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>Chorus (CNU) has had the upper hand in the urban broadband market over the last two years, with fibre gaining share from fixed wireless (FW).</li><li>This is likely to moderate as Spark NZ (SPK) and other mobile network operators (MNOs) push 5G FW.</li><li>We expect urban FW connections to return to growth, but with most new 5G connections converting from 4G, this will not transform the broadband market as 4G FW did.</li></ul>

Chorus (CNU) has had the upper hand in the urban broadband market over the last two years, with fibre gaining share from fixed wireless (FW).This is likely to moderate as Spark NZ (SPK) and other mobile network operators (MNOs) push 5G FW.We expect urban FW connections to return to growth, but with most new 5G connections converting from 4G, this will not transform the broadband market as 4G FW did.

Telecommunications Sector Can Fixed Wireless Fight Back?

<ul><li>Infratil (IFT)-owned One NZ has announced a proposal to share network infrastructure with 2degrees.</li><li>We believe this deal could be meaningfully positive for One NZ, lowering its capex and increasing free cash flow and dividends to IFT, with potential for a &gt;+10% increase in free cash flow from this deal.</li><li>Should the deal proceed, we see upside to our One NZ free cash flow estimates and valuation.</li></ul>

Infratil (IFT)-owned One NZ has announced a proposal to share network infrastructure with 2degrees.We believe this deal could be meaningfully positive for One NZ, lowering its capex and increasing free cash flow and dividends to IFT, with potential for a &gt;+10% increase in free cash flow from this deal.Should the deal proceed, we see upside to our One NZ free cash flow estimates and valuation.

Japan

SPK CORPORATION is a wholesaler specializing in automotive replacement parts. The Company's product lines include chassis, transmissions, engines, and electrical equipment.  SPK plans and sells industry vehicle parts.

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Spk Corp (7466 JP)

Telecommunications Sector Can Fixed Wireless Fight Back?

Chorus (CNU) has had the upper hand in the urban broadband market over the last two years, with fibre gaining share from fixed wireless (FW). This...

Forsyth Barr

Infratil Splitting the Bill

Infratil (IFT)-owned One NZ has announced a proposal to share network infrastructure with 2degrees. We believe this deal could be meaningfully...

Forsyth Barr

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