following is Morning Star new review after 1H results:
"Focus on Quality and Demographic Trends Underpins Further Strong Demand for Ryman's Services
Ryman Healthcare reported first-half fiscal 2016 underlying profit of NZD 70.3 million, up 6% on the prior corresponding period. The company maintained its guidance for growth of 15% for the full year, implying second-half growth of around 10%. This seems like a big step-up, but should not be a stretch, given that the number of developments completing in the second half will step up materially, and given that the firm is also seeing a contraction in its sales cycle. In essence, those wishing to buy into retirement villages are doing so now off the plan, when in the past most resident sales occurred following completion of the development. This provides confirmation of the acute shortage of retirement living and aged care properties in certain corridors. Ryman has been quite strategic in this regard, specifically building villages in areas that were first settled in the 1960s. These areas have a high weighting to residents who are 75-85 years of age, an age cohort that has high demand for Ryan's retirement living and aged care offering.

We make minor compositional changes to our earnings forecasts, with our NZD 8.50 fair value estimate and narrow moat rating both unchanged. At current levels, Ryman is slightly undervalued, with a forecast fiscal 2016 distribution yield of 2.0%, based on a 50% payout ratio."