New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

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.

Equity Bottom-Up

Genesis Energy Ltd. generates, transports, and retails electricity. The Company owns and operates hydroelectric generating stations to produce electricity, as well as explores natural gas and bottled liquefied petroleum gas.

<ul><li>At the last investor meeting of Genesis Energy’s Tongariro hydro scheme tour, it revealed it has been successful in altering its Lake Takapō consents, such that it expects to generate an additional +60GWh (+6%) per annum.</li><li>The additional generation lifts our EBITDAF forecast by ~+NZ$8m per annum.</li><li>We lift our target price by +7cps (+2.7%) to NZ$2.62.</li></ul>

At the last investor meeting of Genesis Energy’s Tongariro hydro scheme tour, it revealed it has been successful in altering its Lake Takapō consents, such that it expects to generate an additional +60GWh (+6%) per annum.The additional generation lifts our EBITDAF forecast by ~+NZ$8m per annum.We lift our target price by +7cps (+2.7%) to NZ$2.62.

Genesis Energy Consented For Higher Hydro

<ul><li>Genesis Energy’s (GNE) investor day was long on options but short on targets, reflecting the current state of the fuel market.</li><li>While GNE provided no long-term targets, its medium-term FY28 earnings goal and dividend path remain unchanged.</li><li>To achieve its goals, GNE needs capital.</li></ul>

Genesis Energy’s (GNE) investor day was long on options but short on targets, reflecting the current state of the fuel market.While GNE provided no long-term targets, its medium-term FY28 earnings goal and dividend path remain unchanged.To achieve its goals, GNE needs capital.

Genesis Energy Long Options, Short Targets—2025 IR Day

Ryman Healthcare Limited provides private health care services through its development, management and operation of retirement villages, nursing homes and geriatric hospitals.  The Company's facilities are located in Christchurch, Dunedin, Invercargill and Wellington.

<ul><li>Ryman Healthcare (RYM) delivered a solid 1H26 result.</li><li>The key positives from the result were: (1) gross opex was held largely flat for the fourth consecutive half-year period; (2) cost-out guidance for FY26 was upgraded; and (3) NZ$110m of landbank divestments have now been contracted.</li><li>Free cashflow was positive for the first time in more than a decade at NZ$56.2m, underpinned by strong development cashflow as RYM winds back unit deliveries.</li></ul>

Ryman Healthcare (RYM) delivered a solid 1H26 result.The key positives from the result were: (1) gross opex was held largely flat for the fourth consecutive half-year period; (2) cost-out guidance for FY26 was upgraded; and (3) NZ$110m of landbank divestments have now been contracted.Free cashflow was positive for the first time in more than a decade at NZ$56.2m, underpinned by strong development cashflow as RYM winds back unit deliveries.

Stride Stapled Group operates as a real estate investment company. The Company invests in a portfolio of places with enduring demand, as well as acquires retail properties. Stride Stapled conducts business in New Zealand.

<ul><li>Stride (SPG) reported 1H26 distributable profit flat on 1H25 and +2% ahead of our estimates, though higher maintenance capex and tenant incentives led to a -4% miss at the AFFO line.</li><li>The key positives were: (1) base management fees are growing steadily and activity fees are recovering from cyclical lows; (2) co-investment dividend income has lifted and the growth outlook is solid, particularly in Industre; and (3) the sale of Silverdale into Industre has improved the pro-forma balance-sheet position.</li><li>The balance-sheet portfolio remains an issue, but SPG is investing in its office assets to address vacancy, and leasing momentum has improved in recent months.</li></ul>

Stride (SPG) reported 1H26 distributable profit flat on 1H25 and +2% ahead of our estimates, though higher maintenance capex and tenant incentives led to a -4% miss at the AFFO line.The key positives were: (1) base management fees are growing steadily and activity fees are recovering from cyclical lows; (2) co-investment dividend income has lifted and the growth outlook is solid, particularly in Industre; and (3) the sale of Silverdale into Industre has improved the pro-forma balance-sheet position.The balance-sheet portfolio remains an issue, but SPG is investing in its office assets to address vacancy, and leasing momentum has improved in recent months.

Stride Property - 1H26 Result—Steps In The Right Direction

Fisher & Paykel Healthcare Corp / Equity Bottom-Up

Fisher & Paykel Healthcare Corporation Limited designs, manufactures and markets heated humidification products and systems for use in respiratory care and the treatment of sleep apnea.  The Company also offers patient warming and neonatal care products, including warming products and infant resuscitators.

<ul><li>F&amp;P Healthcare’s (FPH) 1H26 result was strong across the board.</li><li>FPH lifted revenue and NPAT guidance (top end implies ~+5% consensus NPAT upgrades).</li><li>FPH trades on ~45x 12-month forward PE versus its 10-year average of ~40x, and is at a record premium to high-quality global peers.</li></ul>

F&amp;P Healthcare’s (FPH) 1H26 result was strong across the board.FPH lifted revenue and NPAT guidance (top end implies ~+5% consensus NPAT upgrades).FPH trades on ~45x 12-month forward PE versus its 10-year average of ~40x, and is at a record premium to high-quality global peers.

F&P Healthcare 1H26 Result—Hardware Heft

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.