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.

Thematic (Sector/Industry)

<ul><li>September quarter ready-mix concrete (RMC) production highlighted that while NZ construction activity is still robust there are signs of slowing, particularly in Auckland</li><li>Underlying Q3 volumes dragged down by Auckland slowdown </li><li>Construction pipelines still looking solid</li></ul>

September quarter ready-mix concrete (RMC) production highlighted that while NZ construction activity is still robust there are signs of slowing, particularly in AucklandUnderlying Q3 volumes dragged down by Auckland slowdown Construction pipelines still looking solid

Building Sector: Ready-Mix Concrete — Solid For Now

Equity Bottom-Up

<ul><li>Fletcher Building (FBU) slightly lifted it FY23 earnings guidance at its annual shareholder meeting (ASM).</li><li>Trading comments highlighted demand has remained broadly in line with 2H22 run rates and forward indicators suggest volumes will remain at current levels over the balance of FY23</li><li>FBU continues to trade on undemanding valuation metrics with a 12 month forward P/E of 8.2x</li></ul>

Fletcher Building (FBU) slightly lifted it FY23 earnings guidance at its annual shareholder meeting (ASM).Trading comments highlighted demand has remained broadly in line with 2H22 run rates and forward indicators suggest volumes will remain at current levels over the balance of FY23FBU continues to trade on undemanding valuation metrics with a 12 month forward P/E of 8.2x

<ul><li>Fletcher Building (FBU) has provided a trading update and modestly lifted its FY23 earnings guidance at its Annual General Meeting today</li><li>FBU’s guidance for FY23 EBIT is now “NZ$855m or better” vs. Visible Alpha consensus of NZ$841m and our estimate of NZ$839m</li><li>Group earnings and cash flow are expected to be weighted to the second half partly reflecting settlement timing in the residential division</li></ul>

Fletcher Building (FBU) has provided a trading update and modestly lifted its FY23 earnings guidance at its Annual General Meeting todayFBU’s guidance for FY23 EBIT is now “NZ$855m or better” vs. Visible Alpha consensus of NZ$841m and our estimate of NZ$839mGroup earnings and cash flow are expected to be weighted to the second half partly reflecting settlement timing in the residential division

Fletcher Building (FBU.NZ): AGM Trading Update - FY23 Tracking to Plan

<ul><li>New Zealand: Solid 1Q for Vulcan Steel; Construction costs still rising; Fletcher Building launches low CO2 cement</li><li>Australia: Stockland residential sales rates decline; Weather and inflation hit Adbri</li><li>International: China’s building season – a flop so far; Chinese banks pledge enhanced support for economy as Xi calls for growth</li></ul>

New Zealand: Solid 1Q for Vulcan Steel; Construction costs still rising; Fletcher Building launches low CO2 cementAustralia: Stockland residential sales rates decline; Weather and inflation hit AdbriInternational: China’s building season – a flop so far; Chinese banks pledge enhanced support for economy as Xi calls for growth

<ul><li>New Zealand: Residential consents tick higher but likely more noise than signal</li><li>Australia: Single biggest monthly house price drop since 1983; Construction activity continues to slide</li><li>International: House prices tick higher; Home sales continue to decline</li></ul>

New Zealand: Residential consents tick higher but likely more noise than signalAustralia: Single biggest monthly house price drop since 1983; Construction activity continues to slideInternational: House prices tick higher; Home sales continue to decline

New Zealand

Fletcher Building Limited manufactures, distributes, and sells materials for the building industry including wood fiber-based products, cement and aggregates, plasterboard, laminates, lumber, and aluminium extrusion. The Company operates primarily in New Zealand and Australia.

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Fletcher Building (FBU NZ)

Building Sector: Ready-Mix Concrete — Solid For Now

September quarter ready-mix concrete (RMC) production highlighted that while NZ construction activity is still robust there are signs of slowing,...

Forsyth Barr

Fletcher Building: Building to Plan

Fletcher Building (FBU) slightly lifted it FY23 earnings guidance at its annual shareholder meeting (ASM); Trading comments highlighted demand has...

Forsyth Barr