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 expect EBOS Group (EBO) to report a 1H25 result slightly ahead of consensus and its outlook commentary to highlight solid operating momentum, likely leading to small full-year consensus upgrades.</li><li>Key focus areas are: (1) Institutional Healthcare performance, (2) Community Pharmacy customer wins, (3) cost-out progress, (4) the dividend, and (5) Pharmaceutical Wholesaler Agreement (PWA) impacts.</li><li>Guidance: The PWA, coupled with: (1) the solid 1Q25 trading update, and (2) EBO lapping a lower growth period in 2H24, opens up the chance of a guidance upgrade.</li></ul>

We expect EBOS Group (EBO) to report a 1H25 result slightly ahead of consensus and its outlook commentary to highlight solid operating momentum, likely leading to small full-year consensus upgrades.Key focus areas are: (1) Institutional Healthcare performance, (2) Community Pharmacy customer wins, (3) cost-out progress, (4) the dividend, and (5) Pharmaceutical Wholesaler Agreement (PWA) impacts.Guidance: The PWA, coupled with: (1) the solid 1Q25 trading update, and (2) EBO lapping a lower growth period in 2H24, opens up the chance of a guidance upgrade.

EBOS Group - 1H25 Preview—Good Delivery

<ul><li>We downgrade our rating on EBOS Group (EBO) to NEUTRAL from OUTPERFORM on valuation grounds.</li><li>The recent Pharmaceutical Wholesaler Agreement (PWA) has driven a re-rating in EBO's share price.</li><li>The stock now trades at a premium versus history, both in absolute terms and relative to peers/the market. </li></ul>

We downgrade our rating on EBOS Group (EBO) to NEUTRAL from OUTPERFORM on valuation grounds.The recent Pharmaceutical Wholesaler Agreement (PWA) has driven a re-rating in EBO's share price.The stock now trades at a premium versus history, both in absolute terms and relative to peers/the market. 

EBOS Group - Fulfilled the Order—Down to NEUTRAL

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The ACCC has approved a merger deal between pharmacy wholesaler <strong><a href="https://www.smartkarma.com/entities/sigma-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:15966:1" rel="noopener">Sigma Healthcare (SIG AU)</a></strong> and pharmacy franchiser Chemist Warehouse, saying the transaction won't substantially lessen competition in Australia's pharmaceutical industry.</li>
<li>The merger still requires the approval of Chemist Warehouse and Sigma's shareholders, both of which should be a formality.  Plus New Zealand's OIO. This <em>could</em> potentially wrap up late-Dec/early-Jan.</li>
<li>Sigma is up bigly as I type as investors get exposure to Chemist Warehouse's hybrid IPO. However, implied MergeCo pricing appears elevated.</li>
</ul>


The ACCC has approved a merger deal between pharmacy wholesaler Sigma Healthcare (SIG AU) and pharmacy franchiser Chemist Warehouse, saying the transaction won't substantially lessen competition in Australia's pharmaceutical industry.
The merger still requires the approval of Chemist Warehouse and Sigma's shareholders, both of which should be a formality.  Plus New Zealand's OIO. This could potentially wrap up late-Dec/early-Jan.
Sigma is up bigly as I type as investors get exposure to Chemist Warehouse's hybrid IPO. However, implied MergeCo pricing appears elevated.


ACCC Greenlights Sigma/Chemist Warehouse Merger

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 Nov 15th (reported today) which has an aggregated short interest worth USD24.6bn.</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 ANZ, James Hardie Industries, Endeavour, Goodman.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Nov 15th (reported today) which has an aggregated short interest worth USD24.6bn.
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 ANZ, James Hardie Industries, Endeavour, Goodman.


ASX Short Interest Weekly (Nov 15th): ANZ, James Hardie Industries, Endeavour, Goodman

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Oct 25th (reported today) which has an aggregated short interest worth USD24.6bn.</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 Coles, Viva Energy, Nick Scali, Guzman Y Gomez, Mineral Resources, BHP, Goodman, Wisetech Global.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Oct 25th (reported today) which has an aggregated short interest worth USD24.6bn.
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 Coles, Viva Energy, Nick Scali, Guzman Y Gomez, Mineral Resources, BHP, Goodman, Wisetech Global.


ASX Short Interest Weekly (Oct 25th): Coles, Viva Energy, Nick Scali, Guzman Y Gomez

Australia

EBOS Group Limited supplies and distributes medical consumable products and equipment to the hospital and primary care sectors of the New Zealand and Australian healthcare markets. The Company's products include diagnostic instruments, surgical instruments and prosthesis, feminine protection, anesthetic equipment, and other consumer products.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

EBOS Group (EBO AU)

EBOS Group - 1H25 Preview—Good Delivery

We expect EBOS Group (EBO) to report a 1H25 result slightly ahead of consensus and its outlook commentary to highlight solid operating momentum

Forsyth Barr

EBOS Group - Fulfilled the Order—Down to NEUTRAL

We downgrade our rating on EBOS Group (EBO) to NEUTRAL from OUTPERFORM on valuation grounds. The recent Pharmaceutical Wholesaler Agreement (PWA)...

Forsyth Barr

ACCC Greenlights Sigma/Chemist Warehouse Merger

After more than a year, the reverse takeover of Sigma cleared the final hurdle with shareholders overwhelmingly - and unsurprisingly - giving the...

David Blennerhassett

ASX Short Interest Weekly (Nov 15th): ANZ, James Hardie Industries, Endeavour, Goodman

We analyzed ASX short interest report for the past week and highlight short interest changes in ANZ, James Hardie Industries, Endeavour, Goodman.

Ke Yan, CFA, FRM

ASX Short Interest Weekly (Oct 25th): Coles, Viva Energy, Nick Scali, Guzman Y Gomez

We analyzed ASX short interest report for the past week and highlight short interest changes in Coles, Viva Energy, Nick Scali, Guzman Y Gomez,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)