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.

Thematic (Sector/Industry)

<ul><li>The listed property sector continued its soft year with August down -1.1%, taking year-to-date performance to -7.3%.</li><li>August reporting season was largely as expected; solid occupancy, underlying rent growth, and slightly lower interest costs supported earnings growth.</li><li>We continue to view the sector as attractive trading at a discount to the book value of assets and replacement cost and offering a strong tax-efficient yield when compared to other dividend-focused sectors and fixed-income alternatives.</li></ul>

The listed property sector continued its soft year with August down -1.1%, taking year-to-date performance to -7.3%.August reporting season was largely as expected; solid occupancy, underlying rent growth, and slightly lower interest costs supported earnings growth.We continue to view the sector as attractive trading at a discount to the book value of assets and replacement cost and offering a strong tax-efficient yield when compared to other dividend-focused sectors and fixed-income alternatives.

Real Estate Reflections Rates Weighing on the Sector

Equity Bottom-Up

<ul><li>We upgrade Winton (WIN) to OUTPERFORM following approval of its Sunfield project in Auckland.</li><li>We have made minor adjustments to our forecasts but lift our 12-month target price to NZ$2.75.</li><li>While the approval unlocks significant value, the market may await confirmation of industrial/town centre land sales and/or significant early residential pre-sales to rerate the stock.</li></ul>

We upgrade Winton (WIN) to OUTPERFORM following approval of its Sunfield project in Auckland.We have made minor adjustments to our forecasts but lift our 12-month target price to NZ$2.75.While the approval unlocks significant value, the market may await confirmation of industrial/town centre land sales and/or significant early residential pre-sales to rerate the stock.

Winton Land The Sun Rises—Upgrade to OUTPERFORM

<ul><li>Winton Land (WIN) has had a slow start to the year and was loss-making in 1H26.</li><li>The most significant recent newsflow is draft Fast Track approval of Sunfield, WIN’s largest residential project to date.</li><li>Sunfield has received draft approval under its Fast-track application, and the final decision is likely in March.</li></ul>

Winton Land (WIN) has had a slow start to the year and was loss-making in 1H26.The most significant recent newsflow is draft Fast Track approval of Sunfield, WIN’s largest residential project to date.Sunfield has received draft approval under its Fast-track application, and the final decision is likely in March.

Winton Land Soft 1H26, Sunnier Fields on the Horizon

<ul><li>The listed property sector had a second consecutive positive month in June as Middle East tensions and inflation pressures eased.</li><li>However, it has still been a first half to forget, with the sector underperforming the wider market by <em>c.</em>5%.</li><li>Sector valuations remain attractive, trading on a -21% discount to NTA and an 8.2% gross yield.</li></ul>

The listed property sector had a second consecutive positive month in June as Middle East tensions and inflation pressures eased.However, it has still been a first half to forget, with the sector underperforming the wider market by c.5%.Sector valuations remain attractive, trading on a -21% discount to NTA and an 8.2% gross yield.

Real Estate Reflections: A First Half to Forget

<ul><li>The listed property sector had a small bounce back in May, gaining +2.5% through the month.</li><li>Portfolios remained largely robust, but vacancy lifted in industrial.</li><li>Despite recent volatility, we continue to view property as attractive given its predictable earnings and undemanding valuation metrics.</li></ul>

The listed property sector had a small bounce back in May, gaining +2.5% through the month.Portfolios remained largely robust, but vacancy lifted in industrial.Despite recent volatility, we continue to view property as attractive given its predictable earnings and undemanding valuation metrics.

New Zealand

Winton Land Limited operates as a real estate company. The Company develops resident lots, dwellings, apartments, and retirement units. Winton Land serves customers in New Zealand.

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Winton Land Ltd (WIN NZ)

Real Estate Reflections Rates Weighing on the Sector

The listed property sector continued its soft year with August down -1.1%, taking year-to-date performance to -7.3%. August reporting season was...

Forsyth Barr

Winton Land The Sun Rises—Upgrade to OUTPERFORM

We upgrade Winton (WIN) to OUTPERFORM following approval of its Sunfield project in Auckland.We have made minor adjustments to our forecasts but...

Forsyth Barr

Winton Land Soft 1H26, Sunnier Fields on the Horizon

Winton Land (WIN) has had a slow start to the year and was loss-making in 1H26.The most significant recent newsflow is draft Fast Track approval of...

Forsyth Barr

Real Estate Reflections: A First Half to Forget

The listed property sector had a second consecutive positive month in June as Middle East tensions and inflation pressures eased. However, it has...

Forsyth Barr

Real Estate Reflections Turning The Tide

The listed property sector had a small bounce back in May, gaining +2.5% through the month. Portfolios remained largely robust, but vacancy lifted...

Forsyth Barr

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