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>The listed property sector had a second consecutive positive month in June as Middle East tensions and inflation pressures eased.</li><li>However, it has still been a first half to forget, with the sector underperforming the wider market by <em>c.</em>5%.</li><li>Sector valuations remain attractive, trading on a -21% discount to NTA and an 8.2% gross yield.</li></ul>

The listed property sector had a second consecutive positive month in June as Middle East tensions and inflation pressures eased.However, it has still been a first half to forget, with the sector underperforming the wider market by c.5%.Sector valuations remain attractive, trading on a -21% discount to NTA and an 8.2% gross yield.

Real Estate Reflections: A First Half to Forget

<ul><li>The listed property sector had a small bounce back in May, gaining +2.5% through the month.</li><li>Portfolios remained largely robust, but vacancy lifted in industrial.</li><li>Despite recent volatility, we continue to view property as attractive given its predictable earnings and undemanding valuation metrics.</li></ul>

The listed property sector had a small bounce back in May, gaining +2.5% through the month.Portfolios remained largely robust, but vacancy lifted in industrial.Despite recent volatility, we continue to view property as attractive given its predictable earnings and undemanding valuation metrics.

<ul><li>The listed property sector continued its poor start to the year in February, down another -1.1%, taking year-to-date performance to -4.5%.</li><li>Net asset values and balance sheet gearing were largely stable.</li><li>The current discount to NTA is -21% compared to its long-run average of -1%.</li></ul>

The listed property sector continued its poor start to the year in February, down another -1.1%, taking year-to-date performance to -4.5%.Net asset values and balance sheet gearing were largely stable.The current discount to NTA is -21% compared to its long-run average of -1%.

Real Estate Reflections - Weak Share Prices, Stable Fundamentals

<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>The NZ listed property sector has outperformed the broader NZ market, delivering a +6% outperformance versus a -4% decline in the broader market.</li><li>With asset values stabilizing and forward capital requirements modest, the use of dividend reinvestment plans (DRPs) is now less necessary, making share buybacks an attractive option.</li><li>The high yields in the property sector appear sustainable due to robust tenant demand, fixed rental increases, and reduced debt costs.</li></ul>

The NZ listed property sector has outperformed the broader NZ market, delivering a +6% outperformance versus a -4% decline in the broader market.With asset values stabilizing and forward capital requirements modest, the use of dividend reinvestment plans (DRPs) is now less necessary, making share buybacks an attractive option.The high yields in the property sector appear sustainable due to robust tenant demand, fixed rental increases, and reduced debt costs.

Real Estate Reflections Ahead at Halftime

New Zealand

Kiwi Property Group Ltd is a property trust that invests in, manages and develops a portfolio of diversified properties throughout New Zealand. The Trust's properties include office, retail and industrial properties.

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Kiwi Property (KPG NZ)

Real Estate Reflections: A First Half to Forget

The listed property sector had a second consecutive positive month in June as Middle East tensions and inflation pressures eased. However, it has...

Forsyth Barr

Real Estate Reflections Turning The Tide

The listed property sector had a small bounce back in May, gaining +2.5% through the month. Portfolios remained largely robust, but vacancy lifted...

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

Real Estate Reflections Ahead at Halftime

The NZ listed property sector has outperformed the broader NZ market, delivering a +6% outperformance versus a -4% decline in the broader market.

Forsyth Barr

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