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

<h2>Air New Zealand<br>Trading Update and FY22 Outlook</h2>
<p>Air New Zealand’s (AIR) market update highlights ongoing material losses through FY22 despite a strong domestic backdrop and improving Tasman demand. This will further pressure balance sheet equity over the next 12 months. In summary, AIR’s recovery is still subject to a large degree of uncertainty, ongoing losses and a significant capital raise. Key points as follows:</p>
<ul>
<li><strong>Cash burn</strong>: Fully mitigated in recent months – the Government funding facility is still only drawn down by NZ$350m. However, AIR has benefited from deferral of ~NZ$310m of PAYE payments, which will need to be paid from Oct 2021.&nbsp;</li>
<li><strong>Capital raise</strong>: AIR is still targeting to undertake a capital raise before 30 Sep 2021</li>
<li><strong>EBITDA</strong>: Has been positive since Sep 2020 and AIR has been operating cash flow positive since 2Q21.</li>
<li><strong>FY21 earnings guidance</strong>: PBT loss of no more than –NZ$450m. This compares to our current loss estimate of -NZ$446m</li>
<li><strong>FY22 indicative earnings commentary</strong>: AIR’s not expecting a meaningful recovery in long haul in FY22. Moreover higher fuel costs and lower government support mechanisms (wage subsidies, reduced airfreight support and the aviation support package) of ~NZ$300m mean improving demand is broadly offset with similar losses expected in FY22 to FY21. We currently assume a PBT loss of -NZ$192m suggesting a material downgrade to FY22 estimates</li>
<li><strong>Employee bonus shares</strong>: All eligible permanent staff (~8,000) will get NZ$1,000 worth of AIR shares later this year. This will equate to ~5m of new shares, meaning dilution of ~0.5%</li>
<li><strong>Domestic</strong>: Capacity now at ~90% of pre-COVID levels with demand at ~80% of pre-COVID</li>
<li><strong>Tasman:</strong> Capacity still at ~70% of pre-COVID with load factors expected to build as forward booking demand is robust</li>
<li><strong>Cargo</strong>: Government scheme extension to Oct 2021 currently supports ~30 flights per week. In FY21 the scheme will contribute ~NZ$330m of revenue, but around NZ$100m less in FY22.</li>
<li><strong>Capex</strong>: First of eight B787’s now due in FY24, from FY23. AIR still retains the deferral rights on other aircraft deliveries.</li>
</ul>
<p><strong>Andy Bowley&nbsp;</strong><br>Head of Research</p>
<figure class="editor-figure mceNonEditable"><img src="https://mail.google.com/mail/u/0?ui=2&amp;ik=f57c39853c&amp;attid=0.1&amp;permmsgid=msg-f:1702852504153688598&amp;th=17a1bf5496f70a16&amp;view=fimg&amp;sz=s0-l75-ft&amp;attbid=ANGjdJ9pmvz79eACOrVtJ4P4v2nuYmvTdwrXidWerMrHZgx7Nuo2Dq3e91g2yaZBoHWQULPTLdgNe1uyr5KzsYP4g-PSs2hrhaQEeBFJmLDfrFSkGWlEJpZAV5fN63I&amp;disp=emb" class="editor-image img-responsive"></figure>
<p><br>M: +64 21 338 941 |P: +64 4 495 8246 | TF: 0800 367 227&nbsp;<br>Level 22, NTT Tower, 157 Lambton Quay, Wellington</p>

Air New Zealand Trading Update and FY22 Outlook
Air New Zealand’s (AIR) market update highlights ongoing material losses through FY22 despite a strong domestic backdrop and improving Tasman demand. This will further pressure balance sheet equity over the next 12 months. In summary, AIR’s recovery is still subject to a large degree of uncertainty, ongoing losses and a significant capital raise. Key points as follows:

