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

Fisher & Paykel Healthcare Corp / Equity Bottom-Up

<ul><li>We downgrade our F&amp;P Healthcare (FPH) rating to UNDERPERFORM from NEUTRAL.</li><li>Upon reviewing recent peer results and data, we believe a material change in outlook at its 1H24 result on Wednesday, 29 November, is unlikely.</li><li>If anything, risks appear moderately downside skewed. At ~42x 12 month forward PE, FPH is arguably 'priced for perfection' with little scope to underperform relative to expectations. </li></ul>

We downgrade our F&amp;P Healthcare (FPH) rating to UNDERPERFORM from NEUTRAL.Upon reviewing recent peer results and data, we believe a material change in outlook at its 1H24 result on Wednesday, 29 November, is unlikely.If anything, risks appear moderately downside skewed. At ~42x 12 month forward PE, FPH is arguably 'priced for perfection' with little scope to underperform relative to expectations. 

F&P Healthcare - Slow Breathing—Down to UNDERPERFORM