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>Rising cap rates result in portfolio devaluations: The portfolio revaluation loss was driven by portfolio cap rate expansion of +68bps (1H23: 17bps, 2H23: 51bps).</li><li>Devaluation more than priced in: The equity markets has already more than priced in this level of cap rate expansion/asset devaluation.</li><li>Eyes on the balance sheet: We estimate ARG's actual/committed gearing increases to c.35%/36% respectively, which is in the middle of management's target range of 30%–40%.</li></ul>

Rising cap rates result in portfolio devaluations: The portfolio revaluation loss was driven by portfolio cap rate expansion of +68bps (1H23: 17bps, 2H23: 51bps).Devaluation more than priced in: The equity markets has already more than priced in this level of cap rate expansion/asset devaluation.Eyes on the balance sheet: We estimate ARG's actual/committed gearing increases to c.35%/36% respectively, which is in the middle of management's target range of 30%–40%.

Argosy Property

Argosy: Last of the March Revaluations