Wholesale investors

This research is intended only for "wholesale clients" within the meaning of the New Zealand Financial Markets Conduct Act 2013 and the Australian Corporations Act 2001 respectively.

Disclaimer and additional information

This document has been prepared by Craigs Investment Partners Limited (FSP 29641: ARBN 143 656 437: AFSL 363407) (“CIP”). This is a private communication to clients of Craigs Investment Partners Limited in New Zealand and Australia and is not intended for distribution to any person outside New Zealand and Australia except in accordance with all legal requirements of the relevant jurisdiction. This communication is not to be disclosed in whole or part or used by any other party without CIP’ prior written consent.

This document is intended to be read in conjunction with the CIP Research Overview, which contains further information about our research department, policies, and methodologies.

Please also ensure you read CIP Research disclosures which contain the additional disclosures that you should be aware of when reading this document.

General Advice only

&Any advice contained in this document is general advice only and has been prepared by CIP without taking into account any person’s objectives, financial situation or needs. Any person, before acting on any advice contained within this communication, should first seek advice from a financial adviser to assess whether the advice within this communication is appropriate for their objectives, financial situation and needs. Those acting upon such information without advice do so entirely at their own risk.


Though the information herein is believed to be reliable and has been obtained from public sources believed to be reliable, CIP makes no representation as to its accuracy or completeness. To the fullest extent permitted by law CIP, its affiliates and their respective officers, directors, employees or agents, disclaim any and all liabilities for any loss or damage howsoever arising in connection with the use of this communication.

Any projections contained in this document are indicative estimates only. Such projections are contingent upon matters outside the control of CIP (including but not limited to economic conditions, market volatility and company-specific fundamentals) and therefore may not be realised in the future. Past performance is not an indication of future performance.

Target prices are inherently imprecise and a product of the analyst’s judgment. The financial products discussed in this report may not be suitable for all investors, and investors must make their own informed investment decisions. Prices and availability of financial products are subject to change without notice, and investment transactions can lead to losses as a result of price fluctuations and other factors.


The recommendations made in this document are current as of the publication date. If you are reading this more than 4 weeks after publication, it is likely that circumstances will have changed and at least some aspects of the analysis will no longer hold. Recommendations contained in one type of communication may differ from recommendations in others, whether as a result of differing time horizons, methodologies, perspectives or otherwise.

Not an offer

This report does not constitute an offer or invitation to purchase any financial product and should not be relied upon in connection with any contract or commitment whatsoever.

Relationship with the Company

CIP strives to maintain the independence of its investment research, however given the breadth of its service offering and client base it is possible that it may have a broader business relationship with the company or companies (referred to in this document as the “Company”) that it is advising on in this report.

CIP and its associates may have received and may continue to receive fees from the Company in relation to corporate advisory, underwriting or other professional investment services. If this is the case, this is detailed in CIP Research disclosures.

Neither CIP nor its research analysts received any direct financial or non-financial benefits from the Company in exchange for the production of this document . However, CIP’s research analysts may receive assistance from the Company in preparing their research which may include attending site visits and/or meetings hosted by the Company. In some instances the costs of such site visits or meetings may be met in part or in whole by the Company, provided that CIP considers this reasonable given the specific circumstances relating to the site visit or meeting.

Further, in preparing this report, the primary analyst or an individual who assisted in the preparation of this report has likely been in contact with the Company for confirmation/clarification of data, facts and statements, or to obtain permission to use company-sourced material in the report.

CIP and its affiliates may trade financial products in the Company as principal or as agent for another person, but always strictly observes insider trading restrictions and all other laws and regulations. CIP may consider this report in deciding to trade as principal. CIP may also engage in tansactions for its own account or with clients in a manner inconsistent with the views taken in this communication. Others within CIP, including strategists, sales staff and other analysts, any take views that are inconsistent with those taken in this communication.

Material holdings and interests

CIP, its subsidiaries, and/or its employees may hold interests in the company. To the extent that these interests are significant, they are detailed in CIP Research disclosures.

CIP restricts research analysts from trading in securities for which they write research.

CIP contact

For more information please phone: 1300 655 015 or email: [email protected]

More information about CIP research

For more information on the CIP research service including the research recommendation structure please see our Research Overview.