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>Leading into reporting season, listed property stocks have rallied but still slightly underperformed the broader market in July</li><li>Generally positive operating trends</li><li>A drop in bond rates has spurred property sector rally </li></ul>

Leading into reporting season, listed property stocks have rallied but still slightly underperformed the broader market in JulyGenerally positive operating trendsA drop in bond rates has spurred property sector rally 

Real Estate Reflections: A Look Under the Hood (10-Aug-2022)

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Tekscend Photomask / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, India saw a host of listing, while HK is gearing up a busy year end.</li>
<li>On the placements front, we had a look at some of the IPO lockups. There weren't any large placements this week.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, India saw a host of listing, while HK is gearing up a busy year end.
On the placements front, we had a look at some of the IPO lockups. There weren't any large placements this week.


ECM Weekly (20 October 2025)- Sany, Seres, JST, Fibocom, Tekscend, FineToday, LG India, DIY, Duality

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

Precinct Properties New Zealand / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/precinct-properties-new-zealand-ltd" target="_blank" data-smartkarma-citation="entities:13997:1" rel="noopener">Precinct Properties New Zealand (PCT NZ)</a>  is looking to raise around US$163m from a primary placement.</li>
<li>This is a large deal to digest, representing 193.7 days of the stock’s three month ADV and 13.4% of shares outstanding.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Precinct Properties New Zealand (PCT NZ)  is looking to raise around US$163m from a primary placement.
This is a large deal to digest, representing 193.7 days of the stock’s three month ADV and 13.4% of shares outstanding.
In this note, we will talk about the placement and run the deal through our ECM framework.


Precinct Placement: Potentially Dilutive but Dividend/Share Maintained

Equity Bottom-Up

Precinct Properties New Zealand / Equity Bottom-Up

<ul><li>The NZ-listed property sector continued its run in August, having now outperformed the broader NZ market by +12% year to date.</li><li>Over the month, we downgraded Precinct and Winton from OUTPERFORM to NEUTRAL, with the former trading on a full but fair +8% premium to NTA, and the latter due to the residential downcycle.</li><li>We also upgraded SPG from NEUTRAL to OUTPERFORM on valuation grounds, given its discount to NTA, our conservative NAV, and its solid 9.3% gross yield.</li></ul>

The NZ-listed property sector continued its run in August, having now outperformed the broader NZ market by +12% year to date.Over the month, we downgraded Precinct and Winton from OUTPERFORM to NEUTRAL, with the former trading on a full but fair +8% premium to NTA, and the latter due to the residential downcycle.We also upgraded SPG from NEUTRAL to OUTPERFORM on valuation grounds, given its discount to NTA, our conservative NAV, and its solid 9.3% gross yield.

Real Estate Reflections Closing The Discount

<ul><li>We downgrade Precinct (PCT) from OUTPERFORM to NEUTRAL.</li><li>FY26 FFO guidance of 7.50cps was slightly below expectations.</li><li>PCT is seeking further capital-partnering opportunities for its PWC office tower to reset the balance sheet and fund future growth initiatives.</li></ul>

We downgrade Precinct (PCT) from OUTPERFORM to NEUTRAL.FY26 FFO guidance of 7.50cps was slightly below expectations.PCT is seeking further capital-partnering opportunities for its PWC office tower to reset the balance sheet and fund future growth initiatives.

Precinct Properties NZ FY25 Result—Prime Office, Prime Price

New Zealand

Precinct Properties New Zealand Ltd. invests in manages and leases commercial office properties. The Company invests in properties in Auckland and Wellington.

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

Real Estate Reflections: A Look Under the Hood (10-Aug-2022)

Leading into reporting season, listed property stocks have rallied but still slightly underperformed the broader market in July

Forsyth Barr

ECM Weekly (20 October 2025)- Sany, Seres, JST, Fibocom, Tekscend, FineToday, LG India, DIY, Duality

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Precinct Placement: Potentially Dilutive but Dividend/Share Maintained

Precinct Properties is looking to raise around US$163m from a primary placement. In this note, we will talk about the placement and run the deal...

Nicholas Tan

Real Estate Reflections Closing The Discount

The NZ-listed property sector continued its run in August, having now outperformed the broader NZ market by +12% year to date.

Forsyth Barr

Precinct Properties NZ FY25 Result—Prime Office, Prime Price

PCT is seeking further capital-partnering opportunities for its PWC office tower to reset the balance sheet and fund future growth initiatives.

Forsyth Barr