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>Oceania Healthcare's (OCA) ongoing portfolio transformation is yet to deliver meaningful improvements in annuity earnings or cash generation, despite significant growth in its total asset base.</li><li>OCA has laid the groundwork to lead the sector in generating sustainable free cash flow from operations.</li><li>We continue to see upside and we reiterate our OUTPERFORM rating with an increased target price of NZ$1.00.</li></ul>

Oceania Healthcare's (OCA) ongoing portfolio transformation is yet to deliver meaningful improvements in annuity earnings or cash generation, despite significant growth in its total asset base.OCA has laid the groundwork to lead the sector in generating sustainable free cash flow from operations.We continue to see upside and we reiterate our OUTPERFORM rating with an increased target price of NZ$1.00.

Oceania Healthcare Finding the Suite Spot