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>Sector performance was mixed over the last three months.</li><li>Tower (TWR) delivered a +4% total return, lagging QBE (+17%), but outperforming both SUN (+1%) and IAG (-3%).</li><li>We lift our TWR target price +2% to NZ$2.40, primarily reflecting a +5% uplift in peer comparable valuations since February, with peers now trading at a median 12-month forward PE of 14.8x.</li></ul>

Sector performance was mixed over the last three months.Tower (TWR) delivered a +4% total return, lagging QBE (+17%), but outperforming both SUN (+1%) and IAG (-3%).We lift our TWR target price +2% to NZ$2.40, primarily reflecting a +5% uplift in peer comparable valuations since February, with peers now trading at a median 12-month forward PE of 14.8x.

フォーサイス・バー総合保険ダイジェスト第15版―通常の季節変動による収益

Tower Ltd

フォーサイス・バー総合保険ダイジェスト第15版―通常の季節変動による収益