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.

Australia Banks - New Data Suggests Weaker Profit, Primarily from Loan Volume & Credit Costs

Australia - New Insolvencies Data: Construction Appointments at 829 Vs 588 YoY | Credit Risk Worsens

BOQ - Illustrative of Australia Bank Risks Even for Nearly Pure Mortgage Lender and Mkt Expectations

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

Heartland Group Holdings / Equity Bottom-Up

<ul><li>Heartland Group (HGH) reported a robust FY23 result that reflected the improving quality of its loan book, with an expected decline in its net interest margin (NIM) offset by solid growth in the receivable book and commendable cost control.</li><li>With impairments increasing in 2H23, we expect the quality of HGH's loan book to be tested further in FY24 as the macroeconomic environment continues to deteriorate. </li><li>HGH's near-term focus remains on the completion of the Challenger Bank acquisition, the first step of an ambitious growth plan into Australia. </li></ul>

Heartland Group (HGH) reported a robust FY23 result that reflected the improving quality of its loan book, with an expected decline in its net interest margin (NIM) offset by solid growth in the receivable book and commendable cost control.With impairments increasing in 2H23, we expect the quality of HGH's loan book to be tested further in FY24 as the macroeconomic environment continues to deteriorate. HGH's near-term focus remains on the completion of the Challenger Bank acquisition, the first step of an ambitious growth plan into Australia. 

Heartland Group - FY23 Result — Australia Awaits