical Pre-IPO: Superior Product Amid Favorable Industry Make the Issue Heartwarming

Sahajanand Medical has re-filed DRHP for its Indian IPO consisting entirely an offer for sale of up to 27.6M equity shares. Key details like IPO...

Tina Banerjee

Medtronic Plc (MDT US): New Approvals to Accelerate Growth Ahead; A Good Time to Buy

Medtronic submits Hugo robotic-assisted surgery system to FDA for urologic indication, with expected approval in 2H25. Hugo is poised to be a...

Tina Banerjee

S&P 500 and Nasdaq 100 Testing Prior 2022 Highs; Still Bearish and Cautious

$SPX and Nasdaq 100 $QQQ Testing Prior 2022 Highs; Upgrading Health Care $XLV; Downgrading Transportation $IYT; Still Bearish and Cautious; Sell...

Vermilion Research

Near-Term Downside Likely Following False Breakouts; Targeting 5770-5850; Long-Term Still Bullish

Near-Term Downside Likely After False Breakouts $SPX $QQQ; Long-Term Still Bullish; Major Tops on $DXY, 10-Year Treasury Yield. If < 6100 and 6150...

Vermilion Research

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Synlait Milk FY25 Result—The Power of Deleverage

We upgrade our rating to NEUTRAL. Synlait Milk (SML)’s FY25 result was the sideshow to the sale of its North Island assets to Abbott for NZ$307m.

Forsyth Barr

Sahajanand Medical Pre-IPO: Superior Product Amid Favorable Industry Make the Issue Heartwarming

Sahajanand Medical has re-filed DRHP for its Indian IPO consisting entirely an offer for sale of up to 27.6M equity shares. Key details like IPO...

Tina Banerjee

Medtronic Plc (MDT US): New Approvals to Accelerate Growth Ahead; A Good Time to Buy

​Medtronic submits Hugo robotic-assisted surgery system to FDA for urologic indication, with expected approval in 2H25. Hugo is poised to be a...

Tina Banerjee

S&P 500 and Nasdaq 100 Testing Prior 2022 Highs; Still Bearish and Cautious

$SPX and Nasdaq 100 $QQQ Testing Prior 2022 Highs; Upgrading Health Care $XLV; Downgrading Transportation $IYT; Still Bearish and Cautious; Sell...

Vermilion Research

Near-Term Downside Likely Following False Breakouts; Targeting 5770-5850; Long-Term Still Bullish

Near-Term Downside Likely After False Breakouts $SPX $QQQ; Long-Term Still Bullish; Major Tops on $DXY, 10-Year Treasury Yield. If < 6100 and 6150...

Vermilion Research

Medtronic submits Hugo robotic-assisted surgery system to FDA for urologic indication, with expected approval in 2H25. Hugo is poised to be a...