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.

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Channel Infrastructure NZ Ltd / Equity Bottom-Up

<ul><li>Producer price index (PPI) falling faster than expected, lowers FY24 expected PPI uplift</li><li>Jet volumes recovering faster and Auckland Airport confident of return to close to normal pax by year end</li><li>Government set to procure 70m litres of diesel storage, CHI remains well placed to secure a good contract</li></ul>

Producer price index (PPI) falling faster than expected, lowers FY24 expected PPI upliftJet volumes recovering faster and Auckland Airport confident of return to close to normal pax by year endGovernment set to procure 70m litres of diesel storage, CHI remains well placed to secure a good contract

<ul><li>Result a bit worse than expected, but FY23 outlook unchanged</li><li>Resumption of dividends as signalled and +0.5cps higher than forecast</li><li>Volumes recovering well and now expected to stay higher for longer, but variable price lower than previously forecast</li></ul>

Result a bit worse than expected, but FY23 outlook unchangedResumption of dividends as signalled and +0.5cps higher than forecastVolumes recovering well and now expected to stay higher for longer, but variable price lower than previously forecast

Channel Infrastructure: Volumes Jet Fuelled — FY22 Result

<ul><li>CHI has upgraded its FY23 revenue and EBITDA guidance +NZ$8.5m (+7%) and +NZ$4.0m (+5%) respectively at the midpoint of the guidance range</li><li>FY23 guidance upgrade due to strong PPI and new storage contract, partially offset by rising costs</li><li>Government decides to increase strategic reserve levels, CHI in pole position to provide most of the required storage</li></ul>

CHI has upgraded its FY23 revenue and EBITDA guidance +NZ$8.5m (+7%) and +NZ$4.0m (+5%) respectively at the midpoint of the guidance rangeFY23 guidance upgrade due to strong PPI and new storage contract, partially offset by rising costsGovernment decides to increase strategic reserve levels, CHI in pole position to provide most of the required storage

Channel Infrastructure: Producing Another Guidance Upgrade

<ul><li>High September 2022 CPI print points to strong PPI figure to be released in mid-November</li><li>3Q22 volumes suggest better 2023 volumes as jet continues to recover and conversion costs track below expectations</li><li>Modest earnings and target price upgrade with further upside potential</li></ul>

High September 2022 CPI print points to strong PPI figure to be released in mid-November3Q22 volumes suggest better 2023 volumes as jet continues to recover and conversion costs track below expectationsModest earnings and target price upgrade with further upside potential

Channel Infrastructure: Indexing an Earnings Upgrade

<ul><li><p>Channel Infrastructure (CHI) has quickly developed a track record of delivering on what it says and the 1H22 result was more evidence of that</p></li></ul><div><ul><li><p>Dividend outlook strengthened: CHI's quasi-guidance indicates the FY22 dividend will be at least 6.0cps (for nine months of operation)</p></li><li><p>Further upside opportunities in front of CHI</p></li></ul></div>

Channel Infrastructure (CHI) has quickly developed a track record of delivering on what it says and the 1H22 result was more evidence of thatDividend outlook strengthened: CHI's quasi-guidance indicates the FY22 dividend will be at least 6.0cps (for nine months of operation)Further upside opportunities in front of CHI

Channel Infrastructure: Delivering on Expectations and More — 1H22

New Zealand

Channel Infrastructure NZ Limited operates a fuel infrastructure company. The Company owns and operates a petroleum pipeline from the refinery to a terminal at Marsden Point, in Northland. Channel Infrastructure produces motor gasoline, automotive and diesel fuels, aviation jet fuel, light and heavy fuel oils, and bitumen.

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Channel Infrastructure NZ Ltd (CHI NZ)

Channel Infrastructure: Channel Check

Mixed news since Channel Infrastucture's (CHI) FY22 result has combined to lower our target price -4cps (-2.5%) and pull back our rating to NEUTRAL...

Forsyth Barr

Channel Infrastructure: Volumes Jet Fuelled — FY22 Result

Channel Infrastructure (CHI) produced a FY22 result moderately lower than forecast, but it reinstated the dividend at a higher level than expected;...

Forsyth Barr

Channel Infrastructure: Producing Another Guidance Upgrade

The Producer Price Index (PPI) for the 12 months to September 2022 was 8.4%, in line with expectations and locks in a price increase of +6.3% from...

Forsyth Barr

Channel Infrastructure: Indexing an Earnings Upgrade

With CPI running higher than expected and Channel Infrastructure's (CHI) 3Q22 operating report indicating throughput volumes are recovering quickly...

Forsyth Barr

Channel Infrastructure: Delivering on Expectations and More — 1H22

Channel Infrastructure (CHI) has quickly developed a track record of delivering on what it says and the 1H22 result was more evidence of that

Forsyth Barr

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