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>Fletcher Building (FBU) reported FY26 EBIT (continuing operations before significant items) of NZ$414m, up +26% on the prior year, slightly ahead of our expectations and recent guidance.</li><li>Light Building Products was particularly strong with FY26 EBIT +22% (2H26 EBIT +44% yoy) and ROIC +130bps with volume growth across all products.</li><li>There was no quantitative FY27 guidance provided but with current Visible Alpha consensus for continuing operations EBIT of NZ$396m and strong 2H26 exit run rates we suspect risk to market forecasts is to the upside.</li></ul>

Fletcher Building (FBU) reported FY26 EBIT (continuing operations before significant items) of NZ$414m, up +26% on the prior year, slightly ahead of our expectations and recent guidance.Light Building Products was particularly strong with FY26 EBIT +22% (2H26 EBIT +44% yoy) and ROIC +130bps with volume growth across all products.There was no quantitative FY27 guidance provided but with current Visible Alpha consensus for continuing operations EBIT of NZ$396m and strong 2H26 exit run rates we suspect risk to market forecasts is to the upside.

Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<ul><li><a href="https://www.smartkarma.com/entities/straits-trading-co-ltd" target="_blank" data-smartkarma-citation="entities:15745" rel="noopener">Straits Trading (STRTR SP)</a> – proven track record as a prominent Real Estate Private Equity player</li><li>Residential rents could continue climbing in 2H22: Huttons Asia</li><li>Hospitality sector an attractive asset class amid tourism recovery and limited supply</li></ul>

Straits Trading (STRTR SP) – proven track record as a prominent Real Estate Private Equity playerResidential rents could continue climbing in 2H22: Huttons AsiaHospitality sector an attractive asset class amid tourism recovery and limited supply

ASEAN Builder's Scoop (6Oct22) - STRTR Prominent RE PE Player

<ul><li><a href="https://www.smartkarma.com/entities/lhn-ltd" target="_blank" data-smartkarma-citation="entities:27234" rel="noopener">LHN Ltd (LHN SP)</a> acquires Pasir Panjang property for S$30m for its Co-living portfolio expansion</li><li><a href="https://www.smartkarma.com/entities/guocoland-ltd" target="_blank" data-smartkarma-citation="entities:17467" rel="noopener">GuocoLand (GUOL SP)</a> Lentor Modern condo sold 84% of total units at launch weekend for ~S$1,850-2,550psf</li><li><a href="https://www.smartkarma.com/entities/straits-trading-co-ltd" target="_blank" data-smartkarma-citation="entities:15745" rel="noopener">Straits Trading (STRTR SP)</a> acquires remaining 20% stake in Australian trust for S$60m</li></ul>

LHN Ltd (LHN SP) acquires Pasir Panjang property for S$30m for its Co-living portfolio expansionGuocoLand (GUOL SP) Lentor Modern condo sold 84% of total units at launch weekend for ~S$1,850-2,550psfStraits Trading (STRTR SP) acquires remaining 20% stake in Australian trust for S$60m

ASEAN Builder's Scoop (19Sep22) - LHN Buys Co-Living Pasir Panjang Property

<ul><li><a href="https://www.smartkarma.com/entities/aims-amp-capital-industrial" target="_blank" data-smartkarma-citation="entities:933" rel="noopener">AIMS APAC REIT (AAREIT SP)</a> partners with SP Group to install large-scale rooftop solar system across SG properties</li><li><a href="https://www.smartkarma.com/entities/united-hampshire-us-reit" target="_blank" data-smartkarma-citation="entities:28874" rel="noopener">United Hampshire US REIT (UHU SP)</a> set to be included in three indices effective 26Sep22</li><li>New private home sales dropped 48% MoM in Aug22; But take-up rate further rebounded to ~326%   </li></ul>

AIMS APAC REIT (AAREIT SP) partners with SP Group to install large-scale rooftop solar system across SG propertiesUnited Hampshire US REIT (UHU SP) set to be included in three indices effective 26Sep22New private home sales dropped 48% MoM in Aug22; But take-up rate further rebounded to ~326%   

ASEAN Builder's Scoop (16Sep22) - AAREIT Partners SP Group in ESG Move

<ul><li><a href="https://www.smartkarma.com/entities/straits-trading-co-ltd" target="_blank" data-smartkarma-citation="entities:15745" rel="noopener">Straits Trading (STRTR SP)</a> venturing into high-tech warehouses and sophisticated storage areas</li><li><a href="https://www.smartkarma.com/entities/yanlord-land-group-ltd" target="_blank" data-smartkarma-citation="entities:14152" rel="noopener">Yanlord Land (YLLG SP)</a> 8M22 total contracted pre-sales rose 31.9% YoY; Robust Aug22 pre-sales +244.8% YoY</li><li>Jul22 retail sales up 13.7% YoY and +0.6% MoM; Slower YoY growth seen across the board from Jun22 figures</li></ul>

Straits Trading (STRTR SP) venturing into high-tech warehouses and sophisticated storage areasYanlord Land (YLLG SP) 8M22 total contracted pre-sales rose 31.9% YoY; Robust Aug22 pre-sales +244.8% YoYJul22 retail sales up 13.7% YoY and +0.6% MoM; Slower YoY growth seen across the board from Jun22 figures

ASEAN Builder's Scoop (6Sep22) - STRTR Venturing into High-Tech Warehouses

Singapore

The Straits Trading Company Limited is a Singapore-based conglomerate-investment company with operations and financial interests in resources, property, and hospitality. Its activities include tin smelting, property investment, development, and management, as well as hotel ownership and management. The company was founded in Singapore in 1887.

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Straits Trading (STRTR SP)

FBU: FY26 First Impressions

Fletcher Building (FBU) reported FY26 EBIT (continuing operations before significant items) of NZ$414m, up +26% on the prior year, slightly ahead...

Forsyth Barr

ASEAN Builder's Scoop (6Oct22) - STRTR Prominent RE PE Player

Residential rents could continue climbing in 2H22; Hospitality sector limited supply; Aug22 retail sales fell 1.3% MoM; Phils inflation at 4yr high

SCCM Asia Research

ASEAN Builder's Scoop (19Sep22) - LHN Buys Co-Living Pasir Panjang Property

GUOL sold 84% of Lentor Modern at launch wkd; STRTR acq 20% stake in Aus Trust; MREIT below IPO price boosting yield appeal

SCCM Asia Research

ASEAN Builder's Scoop (16Sep22) - AAREIT Partners SP Group in ESG Move

UHU included in 3 indexes; New home sales take-up rate reached >300% in Aug22; FPL green note oversubsribed; New private home sales dropped 48% MoM...

SCCM Asia Research

ASEAN Builder's Scoop (6Sep22) - STRTR Venturing into High-Tech Warehouses

YLLG robust Aug22 pre-sales; Jul22 retail sales YoY growth slowed down; DMW growing rentals, heavy downside risks; Manila resi vacancy declining in...

SCCM Asia Research

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