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

Summerset Group Holdings / Equity Bottom-Up

<ul><li>Summerset (SUM) held a confident investor day focused on its flagship St Johns village, new designs, Australia, and sales.</li><li>In conjunction with its investor day, it announced four land acquisitions, all in New Zealand, and included a visit to what we suspect will be a future flagship broadacre development in Belmont, Auckland.</li><li>The Belmont land parcel will be paid for in part by issuing ~1% of new shares to the vendor, an innovative and sensible funding solution.</li></ul>

Summerset (SUM) held a confident investor day focused on its flagship St Johns village, new designs, Australia, and sales.In conjunction with its investor day, it announced four land acquisitions, all in New Zealand, and included a visit to what we suspect will be a future flagship broadacre development in Belmont, Auckland.The Belmont land parcel will be paid for in part by issuing ~1% of new shares to the vendor, an innovative and sensible funding solution.

Summerset Group - St Johns to Deliver Balance Sheet Salvation?

External broker reports(aggregated public sources), Bell Potter Securities

Bell Potter

External broker reports(aggregated public sources)

Bell Potter Securities

Bell Potter Securities is a leading Australian stockbroking, investment and financial advisory firm that provides a comprehensive offering of financial services to individuals, institutions and corporations. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>SUM announced its 1H24 result with underlying profit of NZ$89.9m, at the top end of the guidance range (NZ$87-$90m), slightly ahead of both BPe (+1.6%) and VA consensus (+1.2%).</li><li>No full year profit guidance, but equally no change to SUM’s target for 675-725 new homes under ORA in CY24.</li><li>Key takeouts include: Deploying capital into new sites – SUM has acquired a new site at Mission Hills, Napier for c.300 units (pricing undisclosed) which is ‘shovel ready’ and where it has market visibility as its 5th village in the Hawke’s Bay region.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SUM announced its 1H24 result with underlying profit of NZ$89.9m, at the top end of the guidance range (NZ$87-$90m), slightly ahead of both BPe (+1.6%) and VA consensus (+1.2%).No full year profit guidance, but equally no change to SUM’s target for 675-725 new homes under ORA in CY24.Key takeouts include: Deploying capital into new sites – SUM has acquired a new site at Mission Hills, Napier for c.300 units (pricing undisclosed) which is ‘shovel ready’ and where it has market visibility as its 5th village in the Hawke’s Bay region.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Summerset Group (SUM.NZ): SUM Still yet to Shine Recommendation

<ul><li>SUM announced its 1H24 result with underlying profit of NZ$89.9m, at the top end of the guidance range (NZ$87-$90m), slightly ahead of both BPe (+1.6%) and VA consensus (+1.2%).</li><li>No full year profit guidance, but equally no change to SUM’s target for 675-725 new homes under ORA in CY24.</li><li>Key takeouts include: (1) Deploying capital into new sites – SUM has acquired a new site at Mission Hills, Napier for c.300 units (pricing undisclosed) which is ‘shovel ready’ and where it has market visibility as its 5th village in the Hawke’s Bay region. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SUM announced its 1H24 result with underlying profit of NZ$89.9m, at the top end of the guidance range (NZ$87-$90m), slightly ahead of both BPe (+1.6%) and VA consensus (+1.2%).No full year profit guidance, but equally no change to SUM’s target for 675-725 new homes under ORA in CY24.Key takeouts include: (1) Deploying capital into new sites – SUM has acquired a new site at Mission Hills, Napier for c.300 units (pricing undisclosed) which is ‘shovel ready’ and where it has market visibility as its 5th village in the Hawke’s Bay region. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Summerset Group (SUM.NZ): SUM Still yet to Shine

