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>EBOS Group's (EBO) 1H25 operating result was solid, though slightly higher interest costs led to a small EPS miss.</li><li>The standout was Community Pharmacy growth and outlook, which in combination effectively dismisses the primary bear case.</li><li>We upgrade our rating to OUTPERFORM. The result reinforced EBO’s robust operating momentum, and we expect it to reach the top end of its FY25 EBITDA guidance (A$575m–A$600m). </li></ul>

EBOS Group's (EBO) 1H25 operating result was solid, though slightly higher interest costs led to a small EPS miss.The standout was Community Pharmacy growth and outlook, which in combination effectively dismisses the primary bear case.We upgrade our rating to OUTPERFORM. The result reinforced EBO’s robust operating momentum, and we expect it to reach the top end of its FY25 EBITDA guidance (A$575m–A$600m). 

EBOS Group - 1H25 Result—Upgrade to OUTPERFORM

<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

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Oct 10th (reported today). The aggregated short interest was USD28.1bn.</li>
<li>We tabulate league tables 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 Woolworths, ANZ, Qbe Insurance, Qantas Airways, Cleanaway Waste Management.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Oct 10th (reported today). The aggregated short interest was USD28.1bn.
We tabulate league tables 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 Woolworths, ANZ, Qbe Insurance, Qantas Airways, Cleanaway Waste Management.


ASX Short Interest Weekly (Oct 10th): Woolworths, ANZ, Qbe Insurance, Qantas Airways

<ul><li>Freightways (FRW) has been one of the most acquisitive companies on the NZX over the past 20 years, yet its acquisition strategy has only recently started to add meaningful value as it has pursued larger deals within adjacent growth sectors.</li><li>We retain a NEUTRAL rating but recognise the attraction of value-add potential from future M&amp;A.</li><li>Its pipeline of potential opportunities is long (we suspect it includes parts of TGE, Hunter Express, ACN Delivers, Kings, and Capital Transport), according to management, but deals are usually subject to a willing buyer and a willing seller.</li></ul>

Freightways (FRW) has been one of the most acquisitive companies on the NZX over the past 20 years, yet its acquisition strategy has only recently started to add meaningful value as it has pursued larger deals within adjacent growth sectors.We retain a NEUTRAL rating but recognise the attraction of value-add potential from future M&amp;A.Its pipeline of potential opportunities is long (we suspect it includes parts of TGE, Hunter Express, ACN Delivers, Kings, and Capital Transport), according to management, but deals are usually subject to a willing buyer and a willing seller.

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 Result—Upgrade to OUTPERFORM

We upgrade our rating to OUTPERFORM. The result reinforced EBO’s robust operating momentum, and we expect it to reach the top end of its FY25...

Forsyth Barr

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

ASX Short Interest Weekly (Oct 10th): Woolworths, ANZ, Qbe Insurance, Qantas Airways

We analyzed ASX short interest report for the past week and highlight short interest changes in Woolworths, ANZ, Qbe Insurance, Qantas Airways,...

Ke Yan, CFA, FRM

Freightways A Truckload Of M&A

Its pipeline of potential opportunities is long (we suspect it includes parts of TGE, Hunter Express, ACN Delivers, Kings, and Capital Transport),...

Forsyth Barr

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)