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Research Disclosure

Analyst certification 

The research analyst(s) primarily responsible for the preparation and content of the email (“Analysts”) are named within the body of the email.  Each such Analyst certifies (other than in relation to content or views expressly attributed to another analyst) that (i) the views expressed in this publication accurately reflect their personal views about each issuer and financial product referenced and were prepared in an independent manner, including with respect to Forsyth Barr Limited and its related companies; and (ii) no part of the Analyst's compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by that Analyst in this email.


Analyst holdings

For information about analyst holdings in a particular financial product referred to in this email, please refer to the most recent research report for that financial product.


Ratings distributions

As at 23 February 2021, Forsyth Barr’s research ratings were distributed as follows:







Forsyth Barr’s research ratings are OUTPERFORM, NEUTRAL, and UNDERPERFORM. The ratings are relative to our other equity security recommendations across our New Zealand market coverage and are based on risk-adjusted Estimated Total Returns for the securities in question. Risk-adjusted Estimated Total Returns are calculated from our assessment of the risk profile, expected dividends and target price for the relevant security.



Forsyth Barr Limited and its related companies (and their respective directors, officers, agents and employees) (“Forsyth Barr”) may have long or short positions or otherwise have interests in the financial products referred to in this publication, and may be directors or officers of, and/or provide (or be intending to provide) investment banking or other services to, the issuer of those financial products (and may receive fees for so acting). Forsyth Barr is not a registered bank within the meaning of the Reserve Bank of New Zealand Act 1989. Forsyth Barr may buy or sell financial products as principal or agent, and in doing so may undertake transactions that are not consistent with any recommendations contained in this publication. Other Forsyth Barr business units may hold views different from those in this publication; any such views will generally not be brought to your attention.  Forsyth Barr confirms no inducement has been accepted from the issuer(s) that are the subject of this publication, whether pecuniary or otherwise, in connection with making any recommendation contained in this publication.  In preparing this publication, non-financial assistance (for example, access to staff or information) may have been provided by the issuer(s) being researched.  


Investment banking engagements

For information about whether Forsyth Barr has within the past 12 months been engaged to provide investment banking services to an issuer that is the subject of this publication, please refer to the most recent research report for that issuer’s financial products.


Not personalised financial advice

The recommendations and opinions in this email do not take into account your personal financial situation or investment goals. The financial products referred to in this email may not be suitable for you.  If you wish to receive personalised financial advice, please contact your Forsyth Barr Investment Adviser.  The value of financial products may go up and down and investors may not get back the full (or any) amount invested.  Past performance is not necessarily indicative of future performance.  Disclosure statements for Forsyth Barr Investment Advisers are available on request and free of charge.



This email has been prepared in good faith based on information obtained from sources believed to be reliable and accurate. However, that information has not been independently verified or investigated by Forsyth Barr. Forsyth Barr does not make any representation or warranty (express or implied) that the information in this email is accurate or complete, and, to the maximum extent permitted by law, excludes and disclaims any liability (including in negligence) for any loss which may be incurred by any person acting or relying upon any information, analysis, opinion or recommendation in this email.  Forsyth Barr does not undertake to keep current this email; any opinions or recommendations may change without notice to you.  Any analyses or valuations will typically be based on numerous assumptions; different assumptions may yield materially different results. Nothing in this email should be construed as a solicitation to buy or sell any financial product, or to engage in or refrain from doing so, or to engage in any other transaction. This email is not intended to be distributed or made available to any person in any jurisdiction where doing so would constitute a breach of any applicable laws or regulations or would subject Forsyth Barr to any registration or licensing requirement within such jurisdiction.


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