New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Equity Bottom-Up

<ul><li>NZ and Hawaii reach new highs, Australia is stable, and California is hardest hit</li><li>Walking a fine line with price increases, but maintaining its balance</li><li>Labour constrains may improve over the near-term</li></ul>

NZ and Hawaii reach new highs, Australia is stable, and California is hardest hitWalking a fine line with price increases, but maintaining its balanceLabour constrains may improve over the near-term

Restaurant Brands NZ: FY22 Result — Sweet and Sour

<ul><li>Restaurant Brands (RBD) has reported a FY22 result showing strong revenue growth, but cost pressures starting to bite</li><li>Group revenue of ~NZ$1.3bn was in line with our expectations (+2% against consensus), and reported EBIT of NZ$87m was broadly in line with both us and consensus</li><li>We expected quick service restaurant sales to be robust despite a challenging consumer demand environment and RBD’s result appears consistent with this view so far.</li></ul>

Restaurant Brands (RBD) has reported a FY22 result showing strong revenue growth, but cost pressures starting to biteGroup revenue of ~NZ$1.3bn was in line with our expectations (+2% against consensus), and reported EBIT of NZ$87m was broadly in line with both us and consensusWe expected quick service restaurant sales to be robust despite a challenging consumer demand environment and RBD’s result appears consistent with this view so far.

Restaurant Brands (RBD): FY22 Result – Initial Impressions

<ul><li>Strong 4Q22 earnings growth across most regions, although off a low base</li><li>Record sales supported by price increases and positive currency movements</li><li>Margin pressures still material: RBD continues to highlight significant cost inflation is being experienced in all regions</li></ul>

Strong 4Q22 earnings growth across most regions, although off a low baseRecord sales supported by price increases and positive currency movementsMargin pressures still material: RBD continues to highlight significant cost inflation is being experienced in all regions

Restaurant Brands: NZ Serving Up Record Sales

<ul><li>Restaurant Brands (RBD) has reported a robust 4Q22 update showing continued revenue momentum across most geographies in the last quarter</li><li>FY22 full year store sales reached NZ$1.239bn, a +16% increase on the prior year</li><li>We see upside risk to consensus revenue estimates. However, management has continued to highlight cost pressures</li></ul>

Restaurant Brands (RBD) has reported a robust 4Q22 update showing continued revenue momentum across most geographies in the last quarterFY22 full year store sales reached NZ$1.239bn, a +16% increase on the prior yearWe see upside risk to consensus revenue estimates. However, management has continued to highlight cost pressures

Restaurant Brands (RBD): 4Q22 Update – Initial Impressions

Thematic (Sector/Industry)

<ul><li>Retailers are facing a challenging outlook</li><li>We expect to see signs of consumers cutting back on non-essential spend by mid-2023</li><li>In this Santa's Stocking report, we include a budget-friendly gift guide for the whole family which works for both last-minute Christmas presents, or gift ideas for the coming year.</li></ul>

Retailers are facing a challenging outlookWe expect to see signs of consumers cutting back on non-essential spend by mid-2023In this Santa's Stocking report, we include a budget-friendly gift guide for the whole family which works for both last-minute Christmas presents, or gift ideas for the coming year.

Retail Sector: Santa's Stocking: What's in Store for Christmas?

New Zealand

Restaurant Brands New Zealand Limited operates fast food restaurant chains in New Zealand & Australia. The Company operates close to 300 stores which operate under the KFC, Pizza Hut and Starbucks restaurant names.

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Restaurant Brands NZ (RBD NZ)

Restaurant Brands NZ: FY22 Result — Sweet and Sour

Restaurant Brands' (RBD) FY22 result showed strong revenue growth, but cost pressures show few signs of abatement; RBD has taken a measured...

Forsyth Barr

Restaurant Brands (RBD): FY22 Result – Initial Impressions

Restaurant Brands (RBD) has reported a FY22 result showing strong revenue growth, but cost pressures starting to bite; Group revenue of ~NZ$1.3bn...

Forsyth Barr

Restaurant Brands: NZ Serving Up Record Sales

Restaurant Brands' (RBD) 4Q22 trading update demonstrated robust sales performance across most divisions, suggesting FY22 will be a new revenue...

Forsyth Barr

Restaurant Brands (RBD): 4Q22 Update – Initial Impressions

Restaurant Brands (RBD) has reported a robust 4Q22 update showing continued revenue momentum across most geographies in the last quarter; FY22 full...

Forsyth Barr

Retail Sector: Santa's Stocking: What's in Store for Christmas?

Retailers are facing a challenging outlook - although consumer spending has been generally robust over the past 12 months, the double-edged sword...

Forsyth Barr

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