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

Equity Bottom-Up

<ul><li>Cash recovery of capex — new disclosure sheds light on the difficulties of recycling cash</li><li>Resales margins to remain higher for longer; new sales margins getting squeezed from both sides</li><li>Care suite model working well for ARV — but a slow burn to offset the lower for longer care profitability</li></ul>

Cash recovery of capex — new disclosure sheds light on the difficulties of recycling cashResales margins to remain higher for longer; new sales margins getting squeezed from both sidesCare suite model working well for ARV — but a slow burn to offset the lower for longer care profitability

Arvida Group: FY23 Result — Solid but Subdued