There are roughly 60 NZX companies on the ASX, equating to more than a third of the total number of stocks on New Zealand’s bourse. Some of these are obvious companies that many investors would automatically assume as being listed in New Zealand too, such as Air New Zealand and Auckland Airport. Two of Australia’s big banks are dual-listed too – Westpac and ANZ in case you weren’t aware.
Nonetheless, there are some companies on the ASX that investors may not know are listed in New Zealand too. And we thought we’d share 5 such companies.
4 NZX companies on the ASX that you probably didn’t know were dual listed
This is one of the few IPOs from the post-COVID bull market that has managed to hold up. Ventia provides maintenance services to essential infrastructure. It serves four segments: Defence & Social Infrastructure, Infrastructure Services – which covers utilities, such as water and electricity as well as the resources sector – Telecommunications and transport.
The company is in a good market to begin with, and has a good opportunity ahead of it. estimates the Infrastructure Services market represents a $62bn addressable market and is forecasting CAGR of 5.5% through to FY25, which would see it reach $76.2bn.
The stock listed at $1.70 on the ASX, a price that was actually a downsize from the original proposal, and is now $3. But, you may not know that it also listed on the NZX. In one sense, we understand – the company has significant business in the Land of the Long White Cloud. At the same time, its headquarters are in Australia and liquidity on the NZX is far lower – so you may not know this one was dual listed.
Fisher & Paykel
OK, this one probably shouldn’t be on the list because many older investors would remember it began in New Zealand. At the same time, having been listed in Australia since 2001, younger investors may not remember its roots. Those who know this company generally would know its home appliances, but it has been in healthcare since the 1960s and only this one is part of the company today – the divisions were split.
You could even mount an argument that this company shouldn’t even be listed in Australia as 75% of its sales come from North America and Europe. Granted, it retains some Kiwi roots, including a facility for assembly and testing.
Australian Foundation Investment Company
Many investors may not even know this company even exists on the ASX, given lower interest in Listed Investment Companies (LICs) like this one – except maybe the basket of Wilson LICs. And so we imagine even fewer investors would remember that it is NZX listed too and even fewer would see the point.
The AFI has a total portfolio of A$8.9bn and invests in a variety of Oceania stocks. In the last 12 months, it underperformed the ASX 200 by returning 13.9% as opposed to 16.6% given man of its largest holdings underperformed and its lack of exposure to resources stocks that generated the ASX 200’s return. It paid a 25c per share dividend, representing a yield of 3.5% – a good yield in normal times, but less so in periods of high inflation. NZX investors wouldn’t be much different in their attitude given inflation remains stubbornly high there too.
In respect of this company, we are not going to argue it has no place remaining on the NZX, because it has been listed there since 1986 and has the bulk of its business there.
The company began as a scenic helicopter flightseeing business and quickly grew by acquiring new businesses and diversifying
Its ASX shares are down 8% this year. Despite the travel boom, the company missed the boat just as the New Zealand tourism market did being late to re-open. And it is not as if it is the easiest country to travel to for most tourism markets barring Australia.
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