Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Bottom-Up

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Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.</li>
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Highlight: Currently five pair trade opportunities across three markets and three sectors persist.</li>
<li>
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.</li>
</ul>



Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.

Highlight: Currently five pair trade opportunities across three markets and three sectors persist.

Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.


Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (28 Jul)

Fisher & Paykel Healthcare Cor / Equity Bottom-Up

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Context: The <a href="https://www.smartkarma.com/entities/fisher-paykel-healthcare-cor" target="_blank" data-smartkarma-citation="entities:24208:1" rel="noopener">Fisher &amp; Paykel Healthcare (FPH AU)</a> vs. <a href="https://www.smartkarma.com/entities/resmed-inc-cdi" target="_blank" data-smartkarma-citation="entities:22653:1" rel="noopener">ResMed (RMD AU)</a> Price-Ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.</li>
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Highlights: The long position is supported by higher growth aligning well with the statistical analysis. The trade faces some event risk due to an upcoming earnings announcement.</li>
<li>
Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.</li>
</ul>



Context: The Fisher &amp; Paykel Healthcare (FPH AU) vs. ResMed (RMD AU) Price-Ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.

Highlights: The long position is supported by higher growth aligning well with the statistical analysis. The trade faces some event risk due to an upcoming earnings announcement.

Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.


Fisher & Paykel Healthcare (FPH AU) Vs. ResMed (RMD AU): Dislocation in Healthcare

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.

Fisher & Paykel Healthcare Corp / Equity Bottom-Up

<ul><li>FPH will host its investor day on Wednesday, 23 July in Melbourne. We do not expect any changes in its positive messaging.</li><li>Consensus forecasts a 10-year revenue CAGR of +10.9%. This is above the median organic growth of the MSCI healthcare index (+8.4%) and MSCI healthcare equipment subsector (+9.7%) from ~NZ$2b in revenue.</li><li>FPH manages its business on a multi-decade horizon, so one could argue it is unfair to be only looking 10 years ahead.</li></ul>

FPH will host its investor day on Wednesday, 23 July in Melbourne. We do not expect any changes in its positive messaging.Consensus forecasts a 10-year revenue CAGR of +10.9%. This is above the median organic growth of the MSCI healthcare index (+8.4%) and MSCI healthcare equipment subsector (+9.7%) from ~NZ$2b in revenue.FPH manages its business on a multi-decade horizon, so one could argue it is unfair to be only looking 10 years ahead.

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Fisher & Paykel Healthcare's recent financial results for the fiscal year ending March 31, 2025, reveal a balanced mix of robust growth and strategic challenges, providing a comprehensive overview of the company's current performance and future outlook.</li><li>On the positive front, the company reported operating revenue of $2.02 billion, marking a 16% increase from the previous year.</li><li>This growth is primarily driven by broad-based expansion across its hospital consumables portfolio and significant contributions from the obstructive sleep apnea (OSA) masks.</li></ul>

Fisher & Paykel Healthcare's recent financial results for the fiscal year ending March 31, 2025, reveal a balanced mix of robust growth and strategic challenges, providing a comprehensive overview of the company's current performance and future outlook.On the positive front, the company reported operating revenue of $2.02 billion, marking a 16% increase from the previous year.This growth is primarily driven by broad-based expansion across its hospital consumables portfolio and significant contributions from the obstructive sleep apnea (OSA) masks.

Fisher & Paykel Healthcare: Initiation of Coverage- How Airvo 3 & Consumable Growth Fuel Explosive Revenue Potential!

<ul><li>F&amp;P Healthcare's FY25 result was strong, with gross margins, operating cash flow, and Hospital new apps revenue all ahead of forecasts.</li><li>The company faces increased competitive pressures in the Homecare sector, which impacted revenue growth.</li><li>The top end of FY26 guidance is considered achievable, potentially leading to minor consensus upgrades.</li></ul>

F&amp;P Healthcare's FY25 result was strong, with gross margins, operating cash flow, and Hospital new apps revenue all ahead of forecasts.The company faces increased competitive pressures in the Homecare sector, which impacted revenue growth.The top end of FY26 guidance is considered achievable, potentially leading to minor consensus upgrades.

F&P Healthcare FY25 Result—Solid Foundations

New Zealand

Fisher & Paykel Healthcare Corporation Limited designs, manufactures and markets heated humidification products and systems for use in respiratory care and the treatment of sleep apnea.  The Company also offers patient warming and neonatal care products, including warming products and infant resuscitators.

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Fisher & Paykel Healthcare Corp (FPH NZ)

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (28 Jul)

Statistical methodology identifies five pair trade opportunities across three markets and sectors, offering unique insights into relative value.

Gaudenz Schneider

Fisher & Paykel Healthcare (FPH AU) Vs. ResMed (RMD AU): Dislocation in Healthcare

FPH AU vs. RMD AU price-ratio deviates from average, offering potential value opportunity for quantitative traders with risk management protocols.

Gaudenz Schneider

F&P Healthcare The Outside View

FPH will host its investor day on Wednesday, 23 July in Melbourne. We do not expect any changes in its positive messaging.

Forsyth Barr

Fisher & Paykel Healthcare: Initiation of Coverage- How Airvo 3 & Consumable Growth Fuel Explosive Revenue Potential!

Fisher & Paykel Healthcare's recent financial results for the fiscal year ending March 31, 2025, reveal a balanced mix of robust growth and...

Baptista Research

F&P Healthcare FY25 Result—Solid Foundations

F&P Healthcare's FY25 result was strong, with gross margins, operating cash flow, and Hospital new apps revenue all ahead of forecasts.

Forsyth Barr

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (28 Jul)

​Statistical methodology identifies five pair trade opportunities across three markets and sectors, offering unique insights into relative value.

Gaudenz Schneider

Fisher & Paykel Healthcare (FPH AU) Vs. ResMed (RMD AU): Dislocation in Healthcare

​FPH AU vs. RMD AU price-ratio deviates from average, offering potential value opportunity for quantitative traders with risk management protocols.

Gaudenz Schneider

F&P Healthcare The Outside View

FPH will host its investor day on Wednesday, 23 July in Melbourne. We do not expect any changes in its positive messaging.

Forsyth Barr

Fisher & Paykel Healthcare: Initiation of Coverage- How Airvo 3 & Consumable Growth Fuel Explosive Revenue Potential!

Fisher & Paykel Healthcare's recent financial results for the fiscal year ending March 31, 2025, reveal a balanced mix of robust growth and...

Baptista Research

F&P Healthcare FY25 Result—Solid Foundations

F&P Healthcare's FY25 result was strong, with gross margins, operating cash flow, and Hospital new apps revenue all ahead of forecasts.

Forsyth Barr

Statistical methodology identifies five pair trade opportunities across three markets and sectors, offering unique insights into relative value.

FPH AU vs. RMD AU price-ratio deviates from average, offering potential value opportunity for quantitative traders with risk management protocols.