RYMAN HEALTHCARE LIMITED (RYM)
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17/06/2026

1

Buy

-

-

UBS explains that over the last three months, retirement village operators have indicated a relatively calm backdrop, with some signs of improving demand and operations, against a backdrop of subdued New Zealand housing activity.

Management across the operators remains focused on strengthening balance sheets through lower inventory levels and higher cash flow generation, the analyst explains.

A Buy rating is maintained on Ryman Healthcare, which remains the broker's most preferred exposure in the sector, with a NZ$3.50 target price.

Ryman Healthcare has achieved a positive turnaround through cost-outs, and the analyst sees upside from potential New Zealand healthcare reforms, as well as lower exposure to construction costs and cost inflation.

17/07/2026

3

Neutral

$2.56

50.59%

Jarden maintains a Neutral rating for Ryman Healthcare with an unchanged target price of $2.56 following a Q1 27 sales update.

New sales volumes for independent living units and serviced apartments tracked broadly in line with expectations at 22% and 24% of FY27E respectively.

The company remains on track to deliver 157–168 units and beds in FY27.

Resales of independent living units remain under pressure, while demand for serviced apartments shows greater resilience.

The analyst emphasizes that while resales momentum is currently lagging, the company highlights ongoing progress in aged care performance with high occupancy levels.