Cash burn: Fully mitigated in recent months – the Government funding facility is still only drawn down by NZ$350m. However, AIR has benefited from deferral of ~NZ$310m of PAYE payments, which will need to be paid from Oct 2021.&nbsp;
Capital raise: AIR is still targeting to undertake a capital raise before 30 Sep 2021
EBITDA: Has been positive since Sep 2020 and AIR has been operating cash flow positive since 2Q21.
FY21 earnings guidance: PBT loss of no more than –NZ$450m. This compares to our current loss estimate of -NZ$446m
FY22 indicative earnings commentary: AIR’s not expecting a meaningful recovery in long haul in FY22. Moreover higher fuel costs and lower government support mechanisms (wage subsidies, reduced airfreight support and the aviation support package) of ~NZ$300m mean improving demand is broadly offset with similar losses expected in FY22 to FY21. We currently assume a PBT loss of -NZ$192m suggesting a material downgrade to FY22 estimates
Employee bonus shares: All eligible permanent staff (~8,000) will get NZ$1,000 worth of AIR shares later this year. This will equate to ~5m of new shares, meaning dilution of ~0.5%
Domestic: Capacity now at ~90% of pre-COVID levels with demand at ~80% of pre-COVID
Tasman: Capacity still at ~70% of pre-COVID with load factors expected to build as forward booking demand is robust
Cargo: Government scheme extension to Oct 2021 currently supports ~30 flights per week. In FY21 the scheme will contribute ~NZ$330m of revenue, but around NZ$100m less in FY22.
Capex: First of eight B787’s now due in FY24, from FY23. AIR still retains the deferral rights on other aircraft deliveries.

Andy Bowley&nbsp; Head of Research

 M: +64 21 338 941 |P: +64 4 495 8246 | TF: 0800 367 227&nbsp; Level 22, NTT Tower, 157 Lambton Quay, Wellington

Air New Zealand: Trading Update and FY22 Outlook

Founder of Antler Capital

Stanley Tsai, CFA

<p><strong>BOC Aviation | BOCAVI <a href="https://www.smartkarma.com/entities/boc-aviation" target="_blank" data-smartkarma-citation="entities:22689:1" rel="noopener">(2588 HK)</a> </strong></p>
<p>As a follow-up on <a href="https://www.smartkarma.com/profiles/david-blennerhassett" target="_blank" data-smartkarma-citation="accounts:840" rel="noopener">David Blennerhassett</a>'s Smartkarma Original <a href="https://www.smartkarma.com/insights/asia-pac-airports-ups-but-mostly-downs" target="_blank" data-smartkarma-citation="insights:51855" rel="noopener">Asia-Pac Airports: Ups, But Mostly Downs</a>, we take a look at BOCAVI, which, in our view, is a compelling alternative to APAC airport operators and airlines as a post-Covid trade.</p>
<p><strong>BOCAVI is a highly geared play on the resumption of air travel. </strong>The stock has gone through periods of significant out/underperformance against the APAC airports and airlines and may continue to give investors high beta in either direction. The geographical exposure is broad, but there is a heavy skew towards short-haul flights, which will see the earliest acceleration in passenger traffic.</p>
<p><strong>Management's countercyclical capex expansion increasingly looks like a shrewd bet. </strong>At its core, BOCAVI is in the capital management business. Strong liquidity and BOC's explicit backing have allowed the lessor to grow its purchase-and-leaseback portfolio through the depths of the pandemic. While airlines are still hemorrhaging cash, over 99% of BOCAVI's aircraft remain cash-generating.  </p>
<p><strong>We expect the firm's undiscounted committed revenues to top USD20bn in 2021.</strong> By year-end, the value of the portfolio will have doubled since 2014. We estimate the present value of this cashflow stream to be HKD72.80/share. We are essentially getting free growth optionality. </p>
<p><strong>We are buyers at book value.</strong> The stock is trading at 8x P/E and 1.1x P/B on a 12M forward basis. BOCAVI is reasonably liquid, with a market cap of USD6bn and average daily turnover of USD3.5mn. Besides the obvious risk of protracted lockdowns globally, a well-functioning USD bond market and BOC's funding support are critical to our investment case.</p>
<p>Attachment: BOCAVI Financial Summary</p>

