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

<ul><li>Asset Plus's year-end valuation update of its sole asset, Munroe Lane, shows an -8% decline, reflecting continued vacancy, lower market rents, and cap rate expansion.</li><li>The company is expected to restart dividends due to net cash and no need for additional capital accumulation, with an expected FY25 result announcement on 27 May.</li><li>Our range of wind-up values for Asset Plus is NZ22cps–NZ29cps, depending on the sale price of Munroe Lane and assumed wind-up costs.</li></ul>

Asset Plus's year-end valuation update of its sole asset, Munroe Lane, shows an -8% decline, reflecting continued vacancy, lower market rents, and cap rate expansion.The company is expected to restart dividends due to net cash and no need for additional capital accumulation, with an expected FY25 result announcement on 27 May.Our range of wind-up values for Asset Plus is NZ22cps–NZ29cps, depending on the sale price of Munroe Lane and assumed wind-up costs.

Asset Plus - Still Waiting for the Wind Up

<ul><li>Asset Plus (APL) reported a small 1H25 loss, however, the result itself is largely irrelevant, with the market's focus firmly on the sale of APL's final asset (Munroe Lane) and the return of capital. </li><li>The final milestone is the sale of Munroe Lane, which will dictate the size of the capital return.</li><li>Our scenarios suggest between NZ28–35cps (pre-special dividend) should be achievable. </li></ul>

Asset Plus (APL) reported a small 1H25 loss, however, the result itself is largely irrelevant, with the market's focus firmly on the sale of APL's final asset (Munroe Lane) and the return of capital. The final milestone is the sale of Munroe Lane, which will dictate the size of the capital return.Our scenarios suggest between NZ28–35cps (pre-special dividend) should be achievable. 

Asset Plus - 1H25: Waiting for the Wind Up

<ul><li>Asset Plus (APL) has announced it will pay a NZ5 cents per share special dividend in early December, following the settlement of Graham Street.</li><li>This is positive news for shareholders, and indicates that APL is likely heading down the wind-up/capital return path, as opposed to the portfolio pivot/reinvestment alternative.</li><li>The next key milestone is the sale of Munroe Lane, APL's final asset, which will dictate the size of the capital return. </li></ul>

Asset Plus (APL) has announced it will pay a NZ5 cents per share special dividend in early December, following the settlement of Graham Street.This is positive news for shareholders, and indicates that APL is likely heading down the wind-up/capital return path, as opposed to the portfolio pivot/reinvestment alternative.The next key milestone is the sale of Munroe Lane, APL's final asset, which will dictate the size of the capital return. 

<ul><li>Asset Plus (APL) reported a small FY24 loss, however, the result itself is largely irrelevant, with the market's focus firmly on the sale of APL's final asset, Munroe Lane, and the potential for capital return.</li><li>Leasing at Munroe Lane continues to prove challenging and APL wishes to lease up before selling down the asset.</li><li>While APL is keeping its options open, we believe a capital return offers the best outcome for shareholders, with our range of potential net realisable value +40% to 74% above the current share price. </li></ul>

Asset Plus (APL) reported a small FY24 loss, however, the result itself is largely irrelevant, with the market's focus firmly on the sale of APL's final asset, Munroe Lane, and the potential for capital return.Leasing at Munroe Lane continues to prove challenging and APL wishes to lease up before selling down the asset.While APL is keeping its options open, we believe a capital return offers the best outcome for shareholders, with our range of potential net realisable value +40% to 74% above the current share price. 

Asset Plus - FY24 Result — Still in Its Lane

Thematic (Sector/Industry)

<ul><li>The Property sector accounts for around 37% of global carbon dioxide emissions, with variations in sustainability progress across New Zealand's listed property companies.</li><li>Disclosures broadly meet regulatory requirements but often lack a clear narrative on how climate risks and opportunities may affect future outlooks.</li><li>Greenhouse gas inventories reflect the maturity of reporting practices more than climate transition risks, with inconsistencies in Scope 3 emissions reporting.</li></ul>

The Property sector accounts for around 37% of global carbon dioxide emissions, with variations in sustainability progress across New Zealand's listed property companies.Disclosures broadly meet regulatory requirements but often lack a clear narrative on how climate risks and opportunities may affect future outlooks.Greenhouse gas inventories reflect the maturity of reporting practices more than climate transition risks, with inconsistencies in Scope 3 emissions reporting.

Insights from Climate Disclosures Property Sector

New Zealand

Asset Plus Limited carries on the business of a property company that invests in and manages commercial, industrial and retail properties. The Company's investment property portfolio consists of retail, commercial, and industrial properties located in New Zealand.

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Asset Plus (APL NZ)

Asset Plus - Still Waiting for the Wind Up

Asset Plus's year-end valuation update of its sole asset, Munroe Lane, shows an -8% decline, reflecting continued vacancy, lower market rents, and...

Forsyth Barr

Asset Plus - 1H25: Waiting for the Wind Up

Asset Plus (APL) reported a small 1H25 loss, however, the result itself is largely irrelevant, with the market's focus firmly on the sale...

Forsyth Barr

Asset Plus - Show Me the Money

Asset Plus (APL) has announced it will pay a NZ5 cents per share special dividend in early December, following the settlement of Graham Street.

Forsyth Barr

Asset Plus - FY24 Result — Still in Its Lane

While APL is keeping its options open, we believe a capital return offers the best outcome for shareholders, with our range of potential net...

Forsyth Barr

Insights from Climate Disclosures Property Sector

The Property sector accounts for around 37% of global carbon dioxide emissions, with variations in sustainability progress across New Zealand's...

Forsyth Barr

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