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 housing market picks up from slow start to the year (REINZ, Feb.): National sales up +22.2% seasonally adjusted month-on-month (previously -33.5%) but are +0.3% yoy (previously -1.9%).</li><li>Rents remain under pressure (Trade Me, Feb.): Median rents -3.1% yoy with the largest declines in Marlborough (-5.8%), Gisborne (-4.4%), Otago (-3.3%), and Wellington (-3%).</li><li>Metro Performance Glass (MPG) trading update: MPG expect revenue c.-9% below previous guidance on the back of lower volumes and pricing pressures.</li></ul>

The housing market picks up from slow start to the year (REINZ, Feb.): National sales up +22.2% seasonally adjusted month-on-month (previously -33.5%) but are +0.3% yoy (previously -1.9%).Rents remain under pressure (Trade Me, Feb.): Median rents -3.1% yoy with the largest declines in Marlborough (-5.8%), Gisborne (-4.4%), Otago (-3.3%), and Wellington (-3%).Metro Performance Glass (MPG) trading update: MPG expect revenue c.-9% below previous guidance on the back of lower volumes and pricing pressures.

Equity Bottom-Up

<ul><li>We upgrade Winton (WIN) to OUTPERFORM following approval of its Sunfield project in Auckland.</li><li>We have made minor adjustments to our forecasts but lift our 12-month target price to NZ$2.75.</li><li>While the approval unlocks significant value, the market may await confirmation of industrial/town centre land sales and/or significant early residential pre-sales to rerate the stock.</li></ul>

We upgrade Winton (WIN) to OUTPERFORM following approval of its Sunfield project in Auckland.We have made minor adjustments to our forecasts but lift our 12-month target price to NZ$2.75.While the approval unlocks significant value, the market may await confirmation of industrial/town centre land sales and/or significant early residential pre-sales to rerate the stock.

Winton Land The Sun Rises—Upgrade to OUTPERFORM

South Korea

Nota Co. Ltd. develops specialty software. The Company exploits aware artificial intelligence(AI) model optimization platform, intelligent transportation systems, driver monitoring system, and other related system. Nota conducts businesses domestically and internationally.

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Nota (1823517D KS)

Building News Wrap

The housing market picks up from slow start to the year (REINZ, Feb.): National sales up +22.2% seasonally adjusted month-on-month (previously...

Forsyth Barr

Winton Land The Sun Rises—Upgrade to OUTPERFORM

We upgrade Winton (WIN) to OUTPERFORM following approval of its Sunfield project in Auckland.We have made minor adjustments to our forecasts but...

Forsyth Barr

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)