New Zealand Aged Care: UBS Evidence Lab inside: Retirement Village Unit Price Monitor

研报英文原文证据摘录

New Zealand Aged Care: UBS Evidence Lab inside: Retirement Village Unit Price Monitor

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New Zealand Aged Care Equities

New ZealandUBS Evidence Lab inside: Retirement Village Unit

Price Monitor Healthcare Providers

Bianca Murphy

Analyst

bianca.murphy@ubs.com

Our analysis points to mixed RV unit price inflation over the past 3-months… +64-9-913 4864

Over the last 3-months, updates from the listed Retirement Village (RV) operators Thomas Maclean

included: 1) SUM's investor day; and 2) OCA and RYM's FY26 results. Across the Associate Analyst

operators, recent updates reinforced relatively stable underlying demand and improving thomas.maclean@ubs.com

operational execution, even as NZ housing conditions remain subdued. Management +64-9-913 2000

teams continue to prioritise balance sheet repair, inventory reduction and cash flow

generation, supported by cost-out initiatives and disciplined development activity. The

sector appears increasingly focused on earnings quality and positioning for a recovery

once macro and housing conditions improve. Additionally, we recently did a deep-dive

on NZ Aged Care funding reform, highlighting a potential pathway to meaningful

earnings upside, particularly for operators with higher care exposure (OCA and RYM),

should funding settings evolve. Collectively, we reiterate our positive sector view.

...with unchanged SUM pricing, while RYM is down…

The UBS Evidence Lab database now has 6-years of data, mainly focusing on pricing for

mature Serviced Apartments and Care Suites for SUM and RYM. Over the last 3-months,

unit prices were on avg. down -0.8% (and -0.3% YoY). Our analysis points to flat 3-

month unit price inflation (UPI) for SUM, while our data suggests RYM was down -2.1%