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>Investore (IPL) has announced the acquisition of Bunnings New Lynn, consistent with its strategy to reduce supermarket exposure and secure leases with more fixed rental growth.</li><li>Gearing has increased to approximately 41.1%, above the target range, but the company plans to fund this through non-core asset sales and continue remixing the portfolio over the next 12-24 months.</li><li>IPL is trading at a -28% discount to its book value, with a market-implied portfolio cap rate of 7.6%.</li></ul>

Investore (IPL) has announced the acquisition of Bunnings New Lynn, consistent with its strategy to reduce supermarket exposure and secure leases with more fixed rental growth.Gearing has increased to approximately 41.1%, above the target range, but the company plans to fund this through non-core asset sales and continue remixing the portfolio over the next 12-24 months.IPL is trading at a -28% discount to its book value, with a market-implied portfolio cap rate of 7.6%.

<ul><li>Investore (IPL) reported a stable result with like-for-like rental growth and development completions offset by net-asset divestments and higher interest and tax costs.</li><li>FY26 DPS guidance was flat on the prior year, reflecting conservatism given upcoming portfolio-remixing activity, elevated maintenance capex, and eventual roll-off of low fixed-interest rates.</li><li>IPL is trading at a 12-month forward gross yield of 8.4% and price to AFFO of 18x, with a neutral sentiment.</li></ul>

Investore (IPL) reported a stable result with like-for-like rental growth and development completions offset by net-asset divestments and higher interest and tax costs.FY26 DPS guidance was flat on the prior year, reflecting conservatism given upcoming portfolio-remixing activity, elevated maintenance capex, and eventual roll-off of low fixed-interest rates.IPL is trading at a 12-month forward gross yield of 8.4% and price to AFFO of 18x, with a neutral sentiment.

Equity Capital Markets

Precinct Properties New Zealand / Equity Capital Markets

<ul><li>The listed property sector was broadly flat in October after delivering a +18% total return year-to-date.</li><li>Precinct (PCT) raised NZ$325m of additional equity in the month, which weighed on sector performance as investors looked for funders, and the risk of further capital raisings weighed on sentiment.</li><li>Our analysis of the sector’s long-term development pipelines and potential funding options highlights a divide between those with access to capital (PCT, Goodman (GMT)) and those without, who may need to recycle non-core assets or tap into additional sources of capital to fund growth aspirations.</li></ul>

The listed property sector was broadly flat in October after delivering a +18% total return year-to-date.Precinct (PCT) raised NZ$325m of additional equity in the month, which weighed on sector performance as investors looked for funders, and the risk of further capital raisings weighed on sentiment.Our analysis of the sector’s long-term development pipelines and potential funding options highlights a divide between those with access to capital (PCT, Goodman (GMT)) and those without, who may need to recycle non-core assets or tap into additional sources of capital to fund growth aspirations.

Real Estate Reflections Taking a Breather

Thematic (Sector/Industry)

<ul><li>Falling short-term interest rates have swung sentiment in the listed property sector’s favour.</li><li>We have rolled the lower forward interest rate curve through our models and adjusted our NAV assumptions, which drives a +3% to +9% increase in sector target prices.</li><li>The NZ property sector rose +5.8% in September, outperforming the broader market, which was up +2.8%.</li></ul>

Falling short-term interest rates have swung sentiment in the listed property sector’s favour.We have rolled the lower forward interest rate curve through our models and adjusted our NAV assumptions, which drives a +3% to +9% increase in sector target prices.The NZ property sector rose +5.8% in September, outperforming the broader market, which was up +2.8%.

<ul><li>Stride Property (SPG) has entered into a conditional agreement to divest the Silverdale Centre to its managed large-format retail fund Investore (IPL) for NZ$114m, or a 6.8% initial yield.</li><li>The sale is conditional on IPL receiving shareholder approval for its management agreement amendments at its special meeting to be held on 20 October 2025.</li><li>We continue to view SPG's risk/reward as attractive given its -26% discount to net asset value and sector-high 9.3% gross yield (33% taxpayer).</li></ul>

Stride Property (SPG) has entered into a conditional agreement to divest the Silverdale Centre to its managed large-format retail fund Investore (IPL) for NZ$114m, or a 6.8% initial yield.The sale is conditional on IPL receiving shareholder approval for its management agreement amendments at its special meeting to be held on 20 October 2025.We continue to view SPG's risk/reward as attractive given its -26% discount to net asset value and sector-high 9.3% gross yield (33% taxpayer).

Sweden

Investor AB is an industrial holding company. The Company owns significant shareholdings in major public multinational companies and conducts private equity activities in Europe, North America, and Asia. Investor takes an active ownership role in many of the companies it owns.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Investor (INVEA SS)

Investore Some More DIY

Investore (IPL) has announced the acquisition of Bunnings New Lynn, consistent with its strategy to reduce supermarket exposure and secure leases...

Forsyth Barr

Investore FY25 Result—Pic'n Mix

Investore (IPL) reported a stable result with like-for-like rental growth and development completions offset by net-asset divestments and higher...

Forsyth Barr

Real Estate Reflections Taking a Breather

Precinct (PCT) raised NZ$325m of additional equity in the month, which weighed on sector performance as investors looked for funders, and the risk...

Forsyth Barr

Real Estate Reflections Hot Property

We have rolled the lower forward interest rate curve through our models and adjusted our NAV assumptions, which drives a +3% to +9% increase in...

Forsyth Barr

Stride Property Hi-Yo, Silverdale

Stride Property (SPG) has entered into a conditional agreement to divest the Silverdale Centre to its managed large-format retail fund Investore...

Forsyth Barr

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)