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Telecommunications offers opportunity in fully priced market

Telecommunications offers the most opportunity in a fully priced market

The New Zealand market is trading around our fair value estimates and we have more negative recommendations than positive.

Telecommunications offers the most value. Chorus is cheap by our measurement but pending regulatory decisions raise the level of uncertainty.

Healthcare firms in our coverage are generating strong operating performance with limited sensitivity to the modest-growth economy but each of these now trades above fair value.

We encourage holdings in high-quality companies providing sustainable above-average yields but their popularity has resulted in limited scope to purchase these cheaply.

A full report is available here.

ENDS

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