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

Thematic (Sector/Industry)

<ul><li>Improving care profitability was a key theme of the May 2026 reporting season for NZ’s listed retirement and aged care sector.</li><li>Looking ahead to FY27, we expect a further meaningful uplift in care profitability for RYM and OCA, supported by a ~+4% increase in care funding from the NZ Government and ongoing occupancy tailwinds.</li><li>Despite improving earnings trends overall, returns on aged care assets in NZ remain well below the cost of capital for operators.</li></ul>

Improving care profitability was a key theme of the May 2026 reporting season for NZ’s listed retirement and aged care sector.Looking ahead to FY27, we expect a further meaningful uplift in care profitability for RYM and OCA, supported by a ~+4% increase in care funding from the NZ Government and ongoing occupancy tailwinds.Despite improving earnings trends overall, returns on aged care assets in NZ remain well below the cost of capital for operators.

Retirement And Aged Care Sector Care Vital Signs Improving

<ul><li>NZ’s listed aged care sector has had a difficult start to 2026.</li><li>Despite weak share price performance, the operating environment for the sector appears to be stabilising rather than deteriorating.</li><li>Encouragingly, our Montgomerie-Ibbotson Pricing Index (MI Index) for RYM’s unit prices rose sequentially in March 2026, marking the first increase in 12 months.</li></ul>

NZ’s listed aged care sector has had a difficult start to 2026.Despite weak share price performance, the operating environment for the sector appears to be stabilising rather than deteriorating.Encouragingly, our Montgomerie-Ibbotson Pricing Index (MI Index) for RYM’s unit prices rose sequentially in March 2026, marking the first increase in 12 months.

Aged Care Sector Montgomerie-Ibbotson Aged Care Pricing Index

New Zealand

Oceania Healthcare is New Zealand’s largest owners and operators of retirement villages.

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

Oceania Healthcare (OCA NZ)

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

Retirement And Aged Care Sector Care Vital Signs Improving

Improving care profitability was a key theme of the May 2026 reporting season for NZ’s listed retirement and aged care sector. Looking ahead to...

Forsyth Barr

Aged Care Sector Montgomerie-Ibbotson Aged Care Pricing Index

NZ’s listed aged care sector has had a difficult start to 2026. Despite weak share price performance, the operating environment for the sector...

Forsyth Barr

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)