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

Vital Healthcare Property Trust / Equity Bottom-Up

<ul><li>We upgrade Vital Healthcare (VHP) to OUTPERFORM. VHP's share price has declined -18% over the last two months, reflecting: (1) higher short-term Australian interest rates (75% of VHP's assets are in Australia), (2) hospital operator profitability pressure in Australia, and (3) expected index removals.</li><li>It now looks attractive vs its historical relationship to bond yields.</li><li> VHP's portfolio is defensive and benefits from long CPI-linked leases to private hospital operators. </li></ul>

We upgrade Vital Healthcare (VHP) to OUTPERFORM. VHP's share price has declined -18% over the last two months, reflecting: (1) higher short-term Australian interest rates (75% of VHP's assets are in Australia), (2) hospital operator profitability pressure in Australia, and (3) expected index removals.It now looks attractive vs its historical relationship to bond yields. VHP's portfolio is defensive and benefits from long CPI-linked leases to private hospital operators. 

Vital Healthcare - Solid Vital Signs, up to OUTPERFORM