BOC Aviation | BOCAVI (2588 HK) 
As a follow-up on David Blennerhassett's Smartkarma Original Asia-Pac Airports: Ups, But Mostly Downs, we take a look at BOCAVI, which, in our view, is a compelling alternative to APAC airport operators and airlines as a post-Covid trade.
BOCAVI is a highly geared play on the resumption of air travel. The stock has gone through periods of significant out/underperformance against the APAC airports and airlines and may continue to give investors high beta in either direction. The geographical exposure is broad, but there is a heavy skew towards short-haul flights, which will see the earliest acceleration in passenger traffic.
Management's countercyclical capex expansion increasingly looks like a shrewd bet. At its core, BOCAVI is in the capital management business. Strong liquidity and BOC's explicit backing have allowed the lessor to grow its purchase-and-leaseback portfolio through the depths of the pandemic. While airlines are still hemorrhaging cash, over 99% of BOCAVI's aircraft remain cash-generating.  
We expect the firm's undiscounted committed revenues to top USD20bn in 2021. By year-end, the value of the portfolio will have doubled since 2014. We estimate the present value of this cashflow stream to be HKD72.80/share. We are essentially getting free growth optionality. 
We are buyers at book value. The stock is trading at 8x P/E and 1.1x P/B on a 12M forward basis. BOCAVI is reasonably liquid, with a market cap of USD6bn and average daily turnover of USD3.5mn. Besides the obvious risk of protracted lockdowns globally, a well-functioning USD bond market and BOC's funding support are critical to our investment case.
Attachment: BOCAVI Financial Summary

BOC Aviation (2588 HK): The Stars Don't Look Bigger, but They Do Look Brighter

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Guangzhou Baiyun International Airport / Equity Bottom-Up

<p>Within the hospitality-affected complex, the airline industry garners the lion's share of the negative news from the Covid fall-out. The <a href="https://www.bloomberg.com/quote/280456Z:CN" target="_blank" rel="noopener">International Air Transport Association</a> said last month it estimates losses in 2021 of US$48bn, up from $38bn previously. And that's on top of an estimated $370bn of losses to the industry in FY20, <a href="https://www.icao.int/Newsroom/Pages/2020-passenger-totals-drop-60-percent-as-COVID19-assault-on-international-mobility-continues.aspx" target="_blank" rel="noopener">according</a> to the International Civil Aviation Organization.</p>
<p>But spare a thought for the airports which facilitate the arrival and departure of these airlines, as this crisis becomes increasingly protracted, and in many ways, deeper than many anticipated 18 months ago.</p>
<p>Amid the doom and gloom, there are parking bays of good news. April's domestic air passenger traffic in China was ~96% of December 2019 levels. <a href="https://www.smartkarma.com/entities/shenzhen-airport-co-ltd" target="_blank" data-smartkarma-citation="entities:15522:1" rel="noopener">Shenzhen Airport Co A (000089 CH)</a> (SZAC) is at level pegging with <em>overall</em> traffic numbers in 2019, and domestic flow into SZAC, <a href="https://www.smartkarma.com/entities/shanghai-international-airport-co-ltd" target="_blank" data-smartkarma-citation="entities:6511:1" rel="noopener">Shanghai International Airport (600009 CH)</a>, and <a href="https://www.smartkarma.com/entities/guangzhou-baiyun-international-airport" target="_blank" data-smartkarma-citation="entities:10819:1" rel="noopener">Guangzhou Baiyun International Airport (600004 CH)</a> all exceed 2019 levels. </p>
<p>Yet outside of the Chinese airport space, where international passenger throughput has historically commanded &gt;40%+ of total throughput - up to 80% for <a href="https://www.smartkarma.com/entities/airports-of-thailand-pcl" target="_blank" data-smartkarma-citation="entities:239:1" rel="noopener">Airports of Thailand (AOT TB)</a> -  the outlook remains subdued, and largely uncertain.</p>
<p>Just this week, Thailand recorded its highest level of Covid-related fatalities, Taiwan is facing its first serious outbreak, and Australia's state of Victoria entered its fourth lockdown. </p>
<p>Provided airports have sufficient funds to ride out the tough times to the other side of the valley, all will undergo a major re-rate when international travel restarts. Yet the vaccine rollout - and uptake - and when international borders will reopen, remain indeterminate.</p>
<div class="content-highlight">
<p><strong>What's Original?</strong></p>
<p>This insight presents a comprehensive view of the key Chinese airports (<a href="https://www.smartkarma.com/entities/beijing-capital-international-airport-bcia" target="_blank" data-smartkarma-citation="entities:10626:1" rel="noopener">Beijing Capital International Airport (BCIA) (694 HK)</a>, Shenzhen Airport, <a href="https://www.smartkarma.com/entities/shanghai-international-airport-co-ltd" target="_blank" data-smartkarma-citation="entities:6511:1" rel="noopener">Shanghai International Airport (600009 CH)</a>, and <a href="https://www.smartkarma.com/entities/guangzhou-baiyun-international-airport" target="_blank" data-smartkarma-citation="entities:10819:1" rel="noopener">Guangzhou Baiyun International Airport (600004 CH)</a>, together with <a href="https://www.smartkarma.com/entities/airports-of-thailand-pcl" target="_blank" data-smartkarma-citation="entities:239:1" rel="noopener">Airports of Thailand (AOT TB)</a>, <a href="https://www.smartkarma.com/entities/malaysia-airports-hldgs-bhd" target="_blank" data-smartkarma-citation="entities:117:1" rel="noopener">Malaysia Airports Hldgs (MAHB MK)</a>, <a href="https://www.smartkarma.com/entities/japan-airport-terminal-co" target="_blank" data-smartkarma-citation="entities:18034:1" rel="noopener">Japan Airport Terminal Co (9706 JP)</a>, <a href="https://www.smartkarma.com/entities/sydney-airport" target="_blank" data-smartkarma-citation="entities:19063:1" rel="noopener">Sydney Airport (SYD AU)</a> and <a href="https://www.smartkarma.com/entities/auckland-intl-airport-ltd" target="_blank" data-smartkarma-citation="entities:597:1" rel="noopener">Auckland Intl Airport (AIA NZ)</a>.</p>
</div>

