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

Auckland International Airport / Equity Bottom-Up

<ul><li>We expect Auckland Airport (AIA) to deliver a subdued FY26 result, with underlying NPAT broadly flat on the prior year (consistent with the guidance range) and EPS lower.</li><li>Modest EBITDA growth (we forecast +5%) will be largely offset by higher depreciation and interest costs as new assets are commissioned and equity raise proceeds are deployed.</li><li>Moreover, the full-year impact of a higher share count from the 2024 equity raise will weigh on EPS.</li></ul>

We expect Auckland Airport (AIA) to deliver a subdued FY26 result, with underlying NPAT broadly flat on the prior year (consistent with the guidance range) and EPS lower.Modest EBITDA growth (we forecast +5%) will be largely offset by higher depreciation and interest costs as new assets are commissioned and equity raise proceeds are deployed.Moreover, the full-year impact of a higher share count from the 2024 equity raise will weigh on EPS.

Auckland Airport FY26 Preview—Cost Of Capex

<ul><li>Infratil’s (IFT) largest investment, CDC: (1) continues to progress developments at a rapid rate; (2) has expanded its longer-term development pipeline, as flagged at its FY26 result; and (3) has seen a material increase in its independent valuation.</li><li>New disclosure and substantial 1Q27 construction starts indicate CDC has greater near-term leasing capacity than we had previously assumed.</li><li>We see further large contract wins for CDC as potential catalysts and retain OUTPERFORM.</li></ul>

Infratil’s (IFT) largest investment, CDC: (1) continues to progress developments at a rapid rate; (2) has expanded its longer-term development pipeline, as flagged at its FY26 result; and (3) has seen a material increase in its independent valuation.New disclosure and substantial 1Q27 construction starts indicate CDC has greater near-term leasing capacity than we had previously assumed.We see further large contract wins for CDC as potential catalysts and retain OUTPERFORM.

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>Technically, the SET Index is expected to decline, with the support at 1,398/1,385 points and the resistance at 1,418/1,423 points, based on the technical downtrend (with a rounding top pattern).</li><li>The President of the Minneapolis Fed could suggest that the Fed may not be in a rush to implement interest rate cuts, contrary to market expectations.</li><li>FactSet anticipates that EPS for US-listed companies in 4Q23E will reach USD54.50, reflecting modest growth of +2.4% YoY.</li></ul>

Technically, the SET Index is expected to decline, with the support at 1,398/1,385 points and the resistance at 1,418/1,423 points, based on the technical downtrend (with a rounding top pattern).The President of the Minneapolis Fed could suggest that the Fed may not be in a rush to implement interest rate cuts, contrary to market expectations.FactSet anticipates that EPS for US-listed companies in 4Q23E will reach USD54.50, reflecting modest growth of +2.4% YoY.

<ul><li>The SET Index is expected to move downward amid light volume, with the resistance at 1,605/1,610 points and the support at 1,588/1,580 points, as investors are awaiting the US inflation figure to be released today and slowing down their investment ahead of the long holiday.</li><li>Today, keep a close watch on the US inflation figure in March, which is expected to slow to +5.1% YoY from 6% YoY in February thanks to the high base effect and lower non-farm payrolls.</li><li>Due to the high uncertainty in the leadup to the long holiday, we recommend defensive stocks.</li></ul>

The SET Index is expected to move downward amid light volume, with the resistance at 1,605/1,610 points and the support at 1,588/1,580 points, as investors are awaiting the US inflation figure to be released today and slowing down their investment ahead of the long holiday.Today, keep a close watch on the US inflation figure in March, which is expected to slow to +5.1% YoY from 6% YoY in February thanks to the high base effect and lower non-farm payrolls.Due to the high uncertainty in the leadup to the long holiday, we recommend defensive stocks.

Recommend Defensive Stocks Amid the Uncertainty Regarding US Inflation and Banks' Earnings Results

United States

BlackRock, Inc. provides investment management services. The Company offers investment, advisory, and risk management services. BlackRock serves individuals, families, educational, governments, insurance companies, and non profit organizations worldwide.

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BlackRock (BLK US)

Auckland Airport FY26 Preview—Cost Of Capex

We expect Auckland Airport (AIA) to deliver a subdued FY26 result, with underlying NPAT broadly flat on the prior year (consistent with the...

Forsyth Barr

Infratil Capacity to Surprise

Infratil’s (IFT) largest investment, CDC: (1) continues to progress developments at a rapid rate; (2) has expanded its longer-term development...

Forsyth Barr

Today's Dominant Ideas

Technically, the SET Index is expected to decline, with the support at 1,398/1,385 points and the resistance at 1,418/1,423 points, based on the...

Krungthai XSpring

Today's Dominant Ideas

The SET Index is expected to move downward amid light volume, with the resistance at 1,605/1,610 points and the support at 1,588/1,580 points, as...

Krungthai XSpring

Price Gauge

52-week Range

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