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>Auckland Airport (AIA) has selected Lagardère as its new single duty-free concessionaire with an eight-year deal.</li><li>We expect the effective concession yield is similar to the existing concession held by its own JV entity, LagardèreAWPL.</li><li>Consequently, the outlook for AIA's retail income is unlikely to benefit from a step-up, as has been the case historically with new duty-free concessions. </li></ul>

Auckland Airport (AIA) has selected Lagardère as its new single duty-free concessionaire with an eight-year deal.We expect the effective concession yield is similar to the existing concession held by its own JV entity, LagardèreAWPL.Consequently, the outlook for AIA's retail income is unlikely to benefit from a step-up, as has been the case historically with new duty-free concessions. 

Auckland Airport - Lagardère ​​​​​​​Layover Extended

<ul><li>Auckland Airport's (AIA) 1H25 result implies a lower forward earnings growth trajectory, but the change driven more by non-cash/temporary factors than cash/permanent factors.</li><li>These include: (1) higher opex, which continues to surprise on the upside, (2) more subdued domestic passenger (pax) growth, (3) materially higher depreciation, and (4) greater acknowledgement of a weaker airport retail environment compared to pre-COVID.</li><li>The first two are largely temporary in nature, mitigated by the next aeronautical price reset from FY28. </li></ul>

Auckland Airport's (AIA) 1H25 result implies a lower forward earnings growth trajectory, but the change driven more by non-cash/temporary factors than cash/permanent factors.These include: (1) higher opex, which continues to surprise on the upside, (2) more subdued domestic passenger (pax) growth, (3) materially higher depreciation, and (4) greater acknowledgement of a weaker airport retail environment compared to pre-COVID.The first two are largely temporary in nature, mitigated by the next aeronautical price reset from FY28. 

Auckland Airport - 1H25—Earnings on Lower Flight Path

<ul><li>Auckland Airport (AIA) will likely report its strongest ever six monthly NPAT result on 20 February 2025, despite an apparent stalling of the post-COVID air travel recovery.</li><li>We forecast 1H25 NPAT of NZ$158m (up +8% on the prior year). At an EPS level, the dilution from two major capital raises (2020 and 2024) means current profitability per share still lags pre-COVID highs.</li><li>Yet, the outlook is positive given a very favourable aeronautical price path.  </li></ul>

Auckland Airport (AIA) will likely report its strongest ever six monthly NPAT result on 20 February 2025, despite an apparent stalling of the post-COVID air travel recovery.We forecast 1H25 NPAT of NZ$158m (up +8% on the prior year). At an EPS level, the dilution from two major capital raises (2020 and 2024) means current profitability per share still lags pre-COVID highs.Yet, the outlook is positive given a very favourable aeronautical price path.  

Auckland Airport - 1H25 Preview—Aero Ascent

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Dec 6th (reported today) which has an aggregated short interest worth USD22.9bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Apa, Champion Iron, Pro Medicus, BHP, National Australia Bank, Goodman.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Dec 6th (reported today) which has an aggregated short interest worth USD22.9bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Apa, Champion Iron, Pro Medicus, BHP, National Australia Bank, Goodman.


ASX Short Interest Weekly (Dec 6th): Apa, Champion Iron, Pro Medicus, BHP, National Australia Bank

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

DigiCo Infrastructure REIT / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/digico-reit" target="_blank" data-smartkarma-citation="entities:44091:1" rel="noopener">DigiCo REIT (DIGICO AU)</a> raised around US$1.3bn in its Australian IPO.</li>
<li>DigiCo REIT (DREIT) aims to be a diversified owner, operator and developer of data centres, with a global portfolio and broad investment mandate across stabilised, value-add and development opportunities</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



DigiCo REIT (DIGICO AU) raised around US$1.3bn in its Australian IPO.
DigiCo REIT (DREIT) aims to be a diversified owner, operator and developer of data centres, with a global portfolio and broad investment mandate across stabilised, value-add and development opportunities
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the trading dynamics.


DigiCo Infrastructure REIT IPO Trading - Now for the Real Test, Ex-Adjustments

New Zealand

Auckland International Airport Limited owns and operates the Auckland International Airport.  The Airport includes a single runway, an international terminal and two domestic terminals.  The Airport also has commercial facilities which includes airfreight operations, car rental services, commercial banking center and office buildings.

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Auckland International Airport (AIA AU)

Auckland Airport - Lagardère Layover Extended

Auckland Airport (AIA) has selected Lagardère as its new single duty-free concessionaire with an eight-year deal. We expect the effective...

Forsyth Barr

Auckland Airport - 1H25—Earnings on Lower Flight Path

Auckland Airport's (AIA) 1H25 result implies a lower forward earnings growth trajectory, but the change driven more by non-cash/temporary factors...

Forsyth Barr

Auckland Airport - 1H25 Preview—Aero Ascent

Auckland Airport (AIA) will likely report its strongest ever six monthly NPAT result on 20 February 2025, despite an apparent stalling of the post...

Forsyth Barr

ASX Short Interest Weekly (Dec 6th): Apa, Champion Iron, Pro Medicus, BHP, National Australia Bank

We analyzed ASX short interest report for the past week and highlight short interest changes in Apa, Champion Iron, Pro Medicus, BHP, National...

Ke Yan, CFA, FRM

DigiCo Infrastructure REIT IPO Trading - Now for the Real Test, Ex-Adjustments

DigiCo REIT (DIGICO AU) raised around US$1.3bn in its Australian IPO. We have looked at the company's past performance earlier, in this note we...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Auckland Airport - Lagardère ​​​​​​​Layover Extended

Auckland Airport (AIA) has selected Lagardère as its new single duty-free concessionaire with an eight-year deal. We expect the effective...

Forsyth Barr

Auckland Airport - 1H25—Earnings on Lower Flight Path

Auckland Airport's (AIA) 1H25 result implies a lower forward earnings growth trajectory, but the change driven more by non-cash/temporary factors...

Forsyth Barr

Auckland Airport - 1H25 Preview—Aero Ascent

Auckland Airport (AIA) will likely report its strongest ever six monthly NPAT result on 20 February 2025, despite an apparent stalling of the post...

Forsyth Barr

ASX Short Interest Weekly (Dec 6th): Apa, Champion Iron, Pro Medicus, BHP, National Australia Bank

We analyzed ASX short interest report for the past week and highlight short interest changes in Apa, Champion Iron, Pro Medicus, BHP, National...

Ke Yan, CFA, FRM

DigiCo Infrastructure REIT IPO Trading - Now for the Real Test, Ex-Adjustments

DigiCo REIT (DIGICO AU) raised around US$1.3bn in its Australian IPO. We have looked at the company's past performance earlier, in this note we...

Sumeet Singh

Auckland Airport - Lagardère Layover Extended