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).

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Equity Bottom-Up

Summerset Group Holdings / Equity Bottom-Up

<ul><li>Summerset (SUM) released its 4Q sales metrics with some brief comments on the current environment</li><li>SUM acknowledged the “tough market conditions” in the last few months of the year</li><li>Q4 resales and new-sales were up 22% and 15% versus 4Q last year, respectively</li></ul>

Summerset (SUM) released its 4Q sales metrics with some brief comments on the current environmentSUM acknowledged the “tough market conditions” in the last few months of the yearQ4 resales and new-sales were up 22% and 15% versus 4Q last year, respectively

Summerset (SUM): 4Q22 Metrics – Sales of Occupation Rights

<ul><li>Demand strong but time to settle extends: SUM's demand remains strong, with pre-sales as a percentage of units released at record levels</li><li>Development pipeline: SUM retained it build rate guidance of ~600 units for this year and suggested that it would keep the build rate at this level for now</li><li>Care investment: SUM welcomes the latest announcement on pay parity but believes it does not solve the economic challenges of care</li></ul>

Demand strong but time to settle extends: SUM's demand remains strong, with pre-sales as a percentage of units released at record levelsDevelopment pipeline: SUM retained it build rate guidance of ~600 units for this year and suggested that it would keep the build rate at this level for nowCare investment: SUM welcomes the latest announcement on pay parity but believes it does not solve the economic challenges of care

Summerset Group: So Far So Good — Not Immune to Weak Market

<ul><li>Summerset (SUM) reported a strong 1H22 result with record underlying earnings, up +9% from a strong 1H21, ahead of our and consensus expectations</li><li>SUM also gave a confident message in relation to current demand and (lack of) impact from the ongoing correction in the residential housing market</li><li>SUM has increased EPS, NTA and assets by a factor of ~10x over the last decade and we expect it to grow earnings at a CAGR of &gt;10% straight through the current housing correction</li></ul>

Summerset (SUM) reported a strong 1H22 result with record underlying earnings, up +9% from a strong 1H21, ahead of our and consensus expectationsSUM also gave a confident message in relation to current demand and (lack of) impact from the ongoing correction in the residential housing marketSUM has increased EPS, NTA and assets by a factor of ~10x over the last decade and we expect it to grow earnings at a CAGR of &gt;10% straight through the current housing correction

Summerset Group: 1H22 Result — What Housing Crash?

<ul><li>Summerset has reported a solid 1H22 result with underlying profit of NZ$82.5m and annuity EBITDA of NZ$44.1m</li><li>We believe the market will also focus on the strong opex growth of +29% YoY, which compares to revenue growth of +20% resulting in contracting EBITDA margins</li><li>Key focus on the call will be opex growth going forward and current trends for settlements.</li></ul>

Summerset has reported a solid 1H22 result with underlying profit of NZ$82.5m and annuity EBITDA of NZ$44.1mWe believe the market will also focus on the strong opex growth of +29% YoY, which compares to revenue growth of +20% resulting in contracting EBITDA marginsKey focus on the call will be opex growth going forward and current trends for settlements.

Summerset (SUM): 1H22 Result – Initial Impressions

<ul><li>Summerset reports its 1H22 result on 23 August 2022, the only aged care company that reports this earnings season</li><li>Key points of interest: Opex up +25% to NZ$100m in 2H21 versus 2H20; Resale margins; Demand Outlook</li><li>SUM may set the tone for the whole sector — key will be commentary around demand and pricing of ILUs</li></ul>

Summerset reports its 1H22 result on 23 August 2022, the only aged care company that reports this earnings seasonKey points of interest: Opex up +25% to NZ$100m in 2H21 versus 2H20; Resale margins; Demand OutlookSUM may set the tone for the whole sector — key will be commentary around demand and pricing of ILUs

Summerset Group: 1H22 Preview — Focus on Costs and Outlook

New Zealand

Summerset Group Holdings Ltd. is a profit-oriented entity and develops, owns and operates integrated retirement villages, rest homes and hospitals for the elderly within New Zealand.

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Summerset Group Holdings (SUM NZ)

Summerset (SUM): 4Q22 Metrics – Sales of Occupation Rights

Summerset (SUM) released its 4Q sales metrics with some brief comments on the current environment; in the fourth quarter SUM had 139 new-sales and...

Forsyth Barr

Summerset Group: So Far So Good — Not Immune to Weak Market

Summerset (SUM) held a confident investor day in Auckland on Thursday, 8 December 2022 and we walk away with three main takeaways; (1) demand as...

Forsyth Barr

Summerset Group: 1H22 Result — What Housing Crash?

Summerset (SUM) reported a strong 1H22 result with record underlying earnings, up +9% from a strong 1H21, ahead of our and consensus expectations

Forsyth Barr

Summerset (SUM): 1H22 Result – Initial Impressions

Summerset has reported a solid 1H22 result with underlying profit of NZ$82.5m and annuity EBITDA of NZ$44.1m

Forsyth Barr

Summerset Group: 1H22 Preview — Focus on Costs and Outlook

Summerset reports its 1H22 result on 23 August 2022, the only aged care company that reports this earnings season and we expect it to impact...

Forsyth Barr

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