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>Kiwi Property Group's (KPG) 1H24 earnings declined as expected, reflecting asset sales and higher interest.</li><li>KPG remains busy executing on its capital hungry strategic transformation.</li><li>While KPG maintained FY24 DPS guidance, we forecast this to be cut in FY25 and remain at these levels medium term, largely due to: (1) higher tax, (2) continued interest cost pressure, and (3) low initial returns from developments.</li></ul>

Kiwi Property Group's (KPG) 1H24 earnings declined as expected, reflecting asset sales and higher interest.KPG remains busy executing on its capital hungry strategic transformation.While KPG maintained FY24 DPS guidance, we forecast this to be cut in FY25 and remain at these levels medium term, largely due to: (1) higher tax, (2) continued interest cost pressure, and (3) low initial returns from developments.

Kiwi Property Group - 1H24 Result — Lots of Flapping, Not Yet Flying