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>We believe Spark NZ (SPK) needs to present a clearer plan for its balance sheet at its upcoming FY26 result.</li>
<li>Given our subdued EBITDAI growth outlook and limited free cash flow retention, we struggle to see SPK deleveraging organically.</li>
<li>Asset sales, notably a sale of its Digital Services segment, are one option SPK appears to be considering; while this could provide balance sheet headroom, we do not believe it would unlock capital returns on its own given SPK has meaningful (&gt;NZ$300m) spectrum renewals to fund over the next decade.</li>
</ul>


We believe Spark NZ (SPK) needs to present a clearer plan for its balance sheet at its upcoming FY26 result.
Given our subdued EBITDAI growth outlook and limited free cash flow retention, we struggle to see SPK deleveraging organically.
Asset sales, notably a sale of its Digital Services segment, are one option SPK appears to be considering; while this could provide balance sheet headroom, we do not believe it would unlock capital returns on its own given SPK has meaningful (&gt;NZ$300m) spectrum renewals to fund over the next decade.


<ul>
<li>Almost 18 months later, the unconditional sale of 99 Albert Street and the Victoria Street properties for NZ$74.5m marks the first meaningful sale in this journey.</li>
<li>With progress on asset sales and a heads of agreement reached on the Adelaide fine, the overhangs that have weighed on investor sentiment should begin to ease.</li>
<li>At ~0.4x net asset value, we continue to view the risk–reward as attractive.</li>
</ul>


Almost 18 months later, the unconditional sale of 99 Albert Street and the Victoria Street properties for NZ$74.5m marks the first meaningful sale in this journey.
With progress on asset sales and a heads of agreement reached on the Adelaide fine, the overhangs that have weighed on investor sentiment should begin to ease.
At ~0.4x net asset value, we continue to view the risk–reward as attractive.


SkyCity Cashing in on the Commercial Assets

<ul><li>SkyCity (SKC) has advised the unconditional sale of 99 Albert Street and its Victoria Street properties for NZ$74.5m.</li><li>This is broadly in line with book value and our expectations.</li><li>This is a solid outcome for SKC which (1) strengthens the balance sheet, (2) reduces future capex requirements for the assets, (3) mitigates market concerns around execution of the asset monetisation strategy, and (4) supports the removal of S&amp;P negative watch on its credit rating.</li></ul>

SkyCity (SKC) has advised the unconditional sale of 99 Albert Street and its Victoria Street properties for NZ$74.5m.This is broadly in line with book value and our expectations.This is a solid outcome for SKC which (1) strengthens the balance sheet, (2) reduces future capex requirements for the assets, (3) mitigates market concerns around execution of the asset monetisation strategy, and (4) supports the removal of S&amp;P negative watch on its credit rating.

SkyCity (SKC.NZ) - Unconditional Sale of 99 Albert Street and Victoria Street Properties

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>Technically, the SET Index is expected to weaken, with the support at 1,308/1,300 points and the resistance at 1,324/1,330 points.</li><li>The investment strategy remains cautious, waiting for a technical reversal signal (higher high, higher low) before entering new positions.</li><li>From a fundamental perspective, the valuation has entered an attractive zone for selective buying, with PTT, BBL, and KKP as the recommended picks.</li></ul>

Technically, the SET Index is expected to weaken, with the support at 1,308/1,300 points and the resistance at 1,324/1,330 points.The investment strategy remains cautious, waiting for a technical reversal signal (higher high, higher low) before entering new positions.From a fundamental perspective, the valuation has entered an attractive zone for selective buying, with PTT, BBL, and KKP as the recommended picks.

<ul><li>Technically, the SET Index is expected to weaken, with the support at 1,292/1,286 points and the resistance at 1,309/1,317 points.</li><li>In the short term, the index has shown a downtrend signal after it fell below the key support of 1,317 points yesterday for the first time in nine trading days.</li><li>We maintain our Buy recommendation; investors are suggested to speculate when a new buying signal occurs.</li></ul>

Technically, the SET Index is expected to weaken, with the support at 1,292/1,286 points and the resistance at 1,309/1,317 points.In the short term, the index has shown a downtrend signal after it fell below the key support of 1,317 points yesterday for the first time in nine trading days.We maintain our Buy recommendation; investors are suggested to speculate when a new buying signal occurs.

Keep a Close Watch on Flash Manufacturing and Services PMIs in July for the US and EU

United States

S&P Global Inc. provides clients with financial information services. The Company offers information regarding ratings, benchmarks, and analytics in the global capital and commodity markets. S&P Global operates worldwide.

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

S&P Global (SPGI US)

Spark NZ Disconnected From Its Rating

We believe Spark NZ (SPK) needs to present a clearer plan for its balance sheet at its upcoming FY26 result. Given our subdued EBITDAI growth...

Forsyth Barr

SkyCity Cashing in on the Commercial Assets

Almost 18 months later, the unconditional sale of 99 Albert Street and the Victoria Street properties for NZ$74.5m marks the first meaningful sale...

Forsyth Barr

SkyCity (SKC.NZ) - Unconditional Sale of 99 Albert Street and Victoria Street Properties

SkyCity (SKC) has advised the unconditional sale of 99 Albert Street and its Victoria Street properties for NZ$74.5m. This is broadly in line with...

Forsyth Barr

Global Manufacturing PMI in January

Technically, the SET Index is expected to weaken, with the support at 1,308/1,300 points and the resistance at 1,324/1,330 points. The investment...

Krungthai XSpring

Keep a Close Watch on Flash Manufacturing and Services PMIs in July for the US and EU

Technically, the SET Index is expected to weaken, with the support at 1,292/1,286 points and the resistance at 1,309/1,317 points. In the short...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)