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>Comvita (CVT) has announced the acquisition of HoneyWorld (HW), a Singaporean specialist retailer of Manuka Honey, for SG$8.5m (NZ$10.4m)</li><li>HW's current and forecast earnings were not specifically disclosed, but the deal is expected to add +22% to CVT's forecast FY24 NPAT, and ~NZ$15.9m to FY24 group revenue</li><li>We view CVT's increased focus on bricks-and-mortar retail positively, reflecting: diversification of channel risk, increased access to new consumers, and reinforcement of CVT's premium brand positioning.</li></ul>

Comvita (CVT) has announced the acquisition of HoneyWorld (HW), a Singaporean specialist retailer of Manuka Honey, for SG$8.5m (NZ$10.4m)HW's current and forecast earnings were not specifically disclosed, but the deal is expected to add +22% to CVT's forecast FY24 NPAT, and ~NZ$15.9m to FY24 group revenueWe view CVT's increased focus on bricks-and-mortar retail positively, reflecting: diversification of channel risk, increased access to new consumers, and reinforcement of CVT's premium brand positioning.

Comvita Ltd

Comvita: To Singapore and Beyond