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) FY24 result was largely as expected, with a large decline in earnings due to asset sales.</li><li>FY25 distribution guidance of 5.4cps was slightly better than expected.</li><li>After a transition period, KPG is taking sensible steps to restore investor confidence, notably: (1) new development commitments are on hold; (2) operating costs have been reduced (and there is room for them to go lower in our view); (3) asset sales look set to significantly reduce gearing once final approvals are received; and (4) rebased distributions look sustainable. </li></ul>

Kiwi Property Group's (KPG) FY24 result was largely as expected, with a large decline in earnings due to asset sales.FY25 distribution guidance of 5.4cps was slightly better than expected.After a transition period, KPG is taking sensible steps to restore investor confidence, notably: (1) new development commitments are on hold; (2) operating costs have been reduced (and there is room for them to go lower in our view); (3) asset sales look set to significantly reduce gearing once final approvals are received; and (4) rebased distributions look sustainable. 

Kiwi Property Group - FY24 Result — Learning to Fly