Within the hospitality-affected complex, the airline industry garners the lion's share of the negative news from the Covid fall-out. The International Air Transport Association said last month it estimates losses in 2021 of US$48bn, up from $38bn previously. And that's on top of an estimated $370bn of losses to the industry in FY20, according to the International Civil Aviation Organization.
But spare a thought for the airports which facilitate the arrival and departure of these airlines, as this crisis becomes increasingly protracted, and in many ways, deeper than many anticipated 18 months ago.
Amid the doom and gloom, there are parking bays of good news. April's domestic air passenger traffic in China was ~96% of December 2019 levels. Shenzhen Airport Co A (000089 CH) (SZAC) is at level pegging with overall traffic numbers in 2019, and domestic flow into SZAC, Shanghai International Airport (600009 CH), and Guangzhou Baiyun International Airport (600004 CH) all exceed 2019 levels. 
Yet outside of the Chinese airport space, where international passenger throughput has historically commanded &gt;40%+ of total throughput - up to 80% for Airports of Thailand (AOT TB) -  the outlook remains subdued, and largely uncertain.
Just this week, Thailand recorded its highest level of Covid-related fatalities, Taiwan is facing its first serious outbreak, and Australia's state of Victoria entered its fourth lockdown. 
Provided airports have sufficient funds to ride out the tough times to the other side of the valley, all will undergo a major re-rate when international travel restarts. Yet the vaccine rollout - and uptake - and when international borders will reopen, remain indeterminate.

What's Original?
This insight presents a comprehensive view of the key Chinese airports (Beijing Capital International Airport (BCIA) (694 HK), Shenzhen Airport, Shanghai International Airport (600009 CH), and Guangzhou Baiyun International Airport (600004 CH), together with Airports of Thailand (AOT TB), Malaysia Airports Hldgs (MAHB MK), Japan Airport Terminal Co (9706 JP), Sydney Airport (SYD AU) and Auckland Intl Airport (AIA NZ).


