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>Infratil has announced that it will acquire the remaining ~50% of One NZ (formerly Vodafone NZ) that it doesn’t already own.</li><li>The transaction will be funded by an NZ$850m equity raise with the remainder funded by debt and cash on hand.</li><li>Infratil is paying 9.3x EV/EBITDA (9.8x adding back one off marketing and SaaS capitalisation) in-line with Sparks multiple and in-line with our current valuation of One NZ for our NAV calculations.</li></ul>

Infratil has announced that it will acquire the remaining ~50% of One NZ (formerly Vodafone NZ) that it doesn’t already own.The transaction will be funded by an NZ$850m equity raise with the remainder funded by debt and cash on hand.Infratil is paying 9.3x EV/EBITDA (9.8x adding back one off marketing and SaaS capitalisation) in-line with Sparks multiple and in-line with our current valuation of One NZ for our NAV calculations.

Infratil (IFT): Purchase Remaining 50% of One NZ and Capital Raise

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>In the IPO space, Australia finally got its IPO counter ticking for the year with <a href="https://www.smartkarma.com/entities/redox-limited" target="_blank" data-smartkarma-citation="entities:39847:1" rel="noopener">Redox (RDX AU)</a>.</li>
<li>On the placement front, <a href="https://www.smartkarma.com/entities/infratil-ltd" target="_blank" data-smartkarma-citation="entities:596:1" rel="noopener">Infratil Ltd (IFT NZ)</a> raised to increase its stake in One NZ. While <a href="https://www.smartkarma.com/entities/skymark-airlines-inc" target="_blank" data-smartkarma-citation="entities:20430:1" rel="noopener">Skymark Airlines (9204 JP)</a> will see a lockup expiry in the coming week.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
In the IPO space, Australia finally got its IPO counter ticking for the year with Redox (RDX AU).
On the placement front, Infratil Ltd (IFT NZ) raised to increase its stake in One NZ. While Skymark Airlines (9204 JP) will see a lockup expiry in the coming week.


ECM Weekly (11th June 2023) - Alibaba, Tencent, PDD, Redox, Amman, Kotak, Infratil, Skymark

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>The changes for the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200-index" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">KOSPI2 INDEX</a>, <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ150 Index</a>, <a href="https://www.smartkarma.com/entities/shanghai-shenzhen-csi-300-index" target="_blank" data-smartkarma-citation="entities:22906:1" rel="noopener">CSI300 Index</a>, <a href="https://www.smartkarma.com/entities/sse-science-and-technology-innovation-board-50-index" target="_blank" data-smartkarma-citation="entities:29279:1" rel="noopener">STAR50 INDEX</a> and a bunch of other onshore China indices were implemented last week.</li>
<li>The coming week has a lot of rebalance implementations on Friday with the S&amp;P/ASX family and the MVIS family, among others.</li>
<li>AUM for the Yuanta/P-shares Taiwan Top 50 ETF (0050 TT) has continued to increase with big inflows in the last week.</li>
</ul>


The changes for the KOSPI2 INDEX, KOSDAQ150 Index, CSI300 Index, STAR50 INDEX and a bunch of other onshore China indices were implemented last week.
The coming week has a lot of rebalance implementations on Friday with the S&amp;P/ASX family and the MVIS family, among others.
AUM for the Yuanta/P-shares Taiwan Top 50 ETF (0050 TT) has continued to increase with big inflows in the last week.


Index Rebalance & ETF Flow Recap: HSCI, GDXJ, KRX New Deal, AMFI, Amman Mineral, Infratil

<ul>
<li>
<a href="https://www.smartkarma.com/entities/redox-limited" target="_blank" data-smartkarma-citation="entities:39847:1" rel="noopener">Redox (RDX AU)</a>, a chemical and ingredients distributor, is looking to raise around US$270m in its Australia IPO. </li>
<li>In 2022 it was ranked as the largest chemicals and ingredients distributor in Australia, as well as the 13th largest in the Asia Pacific region and the 35th largest worldwide.</li>
<li>In this note, we undertake a quick peer comaprison and talk about valuations.</li>
</ul>



Redox (RDX AU), a chemical and ingredients distributor, is looking to raise around US$270m in its Australia IPO. 
In 2022 it was ranked as the largest chemicals and ingredients distributor in Australia, as well as the 13th largest in the Asia Pacific region and the 35th largest worldwide.
In this note, we undertake a quick peer comaprison and talk about valuations.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/infratil-ltd" target="_blank" data-smartkarma-citation="entities:596:1" rel="noopener">Infratil Ltd (IFT NZ)</a> aims to raise around US$456m (NZ$750m) via an institutional placement.</li>
<li>Proceeds from the placement will be used to acquire the remaining stake on One New Zealand from Brookfields.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Infratil Ltd (IFT NZ) aims to raise around US$456m (NZ$750m) via an institutional placement.
Proceeds from the placement will be used to acquire the remaining stake on One New Zealand from Brookfields.
In this note, we will talk about the placement and run the deal through our ECM framework.


Infratil Placement - Acquisition of Familiar Asset at Higher Multiples, Stock Is Toppish

New Zealand

Infratil Limited is an infrastructure investment company. The Company invests in airports, energy such as renewable and waste-energy, and public transportation.

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Infratil (IFT AU)

Infratil (IFT): Purchase Remaining 50% of One NZ and Capital Raise

Infratil has announced that it will acquire the remaining ~50% of One NZ (formerly Vodafone NZ) that it doesn’t already own and the transaction...

Forsyth Barr

ECM Weekly (11th June 2023) - Alibaba, Tencent, PDD, Redox, Amman, Kotak, Infratil, Skymark

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Index Rebalance & ETF Flow Recap: HSCI, GDXJ, KRX New Deal, AMFI, Amman Mineral, Infratil

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

Redox IPO - Pricing Is Tricky

Redox (RDX AU), a chemical and ingredients distributor, is looking to raise around US$270m in its Australia IPO. In this note we undertake a peer...

Sumeet Singh

Infratil Placement - Acquisition of Familiar Asset at Higher Multiples, Stock Is Toppish

Infratil Ltd (IFT NZ) aims to raise around US$456m (NZ$750m) via an institutional placement. In this note, we talk about the placement and run the...

Sumeet Singh

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