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>Oceania Healthcare (OCA) delivered a softer-than-expected 1H26 result, driven by lower resales gains and higher interest and opex.</li><li>The result demonstrated solid progress in several of our key focus areas: (1) reducing head office costs; (2) clearing inventory; and (3) releasing cash from the business, with divestments of four sites expected to settle in 2H26.</li><li>We continue to see a positive risk/reward backdrop and retain our OUTPERFORM rating with an unchanged target price of NZ$1.00.</li></ul>

Oceania Healthcare (OCA) delivered a softer-than-expected 1H26 result, driven by lower resales gains and higher interest and opex.The result demonstrated solid progress in several of our key focus areas: (1) reducing head office costs; (2) clearing inventory; and (3) releasing cash from the business, with divestments of four sites expected to settle in 2H26.We continue to see a positive risk/reward backdrop and retain our OUTPERFORM rating with an unchanged target price of NZ$1.00.

Oceania Healthcare 1H26 Result Staying The Course

<ul><li>Oceania Healthcare (OCA) will report its 1H26 result on Friday, 21 November.</li><li>We expect a solid improvement in annuity earnings, with strength in sales applications from April to August 2025 providing a strong platform for further growth in 2H26.</li><li>OCA is trading at ~0.5x NTA.</li></ul>

Oceania Healthcare (OCA) will report its 1H26 result on Friday, 21 November.We expect a solid improvement in annuity earnings, with strength in sales applications from April to August 2025 providing a strong platform for further growth in 2H26.OCA is trading at ~0.5x NTA.

Oceania Healthcare - 1H26 Preview Carefully Optimistic

<ul><li>Oceania Healthcare's (OCA) ongoing portfolio transformation is yet to deliver meaningful improvements in annuity earnings or cash generation, despite significant growth in its total asset base.</li><li>OCA has laid the groundwork to lead the sector in generating sustainable free cash flow from operations.</li><li>We continue to see upside and we reiterate our OUTPERFORM rating with an increased target price of NZ$1.00.</li></ul>

Oceania Healthcare's (OCA) ongoing portfolio transformation is yet to deliver meaningful improvements in annuity earnings or cash generation, despite significant growth in its total asset base.OCA has laid the groundwork to lead the sector in generating sustainable free cash flow from operations.We continue to see upside and we reiterate our OUTPERFORM rating with an increased target price of NZ$1.00.

Oceania Healthcare Finding the Suite Spot

<ul><li>Oceania Healthcare's (OCA) 2025 investor day focused on transparency, sales execution, and cash discipline.</li><li>OCA is cash-generative and trades at &lt;0.5x book value.</li><li>We retain OUTPERFORM with an unchanged target price of NZ$0.84.</li></ul>

Oceania Healthcare's (OCA) 2025 investor day focused on transparency, sales execution, and cash discipline.OCA is cash-generative and trades at &lt;0.5x book value.We retain OUTPERFORM with an unchanged target price of NZ$0.84.

<ul><li>Oceania Healthcare (OCA) delivered results in line with lowered expectations, showing slight cost and net debt declines, but disappointing cash flow from existing operations.</li><li>Sales in general, and for The Helier in particular, have improved, with FY25 ORA sales being a record for OCA despite a soft housing market.</li><li>While the company delivered on major focus areas, several minor items fell short, leading to a reduction in earnings expectations.</li></ul>

Oceania Healthcare (OCA) delivered results in line with lowered expectations, showing slight cost and net debt declines, but disappointing cash flow from existing operations.Sales in general, and for The Helier in particular, have improved, with FY25 ORA sales being a record for OCA despite a soft housing market.While the company delivered on major focus areas, several minor items fell short, leading to a reduction in earnings expectations.

Oceania Healthcare FY25 Result The Painfully Slow Recovery Starts

Australia

Oceania Healthcare Limited provides healthcare services. The Company offers rest homes, hospitals, and independent living, as well as dementia, respite, and palliative care services. Oceania Healthcare serves patients in New Zealand.

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Oceania Healthcare (OCA AU)

Oceania Healthcare 1H26 Result Staying The Course

Oceania Healthcare (OCA) delivered a softer-than-expected 1H26 result, driven by lower resales gains and higher interest and opex.

Forsyth Barr

Oceania Healthcare - 1H26 Preview Carefully Optimistic

We expect a solid improvement in annuity earnings, with strength in sales applications from April to August 2025 providing a strong platform for...

Forsyth Barr

Oceania Healthcare Finding the Suite Spot

Oceania Healthcare's (OCA) ongoing portfolio transformation is yet to deliver meaningful improvements in annuity earnings or cash generation,...

Forsyth Barr

Oceania Healthcare Glass Half Full

Oceania Healthcare's (OCA) 2025 investor day focused on transparency, sales execution, and cash discipline.OCA is cash-generative and trades at...

Forsyth Barr

Oceania Healthcare FY25 Result The Painfully Slow Recovery Starts

Oceania Healthcare (OCA) delivered results in line with lowered expectations, showing slight cost and net debt declines, but disappointing cash...

Forsyth Barr

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