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>Tourism Holdings (THL) received a non-binding indicative offer from a consortium led by BGH Capital, offering NZ$2.30 per share, which represents a 57% premium to the previous closing price.</li><li>The THL board is expected to reject the offer as it undervalues both the company's asset and earnings potential.</li><li>BGH Capital has a history of increasing its initial bids for listed companies, suggesting a higher offer might be forthcoming.</li></ul>

Tourism Holdings (THL) received a non-binding indicative offer from a consortium led by BGH Capital, offering NZ$2.30 per share, which represents a 57% premium to the previous closing price.The THL board is expected to reject the offer as it undervalues both the company's asset and earnings potential.BGH Capital has a history of increasing its initial bids for listed companies, suggesting a higher offer might be forthcoming.

Tourism Holdings - Someone's Knocking on the Motorhome Door

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/taishin-financial-holding" target="_blank" data-smartkarma-citation="entities:715:1" rel="noopener">Taishin Financial (2887 TT)</a> is cheap to peers. <a href="https://www.smartkarma.com/entities/shin-kong-financial-holding" target="_blank" data-smartkarma-citation="entities:15351:1" rel="noopener">Shin Kong Financial (2888 TT)</a> is cheap vs Taishin. Long Shin Kong. Long Taishin vs Peers. Long Shin Kong vs Taishin Peers.</li>
<li>Abu Dhabi makes a big, bold bet on <a href="https://www.smartkarma.com/entities/santos-ltd" target="_blank" data-smartkarma-citation="entities:711:1" rel="noopener">Santos Ltd (STO AU)</a>. However FIRB will have the last word on whether the deal goes through. </li>
<li>If the results show NTT owns &gt;80% of <a href="https://www.smartkarma.com/entities/ntt-data-corp" target="_blank" data-smartkarma-citation="entities:11232:1" rel="noopener">NTT Data (9613 JP)</a>, buy a lot for a potential squeeze. If the results show NTT owns 68-70%, you can probably ignore. </li>
</ul>



Taishin Financial (2887 TT) is cheap to peers. Shin Kong Financial (2888 TT) is cheap vs Taishin. Long Shin Kong. Long Taishin vs Peers. Long Shin Kong vs Taishin Peers.
Abu Dhabi makes a big, bold bet on Santos Ltd (STO AU). However FIRB will have the last word on whether the deal goes through. 
If the results show NTT owns &gt;80% of NTT Data (9613 JP), buy a lot for a potential squeeze. If the results show NTT owns 68-70%, you can probably ignore. 


Last Week in Event SPACE: Shin Kong/Taishin, Santos, NTT Data, ENN Energy, Mitsui Matsushima

<ul>
<li>I tally 46 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.</li>
<li>Four new deal were discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/santos-ltd" target="_blank" data-smartkarma-citation="entities:711:1" rel="noopener">Santos Ltd (STO AU)</a>, <a href="https://www.smartkarma.com/entities/adriatic-metals-plc" target="_blank" data-smartkarma-citation="entities:30797:1" rel="noopener">Adriatic Metals PLC (ADT AU)</a>, <a href="https://www.smartkarma.com/entities/tourism-holdings-ltd" target="_blank" data-smartkarma-citation="entities:2787:1" rel="noopener">Tourism Holdings (THL NZ)</a>, and <a href="https://www.smartkarma.com/entities/carta-holdings-inc" target="_blank" data-smartkarma-citation="entities:9634:1" rel="noopener">Carta Holdings, Inc. (3688 JP)</a>.</li>
<li>Key updates/news took place on: <a href="https://www.smartkarma.com/entities/mayne-pharma-group-ltd" target="_blank" data-smartkarma-citation="entities:757:1" rel="noopener">Mayne Pharma (MYX AU)</a>, <a href="https://www.smartkarma.com/entities/pointsbet-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29102:1" rel="noopener">PointsBet Holdings (PBH AU)</a>, <a href="https://www.smartkarma.com/entities/new-world-resources-ltd" target="_blank" data-smartkarma-citation="entities:9712:1" rel="noopener">New World Resources (NWC AU)</a>, and <a href="https://www.smartkarma.com/entities/dickson-concepts-intl-ltd" target="_blank" data-smartkarma-citation="entities:5052:1" rel="noopener">Dickson Concepts Intl (113 HK)</a>.</li>
</ul>


I tally 46 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.
Four new deal were discussed on Smartkarma this week: Santos Ltd (STO AU), Adriatic Metals PLC (ADT AU), Tourism Holdings (THL NZ), and Carta Holdings, Inc. (3688 JP).
Key updates/news took place on: Mayne Pharma (MYX AU), PointsBet Holdings (PBH AU), New World Resources (NWC AU), and Dickson Concepts Intl (113 HK).


