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>The good: There were some bright spots in OCA's FY23 result</li><li>The bad: Both resales and new sales were substantially down versus FY22, with resales particularly disappointing given the strong 1H23.</li><li>The ugly: Our main disappointment with the result relates to the hard to explain weak care and village DMF.</li></ul>

The good: There were some bright spots in OCA's FY23 resultThe bad: Both resales and new sales were substantially down versus FY22, with resales particularly disappointing given the strong 1H23.The ugly: Our main disappointment with the result relates to the hard to explain weak care and village DMF.

Oceania Healthcare: FY23 — Turnaround Delayed but Not Cancelled