Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Bottom-Up

<ul>
<li>
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>
<li>
Highlight: Currently nine pair trade opportunities across three markets and five 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 nine pair trade opportunities across three markets and five 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 (11 Aug)

Fisher & Paykel Healthcare Cor / Equity Bottom-Up

<ul>
<li>
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>
<li>
Highlight: Currently six 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 six 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 (04 Aug)

<ul>
<li>
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>
<li>
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)

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>We walk away from F&amp;P Healthcare's (FPH) 1H25 result with slightly higher confidence in the near-term earnings outlook, reflecting: (1) the gross margin trajectory, and (2) ongoing strong new apps consumables revenue growth across all three core segments.</li><li>Heading into the result we were ~+7% ahead of consensus EPS in FY26/FY27.</li><li>We are still confident in this outlook, but think the upgrade cycle has likely halted in the very near term. </li></ul>

We walk away from F&amp;P Healthcare's (FPH) 1H25 result with slightly higher confidence in the near-term earnings outlook, reflecting: (1) the gross margin trajectory, and (2) ongoing strong new apps consumables revenue growth across all three core segments.Heading into the result we were ~+7% ahead of consensus EPS in FY26/FY27.We are still confident in this outlook, but think the upgrade cycle has likely halted in the very near term. 

F&P Healthcare - 1H25 Result — Flowing High

<ul><li>There is unlikely to be any surprises when F&amp;P Healthcare (FPH) reports on Thursday, 28 November.</li><li>FPH recently provided 1H25 guidance (23 August), and since then respiratory patient volumes have moderated and there has been slight adverse currency moves.</li><li>The key question is: will FPH upgrade its FY25 guidance? Given recent positive datapoints, we see scope for lifting the bottom end of the range (implicit midpoint upgrade), but think FPH will wait to assess the impact of the northern hemisphere flu season before making any material changes. </li></ul>

There is unlikely to be any surprises when F&amp;P Healthcare (FPH) reports on Thursday, 28 November.FPH recently provided 1H25 guidance (23 August), and since then respiratory patient volumes have moderated and there has been slight adverse currency moves.The key question is: will FPH upgrade its FY25 guidance? Given recent positive datapoints, we see scope for lifting the bottom end of the range (implicit midpoint upgrade), but think FPH will wait to assess the impact of the northern hemisphere flu season before making any material changes. 

F&P Healthcare - 1H25 Preview — Breathing Easy

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 (11 Aug)

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

Gaudenz Schneider

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (04 Aug)

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

Gaudenz Schneider

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

F&P Healthcare - 1H25 Result — Flowing High

We walk away from F&P Healthcare's (FPH) 1H25 result with slightly higher confidence in the near-term earnings outlook, reflecting: (1) the gross...

Forsyth Barr

F&P Healthcare - 1H25 Preview — Breathing Easy

FPH recently provided 1H25 guidance (23 August), and since then respiratory patient volumes have moderated and there has been slight adverse...

Forsyth Barr

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (11 Aug)

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

Gaudenz Schneider

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (04 Aug)

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

Gaudenz Schneider

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

F&P Healthcare - 1H25 Result — Flowing High

We walk away from F&P Healthcare's (FPH) 1H25 result with slightly higher confidence in the near-term earnings outlook, reflecting: (1) the gross...

Forsyth Barr

F&P Healthcare - 1H25 Preview — Breathing Easy

FPH recently provided 1H25 guidance (23 August), and since then respiratory patient volumes have moderated and there has been slight adverse...

Forsyth Barr

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

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

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