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 forecast EBOS Group (EBO) to exceed consensus earnings expectations when it reports on Wednesday, 27 August.</li><li>While EBITDA will be down versus the prior year, it should be near or above the top end of its guidance (A$600m), reflecting solid performance excluding the CW contract loss (low double-digit EBITDA growth ex CW).</li><li>Key focus areas for us are: (1) Community Pharmacy earnings decomposition—market share gains, organic growth and margins; (2) commentary from the new CEO—particularly around strategy and M&amp;A; (3) Contract Logistics performance and outlook; and (4) Institutional Healthcare (IH) exit rate after a slightly soft 1H25 Medical Technology period.</li></ul>

We forecast EBOS Group (EBO) to exceed consensus earnings expectations when it reports on Wednesday, 27 August.While EBITDA will be down versus the prior year, it should be near or above the top end of its guidance (A$600m), reflecting solid performance excluding the CW contract loss (low double-digit EBITDA growth ex CW).Key focus areas for us are: (1) Community Pharmacy earnings decomposition—market share gains, organic growth and margins; (2) commentary from the new CEO—particularly around strategy and M&amp;A; (3) Contract Logistics performance and outlook; and (4) Institutional Healthcare (IH) exit rate after a slightly soft 1H25 Medical Technology period.

EBOS Group Fy25 Preview—Transitioning With Strength

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>S&amp;P DJI have proposed methodology changes to the S&amp;P/ASX family of indices to enhance representativeness and more quickly reflecting changing market conditions.</li>
<li>The main changes are lowering the minimum float threshold, shortening the market cap calculation period and the liquidity calculation period, and including buffers for additions and deletions.</li>
<li>We currently forecast 47 changes to the S&amp;P/ASX family of indices in September and the short market cap computation period could lead to more change over the next two months.</li>
</ul>


S&amp;P DJI have proposed methodology changes to the S&amp;P/ASX family of indices to enhance representativeness and more quickly reflecting changing market conditions.
The main changes are lowering the minimum float threshold, shortening the market cap calculation period and the liquidity calculation period, and including buffers for additions and deletions.
We currently forecast 47 changes to the S&amp;P/ASX family of indices in September and the short market cap computation period could lead to more change over the next two months.


S&P/ASX Indices: Proposed Methodology Changes & The BIG September Rebalance

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>In this insight, we take a look at the potential index changes for ASX 300, 200, 100, 50, and 20 in the run-up to the September 2025 index rebal event.</li>
<li>Currently, a market consultation is being conducted and there could be several significant changes made to the index selection process.</li>
<li>The official index changes will be announced after the close on Friday 5th September 2025.</li>
</ul>


In this insight, we take a look at the potential index changes for ASX 300, 200, 100, 50, and 20 in the run-up to the September 2025 index rebal event.
Currently, a market consultation is being conducted and there could be several significant changes made to the index selection process.
The official index changes will be announced after the close on Friday 5th September 2025.


Quiddity Leaderboard ASX Sep25: Exp ADDs Down Vs Exp DELs Since Methodology Change; Time to Reverse?

Financial News, Analysis and Data, FNArena

FNArena

Financial News, Analysis and Data

Online financial media company focused on Australian equities, with a global perspective

<ul><li>Extra Edition of the Broker Call Report</li></ul>

Australian Broker Call *Extra* Edition - Jul 24, 2025

<ul><li>EBOS Group's Asia (Transmedic) and allografts (Aus Bio) businesses represent &gt;15% of FY25 group EBITDA and have higher organic growth than the group over the medium term.</li><li>Transmedic is the leading pan-Asia player and is estimated to hold only 1%–2% of the market, highlighting the fragmentation.</li><li>Aus Bio is a hidden gem with high EBITDA margins underpinned by limited input costs and its regulated near monopoly market position, with increasing clinician preference supporting market growth of +10%–15%.</li></ul>

EBOS Group's Asia (Transmedic) and allografts (Aus Bio) businesses represent &gt;15% of FY25 group EBITDA and have higher organic growth than the group over the medium term.Transmedic is the leading pan-Asia player and is estimated to hold only 1%–2% of the market, highlighting the fragmentation.Aus Bio is a hidden gem with high EBITDA margins underpinned by limited input costs and its regulated near monopoly market position, with increasing clinician preference supporting market growth of +10%–15%.

EBOS Group Illuminating Asia & Allografts

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.

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EBOS Group (EBO AU)

EBOS Group Fy25 Preview—Transitioning With Strength

While EBITDA will be down versus the prior year, it should be near or above the top end of its guidance (A$600m), reflecting solid performance...

Forsyth Barr

S&P/ASX Indices: Proposed Methodology Changes & The BIG September Rebalance

The market consultation ends in 2 weeks, and the conclusions should be announced soon after that. A lot of the stocks have moved significantly over...

Brian Freitas

Quiddity Leaderboard ASX Sep25: Exp ADDs Down Vs Exp DELs Since Methodology Change; Time to Reverse?

We believe the newly proposed methodology would be implemented during the September 2025 index review. The expected ADDs have been underperforming...

Janaghan Jeyakumar, CFA

Australian Broker Call Extra Edition - Jul 24, 2025

Extra Edition of the Broker Call Report

FNArena

EBOS Group Illuminating Asia & Allografts

EBOS Group's Asia (Transmedic) and allografts (Aus Bio) businesses represent >15% of FY25 group EBITDA and have higher organic growth than the...

Forsyth Barr

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