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

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul>
<li>
<p>Cover Story: State insurance boss’s capital games in Hong Kong</p>
</li>
<li>
<p>BlackRock unit gets green light to join personal pension trial in China</p>
</li>
<li>
<p>China’s sales of land-use rights plunge, squeezing local government budgets</p>
</li>
</ul>



Cover Story: State insurance boss’s capital games in Hong Kong


BlackRock unit gets green light to join personal pension trial in China


China’s sales of land-use rights plunge, squeezing local government budgets



CX Daily: State Insurance Boss’s Capital Games in Hong Kong

Alpha-Centric ESG Research

Kyle Rudden

<p>In a recently published report (<a href="https://www.smartkarma.com/insights/cop26-u-n-climate-conference-to-address-mitigation-financing-and-carbon-pricing" target="_blank" data-smartkarma-citation="insights:59779" rel="noopener">COP26: U.N. Climate Conference to Address Mitigation, Financing, and Carbon Pricing</a>) I mentioned how the COP26 international climate conference (31 October to 12 November) will have far-reaching implications for global capital markets and investing.</p><p>That Insight was largely about the COP26 conference itself – background, objectives, three critical agenda items with trillions of dollars at stake, and that will influence global financial markets from today (headlines coming out of the conference) through the end of this century.</p><p>That report was necessary context for this Insight and others that will follow; successively deeper dives into country-specific climate action plans, and investment themes and trading ideas around the COP26 conference and climate change in general. This is the first of those follow-up reports.</p><p>Herein, I present a brief overview of investment themes and angles directly linked to the three key COP26 agenda items: 1) mitigation of global warming, 2) climate finance, and 3) the development of international carbon markets and pricing mechanisms. Themes and subthemes such as:</p><ul>
<li>
<strong>Climate Transition:</strong> "Green" utilities, renewable energy, cleantech, electric vehicles and other areas of smart mobility, green buildings, and related. The "<em>buy solar, sell coal</em>" kinds of stuff.</li>
<li>
<strong>Climate Financing:</strong> Financial sector stocks poised to benefit from climate change mitigation, reduced risk from portfolio debarbonisation, and new inflows into sustainable/ESG funds.</li>
<li>
<strong>Carbon Markets:</strong> Pure-play (or close thereto) carbon capture and storage/sequestration (CCS) stocks, plus a few financial sector overlaps (e.g., related to carbon markets, futures, etc.)</li>
</ul>

In a recently published report (COP26: U.N. Climate Conference to Address Mitigation, Financing, and Carbon Pricing) I mentioned how the COP26 international climate conference (31 October to 12 November) will have far-reaching implications for global capital markets and investing.That Insight was largely about the COP26 conference itself – background, objectives, three critical agenda items with trillions of dollars at stake, and that will influence global financial markets from today (headlines coming out of the conference) through the end of this century.That report was necessary context for this Insight and others that will follow; successively deeper dives into country-specific climate action plans, and investment themes and trading ideas around the COP26 conference and climate change in general. This is the first of those follow-up reports.Herein, I present a brief overview of investment themes and angles directly linked to the three key COP26 agenda items: 1) mitigation of global warming, 2) climate finance, and 3) the development of international carbon markets and pricing mechanisms. Themes and subthemes such as:

Climate Transition: "Green" utilities, renewable energy, cleantech, electric vehicles and other areas of smart mobility, green buildings, and related. The "buy solar, sell coal" kinds of stuff.

Climate Financing: Financial sector stocks poised to benefit from climate change mitigation, reduced risk from portfolio debarbonisation, and new inflows into sustainable/ESG funds.

Carbon Markets: Pure-play (or close thereto) carbon capture and storage/sequestration (CCS) stocks, plus a few financial sector overlaps (e.g., related to carbon markets, futures, etc.)


