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>We reinstate coverage on Vulcan Steel (VSL) with a NEUTRAL rating and a NZ$9.00 12-month target price.</li><li>We estimate that the acquisition of Roofing Industries will be mid-single-digit accretive in FY26 on a standalone basis, despite our estimate that its EBITDA falls -25% on the prior year on a like-for-like basis.</li><li>The key green shoot in the FY25 result was volume, which was up slightly in 2H25 compared to 1H25, measured on a tonnes-per-day basis.</li></ul>

We reinstate coverage on Vulcan Steel (VSL) with a NEUTRAL rating and a NZ$9.00 12-month target price.We estimate that the acquisition of Roofing Industries will be mid-single-digit accretive in FY26 on a standalone basis, despite our estimate that its EBITDA falls -25% on the prior year on a like-for-like basis.The key green shoot in the FY25 result was volume, which was up slightly in 2H25 compared to 1H25, measured on a tonnes-per-day basis.

Vulcan Steel A Roof Over Its Head, Reinstate NEUTRAL

Equity Capital Markets

<ul><li>Vulcan Steel (VSL) reported its FY25 result and announced it has entered into a conditional agreement to acquire Roofing Industries Limited for NZ$88m.</li><li>VSL is seeking to raise A$87m (c.NZ$96m) of new equity through a 1-for-9 underwritten pro rata accelerated renounceable entitlement offer (AREO) to fund the acquisition.</li><li>The offer price is A$5.95, which is a -9.8% discount to the Monday, 26 August 2025 closing price of A$6.60 and a -9.0% discount to the theoretical ex-rights price (TERP) of A$6.53.</li></ul>

Vulcan Steel (VSL) reported its FY25 result and announced it has entered into a conditional agreement to acquire Roofing Industries Limited for NZ$88m.VSL is seeking to raise A$87m (c.NZ$96m) of new equity through a 1-for-9 underwritten pro rata accelerated renounceable entitlement offer (AREO) to fund the acquisition.The offer price is A$5.95, which is a -9.8% discount to the Monday, 26 August 2025 closing price of A$6.60 and a -9.0% discount to the theoretical ex-rights price (TERP) of A$6.53.

Vulcan Steel FY25 Result and Roofing Industries Acquisition

<ul><li>We upgrade our rating on Vulcan Steel (VSL) from NEUTRAL to OUTPERFORM.</li><li>While expectations of a cyclical recovery continue to be pushed out, the downgrade cycle has largely run its course.</li><li>FY26 will be a year of two halves, with a pick-up expected in the back end.</li></ul>

We upgrade our rating on Vulcan Steel (VSL) from NEUTRAL to OUTPERFORM.While expectations of a cyclical recovery continue to be pushed out, the downgrade cycle has largely run its course.FY26 will be a year of two halves, with a pick-up expected in the back end.

Vulcan Steel -  At The Trough, Up To OUTPERFORM

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Jul 11th (reported today). The aggregated short interest was USD25.3bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Santos, Northern Star Resources, Technology One, Orora.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Jul 11th (reported today). The aggregated short interest was USD25.3bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Santos, Northern Star Resources, Technology One, Orora.


ASX Short Interest Weekly (Jul 11th): Santos, Northern Star Resources, Technology One, Orora

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Jun 20th (reported today). The aggregated short interest was USD25.9bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Sigma Pharmaceuticals, Brambles, Cochlear, Yancoal Australia, Evolution Mining, BHP, National Australia Bank, Westpac.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Jun 20th (reported today). The aggregated short interest was USD25.9bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Sigma Pharmaceuticals, Brambles, Cochlear, Yancoal Australia, Evolution Mining, BHP, National Australia Bank, Westpac.


ASX Short Interest Weekly (Jun 20th): Sigma Pharmaceuticals, Brambles, Cochlear, Yancoal Australia

Australia

Vulcan Steel Ltd operates as a metals distributing and processing company. The Company offers stainless and engineering steel products. Vulcan Steel serves customers in Australia and New Zealand.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Vulcan Steel (VSL AU)

Vulcan Steel A Roof Over Its Head, Reinstate NEUTRAL

The key green shoot in the FY25 result was volume, which was up slightly in 2H25 compared to 1H25, measured on a tonnes-per-day basis.

Forsyth Barr

Vulcan Steel FY25 Result and Roofing Industries Acquisition

Vulcan Steel (VSL) reported its FY25 result and announced it has entered into a conditional agreement to acquire Roofing Industries Limited for...

Forsyth Barr

Vulcan Steel - At The Trough, Up To OUTPERFORM

We upgrade our rating on Vulcan Steel (VSL) from NEUTRAL to OUTPERFORM.While expectations of a cyclical recovery continue to be pushed out, the...

Forsyth Barr

ASX Short Interest Weekly (Jul 11th): Santos, Northern Star Resources, Technology One, Orora

We analyzed ASX short interest report for the past week and highlight short interest changes in Santos, Northern Star Resources, Technology One,...

Ke Yan, CFA, FRM

ASX Short Interest Weekly (Jun 20th): Sigma Pharmaceuticals, Brambles, Cochlear, Yancoal Australia

We analyzed ASX short interest report for the past week and highlight short interest changes in Sigma Pharmaceuticals (SIG AU), Brambles (BXB AU),...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)