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.

Thematic (Sector/Industry)

<ul><li>Residential consents remained stable to start 2026, with a fifth month at c.40k (seasonally adjusted and annualised).</li><li>FBU is less constructive and reiterated its expectation for volumes to lift from 2027, which likely reflects soft near-term commercial (non-residential consent value flat on a 12-month rolling basis) and infrastructure activity, which make up the other half of FBU’s NZ demand.</li><li>Non-residential again showed signs of improvement, with value consented up +4.5% on the prior year.</li></ul>

Residential consents remained stable to start 2026, with a fifth month at c.40k (seasonally adjusted and annualised).FBU is less constructive and reiterated its expectation for volumes to lift from 2027, which likely reflects soft near-term commercial (non-residential consent value flat on a 12-month rolling basis) and infrastructure activity, which make up the other half of FBU’s NZ demand.Non-residential again showed signs of improvement, with value consented up +4.5% on the prior year.

Building Sector NZ Consents—Building On The Foundation

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

Shenton Research

Shenton 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 Sep 25th (reported today). The aggregated short interest was USD49.0bn.</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 Steadfast, Wesfarmers, Macquarie, Ampol, BHP.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Sep 25th (reported today). The aggregated short interest was USD49.0bn.
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 Steadfast, Wesfarmers, Macquarie, Ampol, BHP.


ASX Short Interest Weekly (Sep 25th): Steadfast, Wesfarmers, Macquarie, Ampol, BHP

<ul><li>Ready-mix concrete production shows signs of stabilisation with modest improvements expected in the latter half of 2025.</li><li>Regionally, Auckland and Otago/Southland show year-on-year volume growth, indicating a potential uptick in construction activity.</li><li>Fletcher Building's upcoming investor day will provide further insights, with market expectations of a 10%-15% decline in FY25 volumes.</li></ul>

Ready-mix concrete production shows signs of stabilisation with modest improvements expected in the latter half of 2025.Regionally, Auckland and Otago/Southland show year-on-year volume growth, indicating a potential uptick in construction activity.Fletcher Building's upcoming investor day will provide further insights, with market expectations of a 10%-15% decline in FY25 volumes.

Building Sector Ready-Mix Concrete—Levelling Off

<ul><li>Ready-mix concrete (RMC) production fell -6% year-on-year in the December 2024 quarter, marking another down year for the sector.</li><li>Total 2024 volumes declined -8%, and on a 12-month rolling basis, concrete production is now -20% below its September 2022 peak.</li><li>As an early construction material, weak concrete production suggests activity is likely to remain subdued over the first half of 2025. </li></ul>

Ready-mix concrete (RMC) production fell -6% year-on-year in the December 2024 quarter, marking another down year for the sector.Total 2024 volumes declined -8%, and on a 12-month rolling basis, concrete production is now -20% below its September 2022 peak.As an early construction material, weak concrete production suggests activity is likely to remain subdued over the first half of 2025. 

Building Sector - Ready-Mix Concrete—2024 Sets

<ul><li>Total residential consents for 2024 settled c.-10% lower than the prior year at 33.6k.</li><li>This decline was driven by a c.-17% drop in high-density consents, while detached housing remained broadly flat (+1%).</li><li>Monthly consent numbers have remained stable within the 30k–35k range throughout the year. </li></ul>

Total residential consents for 2024 settled c.-10% lower than the prior year at 33.6k.This decline was driven by a c.-17% drop in high-density consents, while detached housing remained broadly flat (+1%).Monthly consent numbers have remained stable within the 30k–35k range throughout the year. 

Building Sector - NZ Consents—Another Year Down

New Zealand

Fletcher Building Limited manufactures, distributes, and sells materials for the building industry including wood fiber-based products, cement and aggregates, plasterboard, laminates, lumber, and aluminium extrusion. The Company operates primarily in New Zealand and Australia.

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Fletcher Building (FBU NZ)

Building Sector NZ Consents—Building On The Foundation

FBU is less constructive and reiterated its expectation for volumes to lift from 2027, which likely reflects soft near-term commercial (non...

Forsyth Barr

ASX Short Interest Weekly (Sep 25th): Steadfast, Wesfarmers, Macquarie, Ampol, BHP

We analyzed ASX short interest report for the past week and highlight short interest changes in Steadfast, Wesfarmers, Macquarie, Ampol, BHP.

Ke Yan, CFA, FRM

Building Sector Ready-Mix Concrete—Levelling Off

Fletcher Building's upcoming investor day will provide further insights, with market expectations of a 10%-15% decline in FY25 volumes.

Forsyth Barr

Building Sector - Ready-Mix Concrete—2024 Sets

Ready-mix concrete (RMC) production fell -6% year-on-year in the December 2024 quarter, marking another down year for the sector.

Forsyth Barr

Building Sector - NZ Consents—Another Year Down

Total residential consents for 2024 settled c.-10% lower than the prior year at 33.6k. This decline was driven by a c.-17% drop in high-density...

Forsyth Barr

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