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/arvida-group-ltd" target="_blank" data-smartkarma-citation="entities:14485:1" rel="noopener">Arvida (ARV NZ)</a> IE considers Stonepeak’s NZ$1.70 offer fair and reasonable as it is within the NZ$1.63 to A$1.94 valuation range. </li>
<li>The transaction will require OIO approval, statutory supervisors' consent and shareholder approval. The <a href="https://www.smartkarma.com/entities/metlifecare-ltd" target="_blank" data-smartkarma-citation="entities:19219:1" rel="noopener">Metlifecare Ltd (MET NZ)</a> precedent suggests that the OIO and statutory supervisor should be forthcoming.</li>
<li>The offer is attractive and recent changes in substantial shareholders are benign. At the last close and for the 13 November payment, the gross/annualised spread was 3.0%/15.2%. </li>
</ul>


The Arvida (ARV NZ) IE considers Stonepeak’s NZ$1.70 offer fair and reasonable as it is within the NZ$1.63 to A$1.94 valuation range. 
The transaction will require OIO approval, statutory supervisors' consent and shareholder approval. The Metlifecare Ltd (MET NZ) precedent suggests that the OIO and statutory supervisor should be forthcoming.
The offer is attractive and recent changes in substantial shareholders are benign. At the last close and for the 13 November payment, the gross/annualised spread was 3.0%/15.2%. 


Arvida Group (ARV NZ): Scheme Vote on 25 September

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Back on the 22 July, <a href="https://www.smartkarma.com/entities/arvida-group-ltd" target="_blank" data-smartkarma-citation="entities:14485:1" rel="noopener">Arvida (ARV NZ)</a>, a leading retirement living and aged care provider, announced a Scheme from Stonepeak at NZ$1.70/share, in cash, a 65% premium to undisturbed.</li>
<li>
The Scheme Booklet is now <a href="https://www.arvida.co.nz/images/assets/38796/1/scheme+booklet.pdf" target="_blank" rel="noopener">out</a>, with a Scheme Meeting to be held on the 25th September. Expected implementation on the 13th November.</li>
<li>
The Scheme Consideration of NZ$1.70/share is within the Independent Adviser’s valuation range at NZ$1.63 to NZ$1.94/share. Arvida's directors unanimously recommend shareholders to vote in favour of the Scheme.</li>
</ul>


Back on the 22 July, Arvida (ARV NZ), a leading retirement living and aged care provider, announced a Scheme from Stonepeak at NZ$1.70/share, in cash, a 65% premium to undisturbed.

The Scheme Booklet is now out, with a Scheme Meeting to be held on the 25th September. Expected implementation on the 13th November.

The Scheme Consideration of NZ$1.70/share is within the Independent Adviser’s valuation range at NZ$1.63 to NZ$1.94/share. Arvida's directors unanimously recommend shareholders to vote in favour of the Scheme.


Arvida (ARV NZ): 25th Sept Vote On Stonepeak's Offer

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 Group - St Johns to Deliver Balance Sheet Salvation?

Summerset (SUM) held a confident investor day focused on its flagship St Johns village, new designs, Australia, and sales. In conjunction with its...

Forsyth Barr

Summerset Group (SUM.NZ): SUM Still yet to Shine Recommendation

SUM announced its 1H24 result with underlying profit of NZ$89.9m, at the top end of the guidance range (NZ$87-$90m), slightly ahead of both BPe...

Bell Potter

Summerset Group (SUM.NZ): SUM Still yet to Shine

SUM announced its 1H24 result with underlying profit of NZ$89.9m, at the top end of the guidance range (NZ$87-$90m), slightly ahead of both BPe...

Bell Potter

Arvida Group (ARV NZ): Scheme Vote on 25 September

The offer is attractive and recent changes in substantial shareholders are benign. At the last close and for the 13 November payment, the gross...

Arun George

Arvida (ARV NZ): 25th Sept Vote On Stonepeak's Offer

Trading at a gross/annualised spread of 3.0%/15.4%.That's reasonable. Do run a ruler over other Kiwi retirement village plays such as Ryman...

David Blennerhassett

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