Forsyth Barr

#MorningReport - Wall Street, European, and Australasian equities were mixed as different news hit different traders’ desks. Wall Street’s tech-related constituents proved resilient to hot inflation readings, pushing the S&P 500 to... ow.ly/e2Ge50YZcjC

#PropertyForIndustry - Maintaining AFFO Growth. $PFI lifted FY26 dividend guidance c.+5% from ‘at least 9.05cps’ to ‘c.9.50cps’. PFI has solid earnings momentum, with this the fifth upgrade since the 1H25 result in February 2025. However, this increase... ow.ly/2Wq850YYv7u

#BuildingSector - Ready-Mix Concrete—Will Take Longer to Set. $RMC production had a steady start to 2026 with volumes in the March quarter up +2% on the prior year. The South Island offset weakness in Auckland. Normal lags from consenting to activity... ow.ly/QXIQ50YYv6T

#MorningReport - Equity markets slipped as a hotter-than-expected CPI print in the US and rising oil prices weighed on sentiment, while recent tech winners sold off sharply. Oil prices rose further amid renewed US–Iran tensions, adding to concerns that... ow.ly/Wg5y50YYv5Q

#PacificEdge - Bridging Until the Diagnosis. RESEARCH INSIGHTS - $PEB has announced a NZ$24m equity raise and its preliminary FY26 results. While PEB would have liked to have raised with a positive Novitas coverage decision behind it, the rate of its... ow.ly/kjIb50YXTEp

#GeneralCapitalLimited - Scaling a Deposit-Funded Lending Platform. General Capital Limited (GEN) operates through General Finance, a licensed non-bank deposit taker (NBDT), and is scaling predominantly property-secured residential lending alongside... ow.ly/eLC850YXTCQ

#WealthWeekly - Mega Watts, Mega Upside for Infratil. Infratil’s data centre business has just landed the kind of contract that can reshape a growth story. CDC’s new 555MW deal with a major US technology customer creates much greater confidence that... ow.ly/swcO50YXTBN

#QuantitativeScreening - NZ Market Multiples: 12 Month Forward Snapshot. The 12 month forward weighted PE for the New Zealand market is currently 24.6x, +30% above the long run average and +7% above the 5-year ex COVID average. Whilst at a median level... ow.ly/u22J50YXTzx

#MorningReport - US President Donald Trump rejected Tehran’s most recent peace proposal, stating it was ‘totally unacceptable’ and that the month-old ceasefire is now ‘on life support’. Despite the news causing oil prices to spike yet again, equity... ow.ly/gO2V50YXSZ9

#AviationSector - Checking in on Capacity Cuts. Airline schedule data highlights an incremental, wait-and-see response by airlines to higher fuel prices. $AIR has cut services (predominantly short-haul focused) through to July 2026, with 2H26 capacity... ow.ly/XPz750YWlA0

#FixedIncomeMonthly - May 2026—RBNZ Unlikely in Play in May. We expect the Reserve Bank of New Zealand (RBNZ) to keep the Official Cash Rate (OCR) unchanged at 2.25% at its 27 May policy meeting, while outlining conditions for potential rate hikes from... ow.ly/GgIO50YWkGf

#BriscoeGroup - No Discount on the Multiple. $BGP held its annual shareholder meeting (ASM) on 7 May 2026, where it announced a change in its growth strategy from opening new small-format stores to focusing on extracting more value from its existing... ow.ly/k2zb50YWkCp

#MorningReport - Investors pulled back from recent market gains as hopes for a US–Iran peace deal wavered and oil prices bounced higher again. Wall Street and European investors took profits, sending benchmarks below the unchanged line. ow.ly/ArpB50YWkyG

#Infratil - CDC Lands a Big Fish. $IFT has announced CDC has signed a 555MW data centre contract. This is the step change in contracted capacity CDC alluded to at its recent investor day, but the size of this contract (~2.5x CDC’s current billing... ow.ly/InSe50YVQ4S

#ChannelInfrastructure - Storing Up Diesel Security. $CHI's ability to crystallise its option value and deliver on contracts continues. The strategic storage contract with the government, increase in scope of its Higgins bitumen contract, and early... ow.ly/pAXF50YVPXv

#ReportingSeasonPreview - Minor Season with Growth to Continue. The May 2026 reporting season is heavily dominated by Property, Aged Care, and Technology companies, and as such will provide minimal news on the state of the New Zealand (NZ) economy. ow.ly/wePE50YVPVX

#PowerPoints - El Niño Set to Make a Splash—May 2026. April 2026 was a strong month for the electricity sector, particularly Mercury (MCY) and Genesis Energy (GNE), which both upgraded FY26 EBITDAF guidance due to favourable operating conditions. ow.ly/EMqX50YVPUN

#Gentrack - Off Track, Buy Back. $GTK's FY26 update represents a material reset to its near-term outlook. Management provided FY26 revenue guidance ~10% below our prior forecasts at the midpoint, while top-of-range EBITDA guidance came in at nearly half... ow.ly/hcBV50YVPU0

#MorningReport - Chipmaker AMD posted strong results and set guidance above consensus estimates, sending its stock price higher and propelling the semiconductor sector to new highs. The same AI-fuelled sentiment was felt in Korea, where Samsung... ow.ly/nZLS50YVPTl

#MorningReport - Global equities were mixed as falling oil prices and semiconductor strength drove US gains, supported by reports that Apple is exploring a shift away from TSMC, offsetting softer macro data. Europe also advanced on earnings support... ow.ly/JkGK50YVi9R