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

InterGlobe Aviation Ltd / Equity Capital Markets

<p>Interglobe Aviation (Indigo)’s board approved a fund raising of around US$400m (INR30,000m) on 10th May 2021. </p><p>This is the second time over the past year that the company has obtained a board approval for undertaking a fund raising. The previous instance was in Aug 2020, when the board approved a fundraising of up to INR40,000m. However, the quicker than expected recovery since then meant that the company never raised the funds and in Jan 2021, its CFO stated that it had no intention of doing so either.</p><p>However, the brutal COVID-19 second wave in India probably led to a change of heart. In this note, we will talk about the deal dynamics. </p>

Interglobe Aviation (Indigo)’s board approved a fund raising of around US$400m (INR30,000m) on 10th May 2021. This is the second time over the past year that the company has obtained a board approval for undertaking a fund raising. The previous instance was in Aug 2020, when the board approved a fundraising of up to INR40,000m. However, the quicker than expected recovery since then meant that the company never raised the funds and in Jan 2021, its CFO stated that it had no intention of doing so either.However, the brutal COVID-19 second wave in India probably led to a change of heart. In this note, we will talk about the deal dynamics. 

Interglobe Aviation (Indigo) QIP Early Look - Headwinds Lead to a Change of Heart

<h2>Air New Zealand<br>Air's Bubble To Inflate Gradually</h2>
<div></div>
<p><strong>NEUTRAL</strong></p>
<p>Air New Zealand (AIR) is enjoying its first commercial international passenger services for over 12 months. The trans-Tasman bubble opening provides a welcome boost, but to date has been far from a bonanza. The opening sugar-rush of visiting friends and relatives (VFR) travellers has been dominated by New Zealand passport holders from both sides of the Tasman. Demand has since slowed, yet airline schedules suggest a gradual capacity build over the next few months. We expect AIR to still generate a material loss in 2H21 and to be loss-making through FY22. The outlook remains highly uncertain and a required capital raise still has to play out. We remain NEUTRAL but recognise AIR is trading towards the upper end of its trading band.&nbsp;</p>
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/203/907/original/image_61881236321620001111691.png?1620001112" class="editor-image img-responsive" data-smartkarma-image-id="203907"></figure>
<div>
<h3>What's changed?&nbsp;</h3>
</div>
<div id="m_4551118814049325906iwrmo3">
<ul>
<li><strong>Earnings</strong>:&nbsp;Earnings upgrades to each of FY21, FY22 and FY23. Losses assumed in FY21 and FY22</li>
</ul>
</div>
<div>
<h3>Bubble boost</h3>
</div>
<div id="m_4551118814049325906imngk">
<p>AIR's international (available seat km) capacity has initially increased by ~+100% as a result of the opening of the trans-Tasman bubble. AIR will fly 19 Tasman routes between 13 airports. Forward schedules suggests a gradual capacity build over the next few months. Competition is currently limited to Qantas/Jetstar, with Virgin Australia not returning to the Tasman until October 2021, and fifth freedom carriers including Singapore Airlines, China Airlines and Emirates likely to be absent until broader border re-openings.&nbsp;</p>
</div>
<div>
<h3>Cash burn to continue&nbsp;</h3>
</div>
<div id="m_4551118814049325906ibyrr">
<p>Cash&nbsp;burn guidance, which was -NZ$45m to -NZ$55m&nbsp;per month through 2H21&nbsp;has been removed given the bubble opening. We expect an initial cash boost from working capital gains (forward ticket sales), but these will slow as the forward book matures and capacity builds. Consequently, cash burn is likely to resume and&nbsp;deteriorate through 1H22 given the resumption of PAYE payments.</p>
</div>
<div>
<h3>Valuation</h3>
</div>
<div id="m_4551118814049325906inc8h">
<p>AIR share price has been dogged despite the reality of capital raise to secure much needed equity and ultimately the company's longer term future. In light of the large retail investor base and government's majority stake we expect that investors willing to participate in the capital raise will not be diluted. Its current enterprise value (EV) is just -4% of what it was on 31 December 2019, despite the current loss-making outlook and significant uncertainty over the recovery profile and size of the aviation market in future. However, we are confident that AIR will enhance its competitive position as a result of COVID-19. It's now trading at a ~+70% premium to net asset value (as at 30 June 2021),but after adding our valuation for the airpoints loyalty scheme, is within range of our NZ$1.60 target price.&nbsp;</p>
</div>
<div>
<div>
<div><strong>Andy Bowley</strong></div>
<div><a href="mailto:andy.bowley@forsythbarr.co.nz" target="_blank" rel="noopener">andy.bowley@forsythbarr.co.nz</a></div>
<div>+64 4 495 8246</div>
<div></div>
</div>
</div>
<div>
<div>
<div><strong>Scott Anderson</strong></div>
<div><a href="mailto:scott.anderson@forsythbarr.co.nz" target="_blank" rel="noopener">scott.anderson@forsythbarr.co.<wbr>nz</a></div>
<div>+64 4 914 2219</div>
</div>
</div>

