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

Summerset Group Holdings / Equity Bottom-Up

<ul><li>Summerset (SUM) will report its 1H24 result on Monday, 26 August.</li><li>With unit sales known, and narrow underlying earnings guidance, our key points of interest for the result are: (1) sales margins and the breakdown between new sale and resale gains.</li><li>We estimate 1H24 resales margins of 25% versus 26% in 1H23 and consensus of ~27%.</li></ul>

Summerset (SUM) will report its 1H24 result on Monday, 26 August.With unit sales known, and narrow underlying earnings guidance, our key points of interest for the result are: (1) sales margins and the breakdown between new sale and resale gains.We estimate 1H24 resales margins of 25% versus 26% in 1H23 and consensus of ~27%.

Summerset Group - 1H24 Preview — Margins and Metrics