New Zealand Professional Investment Services Firm

Forsyth Barr

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.

New Zealand Professional Investment Services Firm, Forsyth Barr

Thematic (Sector/Industry)

New zealand Health care / Thematic (Sector/Industry)

<ul><li>Covenants are not created equal; we do not forecast any breaches, and if it gets close, we expect leniency from the banks</li><li>Level of debt likely a key driver of performance over next 18 months — OCA and RYM best positioned</li><li>In theory an inflationary environment should be good news for aged care stocks</li></ul>

Covenants are not created equal; we do not forecast any breaches, and if it gets close, we expect leniency from the banksLevel of debt likely a key driver of performance over next 18 months — OCA and RYM best positionedIn theory an inflationary environment should be good news for aged care stocks

Aged Care Sector: Tide Is Going Out; Debt Coming to the Surface