(Mostly) Asia-Pac M&A: Adriatic Metals, Carta, Mayne Pharma, PointsBet, Tourism Holdings

<ul>
<li>Dual-Listed <a href="https://www.smartkarma.com/entities/tourism-holdings-ltd" target="_blank" data-smartkarma-citation="entities:2787:1" rel="noopener">Tourism Holdings (THL NZ)</a>, the world's largest commercial recreation vehicle (RV) rental operator, announced this morning an unsolicited NBIO from a consortium comprising BGH Capital and the Trouchet family. </li>
<li>The consortium is offering, by way of a Scheme, NZ$2.30/share. THL traded higher thirteen months ago, before announcing a significant profit warning in May sent shares down 36%.</li>
<li>BGH, now holding 19.9% (including the Trouchet's family stake), is capitalising on a “sharp drop in interest for inbound travel to the US”, and "elevated cancellations of existing bookings".</li>
</ul>


Dual-Listed Tourism Holdings (THL NZ), the world's largest commercial recreation vehicle (RV) rental operator, announced this morning an unsolicited NBIO from a consortium comprising BGH Capital and the Trouchet family. 
The consortium is offering, by way of a Scheme, NZ$2.30/share. THL traded higher thirteen months ago, before announcing a significant profit warning in May sent shares down 36%.
BGH, now holding 19.9% (including the Trouchet's family stake), is capitalising on a “sharp drop in interest for inbound travel to the US”, and "elevated cancellations of existing bookings".


BGH Seeks To Steer Tourism Holdings (THL NZ) Out Of A Rut

<ul><li>Tourism Holdings' recent trading update leads to a material downgrade in near-term earnings expectations due to deteriorating vehicle sales demand, particularly in North America.</li><li>Despite lower earnings, management remains confident with banking covenants and notes no need for new equity, with THL trading at a ~30% discount to its net tangible asset value.</li><li>The company maintains an OUTPERFORM rating, though investors are advised to be patient.</li></ul>

Tourism Holdings' recent trading update leads to a material downgrade in near-term earnings expectations due to deteriorating vehicle sales demand, particularly in North America.Despite lower earnings, management remains confident with banking covenants and notes no need for new equity, with THL trading at a ~30% discount to its net tangible asset value.The company maintains an OUTPERFORM rating, though investors are advised to be patient.

New Zealand

Tourism Holdings Limited provides tourist services in New Zealand and Australia. The Company's services include campervan and motor homes, car rentals and coach services.  The Company also offers sightseeing tours, Antarctic tourist centers, boating tours and cave expeditions.

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Tourism Holdings (THL NZ)

Tourism Holdings - Someone's Knocking on the Motorhome Door

Tourism Holdings (THL) received a non-binding indicative offer from a consortium led by BGH Capital, offering NZ$2.30 per share, which represents a...

Forsyth Barr

Last Week in Event SPACE: Shin Kong/Taishin, Santos, NTT Data, ENN Energy, Mitsui Matsushima

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

(Mostly) Asia-Pac M&A: Adriatic Metals, Carta, Mayne Pharma, PointsBet, Tourism Holdings

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

BGH Seeks To Steer Tourism Holdings (THL NZ) Out Of A Rut

The Offer price is opportunistic. Covid, immigration, tariffs: there is never a dull moment. Trading at terms. This needs at least 10-15% from the...

David Blennerhassett

Tourism Holdings - Patience Is a Virtue

Tourism Holdings' recent trading update leads to a material downgrade in near-term earnings expectations due to deteriorating vehicle sales demand,...

Forsyth Barr

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