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>September quarter ready-mix concrete (RMC) production highlighted continued soft NZ construction activity, with volume declines on both the prior quarter (seasonally adjusted) and the prior year.</li><li>The -10% year on year decline in RMC volumes is broadly consistent with recent trading updates from Fletcher Building (FBU) and Vulcan Steel (VSL).</li><li>Concrete volumes are now broadly back to pre-pandemic levels, but there maybe some signs of life in Auckland where there have been two quarters of sequential volume growth. </li></ul>

September quarter ready-mix concrete (RMC) production highlighted continued soft NZ construction activity, with volume declines on both the prior quarter (seasonally adjusted) and the prior year.The -10% year on year decline in RMC volumes is broadly consistent with recent trading updates from Fletcher Building (FBU) and Vulcan Steel (VSL).Concrete volumes are now broadly back to pre-pandemic levels, but there maybe some signs of life in Auckland where there have been two quarters of sequential volume growth. 

Building Sector - Ready-Mix Concrete — Set in Its Way

<ul><li>New Zealand: Residential consents off slightly; Inventory continues to grow; Auckland house sales softer than in lockdown; Residential construction intentions at a new low, commercial bounces back</li><li>Australia: Aussie house prices keep marching down; Residential approvals bounce</li><li>International: China - Total building starts tick up; property woes trigger decline in global cement output</li></ul>

New Zealand: Residential consents off slightly; Inventory continues to grow; Auckland house sales softer than in lockdown; Residential construction intentions at a new low, commercial bounces backAustralia: Aussie house prices keep marching down; Residential approvals bounceInternational: China - Total building starts tick up; property woes trigger decline in global cement output

<ul><li>New Zealand: Resi slowdown drags down construction forecasts</li><li>Australia: Australian outlook comments robust despite softening residential</li><li>International: Millions of empty flats threatens to plunge China’s troubled property market further into crisis</li></ul>

New Zealand: Resi slowdown drags down construction forecastsAustralia: Australian outlook comments robust despite softening residentialInternational: Millions of empty flats threatens to plunge China’s troubled property market further into crisis

<ul><li>June quarter ready-mix concrete (RMC) production suggests that while NZ construction activity remains at robust levels nationally some regions have rolled over the peak</li><li>Solid 2Q22 volumes but some regions rolling over the peak</li><li>RMC production is the first NZ construction indicator for 2Q CY22, and including cement and aggregates a significant exposure for Fletcher Building (FBU).</li></ul>

June quarter ready-mix concrete (RMC) production suggests that while NZ construction activity remains at robust levels nationally some regions have rolled over the peakSolid 2Q22 volumes but some regions rolling over the peakRMC production is the first NZ construction indicator for 2Q CY22, and including cement and aggregates a significant exposure for Fletcher Building (FBU).

Building Sector: Ready-Mix Concrete — First Cracks Appearing?

Equity Bottom-Up

<ul><li>Steel and Tube's (STU) FY23 result was in line with recent guidance and our expectations. It was a tale of two halves and two divisions.</li><li>Volume declines accelerated significantly in the second half.</li><li>This was most acutely felt in the Distribution division while structural improvement in Infrastructure saw earnings lift. </li></ul>

Steel and Tube's (STU) FY23 result was in line with recent guidance and our expectations. It was a tale of two halves and two divisions.Volume declines accelerated significantly in the second half.This was most acutely felt in the Distribution division while structural improvement in Infrastructure saw earnings lift. 

Steel & Tube Holdings - FY23 Result — Tale of Two Halves

New Zealand

Steel & Tube Holdings Limited produces and distributes steel throughout New Zealand and its products include steel fasteners, nuts, bolts and screws.  The Company's other activities include steel reinforcing.

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Steel & Tube Holdings (STU NZ)

Building Sector - Ready-Mix Concrete — Set in Its Way

September quarter ready-mix concrete (RMC) production highlighted continued soft NZ construction activity, with volume declines on both the prior...

Forsyth Barr

Building Weekly (05-Oct-2022)

New Zealand: Residential consents off slightly; Inventory continues to grow; Auckland house sales softer than in lockdown; Residential construction...

Forsyth Barr

Building Weekly (26-Aug-2022)

Construction spending forecast to fall -18% to NZ$42bn by 2027, primarily driven by forecast resi construction down -36% (c.-NZ$11bn) while non...

Forsyth Barr

Building Sector: Ready-Mix Concrete — First Cracks Appearing?

June quarter ready-mix concrete (RMC) production suggests that while NZ construction activity remains at robust levels nationally some regions have...

Forsyth Barr

Steel & Tube Holdings - FY23 Result — Tale of Two Halves

Steel and Tube's (STU) FY23 result was in line with recent guidance and our expectations. It was a tale of two halves and two divisions.

Forsyth Barr

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