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>Arvida Group (ARV) provided what could maybe be best described as a downgrade with a silver lining</li><li>The weakness versus our expectations is two-fold, and both relate to primarily the first fiscal quarter of the year</li><li>The silver lining was also two-fold; ARV recorded ~35% resale margins in 2Q23 as Arena Living sales picked up</li></ul>

Arvida Group (ARV) provided what could maybe be best described as a downgrade with a silver liningThe weakness versus our expectations is two-fold, and both relate to primarily the first fiscal quarter of the yearThe silver lining was also two-fold; ARV recorded ~35% resale margins in 2Q23 as Arena Living sales picked up

Arvida Group: Expectations Reduced but with a Silver Lining