Air New Zealand Air's Bubble To Inflate Gradually

NEUTRAL
Air New Zealand (AIR) is enjoying its first commercial international passenger services for over 12 months. The trans-Tasman bubble opening provides a welcome boost, but to date has been far from a bonanza. The opening sugar-rush of visiting friends and relatives (VFR) travellers has been dominated by New Zealand passport holders from both sides of the Tasman. Demand has since slowed, yet airline schedules suggest a gradual capacity build over the next few months. We expect AIR to still generate a material loss in 2H21 and to be loss-making through FY22. The outlook remains highly uncertain and a required capital raise still has to play out. We remain NEUTRAL but recognise AIR is trading towards the upper end of its trading band.&nbsp;


What's changed?&nbsp;



Earnings:&nbsp;Earnings upgrades to each of FY21, FY22 and FY23. Losses assumed in FY21 and FY22



Bubble boost


AIR's international (available seat km) capacity has initially increased by ~+100% as a result of the opening of the trans-Tasman bubble. AIR will fly 19 Tasman routes between 13 airports. Forward schedules suggests a gradual capacity build over the next few months. Competition is currently limited to Qantas/Jetstar, with Virgin Australia not returning to the Tasman until October 2021, and fifth freedom carriers including Singapore Airlines, China Airlines and Emirates likely to be absent until broader border re-openings.&nbsp;


Cash burn to continue&nbsp;


Cash&nbsp;burn guidance, which was -NZ$45m to -NZ$55m&nbsp;per month through 2H21&nbsp;has been removed given the bubble opening. We expect an initial cash boost from working capital gains (forward ticket sales), but these will slow as the forward book matures and capacity builds. Consequently, cash burn is likely to resume and&nbsp;deteriorate through 1H22 given the resumption of PAYE payments.


Valuation


AIR share price has been dogged despite the reality of capital raise to secure much needed equity and ultimately the company's longer term future. In light of the large retail investor base and government's majority stake we expect that investors willing to participate in the capital raise will not be diluted. Its current enterprise value (EV) is just -4% of what it was on 31 December 2019, despite the current loss-making outlook and significant uncertainty over the recovery profile and size of the aviation market in future. However, we are confident that AIR will enhance its competitive position as a result of COVID-19. It's now trading at a ~+70% premium to net asset value (as at 30 June 2021),but after adding our valuation for the airpoints loyalty scheme, is within range of our NZ$1.60 target price.&nbsp;



Andy Bowley
andy.bowley@forsythbarr.co.nz
+64 4 495 8246





Scott Anderson
scott.anderson@forsythbarr.co.nz
+64 4 914 2219



Air New Zealand: Air's Bubble To Inflate Gradually

New Zealand

Air New Zealand Limited operates an airline business that provides international and domestic air passenger and cargo transport services throughout New Zealand and the South West Pacific. The Company also provides engineering and ground handling services.

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Air New Zealand (AIR NZ)

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David Blennerhassett

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Sumeet Singh

Air New Zealand: Air's Bubble To Inflate Gradually

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Forsyth Barr

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