COP26: An Overview of Investment Themes and Catalysts Related to COP26 Conference

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>Grasim's 71%-owned Aditya Birla Renewables (ABRen) will acquire 100% of Solenergi Power (Sprng Energy) from Shell for Rs. 17,200 crore enterprise value.</li>
<li>The deal nearly doubles ABRen's portfolio to 9.3–9.4 GWp, reshapes India's renewables pecking order, and tests Grasim's balance sheet discipline.</li>
<li>Valuation looks attractive versus listed peers, but funding structure, leverage and GIP's equity role will decide whether this creates or destroys near-term value.</li>
</ul>


Grasim's 71%-owned Aditya Birla Renewables (ABRen) will acquire 100% of Solenergi Power (Sprng Energy) from Shell for Rs. 17,200 crore enterprise value.
The deal nearly doubles ABRen's portfolio to 9.3–9.4 GWp, reshapes India's renewables pecking order, and tests Grasim's balance sheet discipline.
Valuation looks attractive versus listed peers, but funding structure, leverage and GIP's equity role will decide whether this creates or destroys near-term value.


Grasim Doubles Down on Renewables with ₹17,200 Crore Sprng Energy Deal

Chief Economist

Diana Choyleva

Enodo Economics

Enodo Economics is an independent macroeconomic forecasting company that untangles complexity, challenges the consensus, and makes sense of the future. Our focus is on China – one of the most misunderstood economies in the world, but one of the most important to figure out.  Enodo’s chief economist, Diana Choyleva, has been analysing China for almost 20 years, while Enodo’s team boasts a combined 140 years’ experience covering China’s economy, politics and markets. 

Macroeconomics

<h2>China News That Matters</h2><ul>
<li>Back to the red roots of revolution</li>
<li>Strong exports - and high materials costs </li>
<li>The prudent PBoC </li>
<li>You’re making a tragic mistake </li>
<li>Awaiting Evergrande’s default</li>
</ul><div class="content-remarks"><ul style="list-style-type: none;"><li><div>In my weekly digest China News That Matters, I will give you selected summaries, sourced from a variety of local Chinese-language and international news outlets, and highlight why I think the news is significant. These posts are meant to neither be bullish nor bearish, but help you separate the signal from the noise.</div></li></ul></div>

China News That Matters
Back to the red roots of revolution
Strong exports - and high materials costs 
The prudent PBoC 
You’re making a tragic mistake 
Awaiting Evergrande’s default
In my weekly digest China News That Matters, I will give you selected summaries, sourced from a variety of local Chinese-language and international news outlets, and highlight why I think the news is significant. These posts are meant to neither be bullish nor bearish, but help you separate the signal from the noise.

Prosperity/ Economy/ Probity/ Equity/ Property

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

CX Daily: State Insurance Boss’s Capital Games in Hong Kong

Cover Story: State insurance boss’s capital games in Hong Kong, BlackRock unit gets green light to join personal pension trial in China...

Caixin Global

Grasim Doubles Down on Renewables with ₹17,200 Crore Sprng Energy Deal

Grasim's ABRen to acquire Sprng Energy from Shell for Rs. 17,200 crore, reshaping India's renewables sector and testing balance sheet discipline.

Sudarshan Bhandari

Prosperity/ Economy/ Probity/ Equity/ Property

In my weekly digest, I will give you selected summaries, sourced from a variety of local Chinese-language and international news outlets, and...

Diana Choyleva

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

CX Daily: State Insurance Boss’s Capital Games in Hong Kong

Cover Story: State insurance boss’s capital games in Hong Kong, BlackRock unit gets green light to join personal pension trial in China...

Caixin Global

COP26: An Overview of Investment Themes and Catalysts Related to COP26 Conference

COP26, the climate conference happening now, will impact global capital markets. Perhaps over the next two weeks, depending on headlines, but...

Kyle Rudden

Grasim Doubles Down on Renewables with ₹17,200 Crore Sprng Energy Deal

​Grasim's ABRen to acquire Sprng Energy from Shell for Rs. 17,200 crore, reshaping India's renewables sector and testing balance sheet discipline.

Sudarshan Bhandari

Prosperity/ Economy/ Probity/ Equity/ Property

In my weekly digest, I will give you selected summaries, sourced from a variety of local Chinese-language and international news outlets, and...

Diana Choyleva

Grasim's ABRen to acquire Sprng Energy from Shell for Rs. 17,200 crore, reshaping India's renewables sector and testing balance sheet discipline.