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 (IFT) announced that CDC has secured what could be a significant partnership with neo-cloud provider Firmus Technologies and NVIDIA.</li><li>With this 40MW contract being in addition to the 100MW of contracts announced in September 2025, we estimate CDC is now &gt;100% contracted on its FY27 EBITDA target.</li><li>In the past 48 hours, Aligned Data Centres, a large US-based data centre company, sold for US$40bn (enterprise value).</li></ul>

Infratil (IFT) announced that CDC has secured what could be a significant partnership with neo-cloud provider Firmus Technologies and NVIDIA.With this 40MW contract being in addition to the 100MW of contracts announced in September 2025, we estimate CDC is now &gt;100% contracted on its FY27 EBITDA target.In the past 48 hours, Aligned Data Centres, a large US-based data centre company, sold for US$40bn (enterprise value).

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>Citi downgrades OCBC to 'neutral' despite positive 2QFY2026 outlook.</li><li>Broker's Digest: Aztech, Raffles, YZJ, HPH, iFAST, SGX, Singtel.</li><li>DBS maintains Singtel's target price at $5.46 amid Optus stake sale discussions.</li></ul>

Citi downgrades OCBC to 'neutral' despite positive 2QFY2026 outlook.Broker's Digest: Aztech, Raffles, YZJ, HPH, iFAST, SGX, Singtel.DBS maintains Singtel's target price at $5.46 amid Optus stake sale discussions.

Singapore Market Roundup (31-Jul-2026): Citi downgrades OCBC to 'neutral' despite positive

<ul><li>Spark’s share fell ~-60bps over 2Q26 to 37.1%. Within this, Spark’s main brand fell ~-65bps over the quarter and its Skinny brand gained ~+5bps of share. Over the last 12-months Spark has lost ~-140bps</li><li>One NZ continues to hold its share broadly stable with its share up ~+10bps over 2Q26 and up ~+25bps over the last 12-months. One NZ’s share is now 36.1%</li><li>2degrees continues to steadily gain share in this data, growing ~+50bps in 2Q26 and ~+115bps over the last year taking it to 26.9%</li></ul>

Spark’s share fell ~-60bps over 2Q26 to 37.1%. Within this, Spark’s main brand fell ~-65bps over the quarter and its Skinny brand gained ~+5bps of share. Over the last 12-months Spark has lost ~-140bpsOne NZ continues to hold its share broadly stable with its share up ~+10bps over 2Q26 and up ~+25bps over the last 12-months. One NZ’s share is now 36.1%2degrees continues to steadily gain share in this data, growing ~+50bps in 2Q26 and ~+115bps over the last year taking it to 26.9%

Telco Sector: 2Q26 Telcowatch Mobile Market Share

<ul><li>The Commerce Commission (ComCom) has just released its annual Telecommunications Monitoring report for the year ended June 2025.</li><li>The growth of MVNOs is also clear, they now have &gt;3% mobile connection market share with ARPUs ~-15% below the weighted average of mobile network operators (MNO).</li><li>Mobile churn is elevated, consistent with market share moving between operators.</li></ul>

The Commerce Commission (ComCom) has just released its annual Telecommunications Monitoring report for the year ended June 2025.The growth of MVNOs is also clear, they now have &gt;3% mobile connection market share with ARPUs ~-15% below the weighted average of mobile network operators (MNO).Mobile churn is elevated, consistent with market share moving between operators.

Telco Sector: ComCom Annual Telecommunications Report

<ul><li>Datamine's quarterly Telcowatch market share data for the mobile market indicates a continuation of recent trends in 1Q26.</li><li>Spark (SPK) continues to lose share to 2degrees, while One NZ remains broadly stable.</li><li>One NZ is set to increase prices on select plans by ~+4–6% later this month, consistent with our view that pricing will be a meaningful driver of industry revenue growth.</li></ul>

Datamine's quarterly Telcowatch market share data for the mobile market indicates a continuation of recent trends in 1Q26.Spark (SPK) continues to lose share to 2degrees, while One NZ remains broadly stable.One NZ is set to increase prices on select plans by ~+4–6% later this month, consistent with our view that pricing will be a meaningful driver of industry revenue growth.

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 Ltd (IFT NZ)

Infratil Plugging Into The AI Surge

Infratil (IFT) announced that CDC has secured what could be a significant partnership with neo-cloud provider Firmus Technologies and NVIDIA.

Forsyth Barr

Singapore Market Roundup (31-Jul-2026): Citi downgrades OCBC to 'neutral' despite positive

Citi downgrades OCBC to 'neutral' despite a positive 2QFY2026 outlook. DBS keeps Singtel's target price at $5.46 amid Optus stake sale talks.

Singapore Market Roundup

Telco Sector: ComCom Annual Telecommunications Report

The Commerce Commission (ComCom) has just released its annual Telecommunications Monitoring report for the year ended June 2025. The growth of...

Forsyth Barr

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Infratil Plugging Into The AI Surge

Infratil (IFT) announced that CDC has secured what could be a significant partnership with neo-cloud provider Firmus Technologies and NVIDIA.

Forsyth Barr

Singapore Market Roundup (31-Jul-2026): Citi downgrades OCBC to 'neutral' despite positive

Citi downgrades OCBC to 'neutral' despite a positive 2QFY2026 outlook. DBS keeps Singtel's target price at $5.46 amid Optus stake sale talks.

Singapore Market Roundup

Telco Sector: 2Q26 Telcowatch Mobile Market Share

Spark’s share fell ~-60bps over 2Q26 to 37.1%. Within this, Spark’s main brand fell ~-65bps over the quarter and its Skinny brand gained ~+5bps...

Forsyth Barr

Telco Sector: ComCom Annual Telecommunications Report

The Commerce Commission (ComCom) has just released its annual Telecommunications Monitoring report for the year ended June 2025. The growth of...

Forsyth Barr

Telco Sector: 1Q26 Mobile Market Share

Datamine's quarterly Telcowatch market share data for the mobile market indicates a continuation of recent trends in 1Q26. Spark (SPK) continues...

Forsyth Barr