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>Four NZ-listed retailers report in September against a backdrop that has deteriorated since the positive start to 2026.</li><li>The August ASX reporting season reinforced that the NZ retail recovery remains patchy, but not entirely bleak, with some operators (notably JB Hi-Fi) delivering strong growth in a challenged market.</li><li>Quality of execution has become more important over recent months, and our preference heading into reporting season is for quality operators—with strong balance sheets (Hallenstein Glassons [HLG]).</li></ul>

Four NZ-listed retailers report in September against a backdrop that has deteriorated since the positive start to 2026.The August ASX reporting season reinforced that the NZ retail recovery remains patchy, but not entirely bleak, with some operators (notably JB Hi-Fi) delivering strong growth in a challenged market.Quality of execution has become more important over recent months, and our preference heading into reporting season is for quality operators—with strong balance sheets (Hallenstein Glassons [HLG]).

Retail Sector: Checking Out Reporting Season

<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 c.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>We reinstate our rating on Investor (IPL) at NEUTRAL, with a 12-month target price of NZ$1.30.</li><li>Whilst lower interest rates have improved the liquidity of non-core assets, IPL will likely want to match any significant divestments with acquisitions to minimise earnings dilution.</li><li>We think IPL’s attractive yield (7.6% gross yield for a 33% taxpayer), underpinned by the non-discretionary nature of its tenant base, will find favour with investors looking for safe income in a lower-interest-rate environment.</li></ul>

We reinstate our rating on Investor (IPL) at NEUTRAL, with a 12-month target price of NZ$1.30.Whilst lower interest rates have improved the liquidity of non-core assets, IPL will likely want to match any significant divestments with acquisitions to minimise earnings dilution.We think IPL’s attractive yield (7.6% gross yield for a 33% taxpayer), underpinned by the non-discretionary nature of its tenant base, will find favour with investors looking for safe income in a lower-interest-rate environment.

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.

Equity Bottom-Up

<ul><li>Woolworths (WOW) was established in 1924 in Sydney Australia and today through its 1,693 points of presence in Australia and NZ, is a leading supplier of food and everyday needs with complementary investments in Foodservice and Digital marketing.</li><li>Since FY20 WOW has generated CAGR earnings growth of +7.9% p.a. while paying out 80% of cumulative profits in ordinary dividends lifting to 87% with inclusion of special (vs. a target of 70-75%).</li><li>Looking forward we anticipate FY25e to be a year of consolidation, with headwinds in discretionary categories (Big W and B2B Australia) mitigated by a continued shift in Australian food consumption to in-home channels. </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.

Woolworths (WOW) was established in 1924 in Sydney Australia and today through its 1,693 points of presence in Australia and NZ, is a leading supplier of food and everyday needs with complementary investments in Foodservice and Digital marketing.Since FY20 WOW has generated CAGR earnings growth of +7.9% p.a. while paying out 80% of cumulative profits in ordinary dividends lifting to 87% with inclusion of special (vs. a target of 70-75%).Looking forward we anticipate FY25e to be a year of consolidation, with headwinds in discretionary categories (Big W and B2B Australia) mitigated by a continued shift in Australian food consumption to in-home channels. 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.

Woolworths Group (WOW): A Year of Consolidation

Australia

Woolworths Limited operates supermarkets, specialty and discount department stores, liquor and electronics stores throughout Australia.  Woolworths also manufactures processed foods, exports and wholesales food and offers petrol retailing.  The Company also operates hotels which includes pubs, food, accommodation, and gaming operations.

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Woolworths Ltd (WOW AU)

Retail Sector: Checking Out Reporting Season

Four NZ-listed retailers report in September against a backdrop that has deteriorated since the positive start to 2026. The August ASX reporting...

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

Investore Time to Get Moving

Whilst lower interest rates have improved the liquidity of non-core assets, IPL will likely want to match any significant divestments with...

Forsyth Barr

Woolworths Group (WOW): A Year of Consolidation

Since FY20 WOW has generated CAGR earnings growth of +7.9% p.a. while paying out 80% of cumulative profits in ordinary dividends lifting to 87%...

Bell Potter

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