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 (OCA) reported a mixed FY23 result which included some clear positives and some clear negatives</li><li>On the positive side, record high new sales margins and pricing were a standout, demonstrating that the product that OCA is bringing to market can fetch premium pricing.</li><li>But it was not all good news.  The all-important care premium revenues were substantially below our estimates, as was traditional care revenues which only grew +2% sequentially, compared to RYM’s +7%.</li></ul>

Oceania Healthcare (OCA) reported a mixed FY23 result which included some clear positives and some clear negativesOn the positive side, record high new sales margins and pricing were a standout, demonstrating that the product that OCA is bringing to market can fetch premium pricing.But it was not all good news.  The all-important care premium revenues were substantially below our estimates, as was traditional care revenues which only grew +2% sequentially, compared to RYM’s +7%.

Oceania Healthcare (OCA): FY23 Result – First Impressions