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>The Australian financial crimes agency AUSTRAC will commence civil penalty proceedings against SkyCity Adelaide for alleged serious and systematic non-compliance with anti-money laundering and counter-terrorism financing laws.</li><li>At this stage AUSTRAC has issued a media statement with its full statement of claim pending.</li><li>We expect this to be available once it has been lodged in the Federal Court sometime today.</li></ul>

The Australian financial crimes agency AUSTRAC will commence civil penalty proceedings against SkyCity Adelaide for alleged serious and systematic non-compliance with anti-money laundering and counter-terrorism financing laws.At this stage AUSTRAC has issued a media statement with its full statement of claim pending.We expect this to be available once it has been lodged in the Federal Court sometime today.

SkyCity: AUSTRAC to File Proceedings Against Adelaide Casino

<ul><li>Hospitality joining the reopening party, EGMs continue to lead the way </li><li>Defensive earnings in face of slowing economic backdrop</li><li>Forced car park buyback of little concern from a balance sheet or strategy perspective</li></ul>

Hospitality joining the reopening party, EGMs continue to lead the way Defensive earnings in face of slowing economic backdropForced car park buyback of little concern from a balance sheet or strategy perspective

<ul><li>SkyCity (SKC) issued a positive 1Q23 trading update, with group normalised EBITDA +10% above pre-COVID levels on a like-for-like basis (excluding the sold Darwin casino and Auckland carpark).</li><li>The domestic consumer environment remains robust with all properties benefitting from operating restriction free.</li><li>SKC warns against extrapolating 1Q23 performance over the remainder of FY23 given “global economic uncertainty, and how this will impact the domestic economies in which our business operates”.</li></ul>

SkyCity (SKC) issued a positive 1Q23 trading update, with group normalised EBITDA +10% above pre-COVID levels on a like-for-like basis (excluding the sold Darwin casino and Auckland carpark).The domestic consumer environment remains robust with all properties benefitting from operating restriction free.SKC warns against extrapolating 1Q23 performance over the remainder of FY23 given “global economic uncertainty, and how this will impact the domestic economies in which our business operates”.

SkyCity (SKC): Strong 1Q23 Trading Update

<ul><li>Macquarie Bank owned MRF Parking NZ (MRF) has exercised its right to terminate the long-term concession agreement with SkyCity (SKC) for its Auckland carpark</li><li>MRF originally paid SKC NZ$220m for the licence to operate the carparks</li><li>SKC has funding plans in place to buyback the carparks</li></ul>

Macquarie Bank owned MRF Parking NZ (MRF) has exercised its right to terminate the long-term concession agreement with SkyCity (SKC) for its Auckland carparkMRF originally paid SKC NZ$220m for the licence to operate the carparksSKC has funding plans in place to buyback the carparks

SkyCity (SKC): Termination of Auckland Carpark Concession Agreement

<ul><li>Rationale for regulation: The current offshore grey market for online gambling in New Zealand allows leakage of potential tax revenues.</li><li>Online market opportunity: SKC estimates that the online casino market in New Zealand is ~NZ$350m annually, representing ~12% of the total gambling market</li><li>The potential prize: The range of potential regulatory frameworks and tax settings is wide</li></ul>

Rationale for regulation: The current offshore grey market for online gambling in New Zealand allows leakage of potential tax revenues.Online market opportunity: SKC estimates that the online casino market in New Zealand is ~NZ$350m annually, representing ~12% of the total gambling marketThe potential prize: The range of potential regulatory frameworks and tax settings is wide

Australia

Collins Foods Ltd. operates fast-food restaurants.  The Company operates chains of steak and chicken restaurants in Australia.

Jumbo Interactive Limited develops e-commerce and online retailing technologies. The Company also operates a web site that offers Australian lottery tickets for purchase online as well as distributes a wide range of software products.

The Star Entertainment Group Limited owns and operates casinos and hotels. The Company offers services and amenities such as gaming facilities, nightclubs, bars, restaurants, exhibition centers. The Star Entertainment Group conducts business in Australia.

Tabcorp Holdings Limited operates as a holding company. The Company, through its subsidiaries, provides gambling, gaming, wagering, and entertainment services. Tabcorp Holdings serves customers in Australia and in the United Kingdom.

Helloworld Travel Limited operates as a travel company. The Company provides corporate travel management services to corporate and government customers including booking flights, cruises, and accommodation. Helloworld Travel serves customers worldwide.

Ainsworth Game Technology Limited designs, develops and manufactures gaming machines and games combination software and other related equipment for the gaming industry in Australia. Products include the Ambassador video gaming machines, video games and Embassy Jackpot systems.

Retail Food Group Ltd is a retail food brand manager and franchiser. The Company currently manages donut stores and cafes.

Elanor Investor Group is an investment and funds management business. The Company diversifies its investments within funds management, hotels and leisure, and special situation investments.

Reef Casino Trust operates The Reef Hotel Casino Complex in Cairns, North Queensland.  The complex includes a 128-room hotel, nightclub, a conservatory, a gaming area, lounge and bar, restaurants and conference facilities.

Corporate Travel Management Ltd. offers corporate travel management services. The Company operates on a fee for service model and provides business travel advice and services; bookings; ticketing, and ancillary services; and offers travel data diagnostics and recommendations.

PLENUS Co., Ltd. sells take-out boxed meals through a franchise system as well as operates Japanese restaurants.  The Company also sells foodstuff, packaging material, and business uniforms.

LiJiang YuLong Tourism Co., Ltd. provides travel services in Lijiang, Yunnan. The Company provides cableway transportation, bus transportation, food and beverages services, and other related tourism services.

Hna-Caissa Travel Group is in the business of public transportation catering service, including airline catering and railway catering services. It also provides hotel catering services.

Ruth's Hospitality Group Inc. operates a chain of upscale steak houses. The Company's restaurants are located throughout the United States and in several international locations.

ARCLAND SERVICE CO., LTD. operates a restaurant chain based in Tokyo. The Company mainly serves pork cutlets and barbecue.

Cafe De Coral Holdings Limited, through its subsidiaries, operates quick service restaurants, fast casual dining, institutional catering and specialty restaurant chains, and food manufacturing business.

HIDAY HIDAKA Corp. operates a chain of Oriental noodle and Chinese restaurants mainly in Saitama Prefecture.  The Company produces noodles, soup, and dumplings at its own factory.

DOUTOR NICHIRES Holdings Co., Ltd is establish through merger of DOUTOR COFFEE and NIPPON RESTAURANT SYSTEM.  The Company operates a coffee shop and restaurant chain. DOUTOR NICHIRES manages all business operations, from producing and procuring coffee beans to roasting, wholesaling, and retailing.

Biglari Holdings Inc. operates as a holding company. The Company, through its subsidiaries, invests in food and insurance companies. Biglari Holdings serves clients in the State of Texas.

Hana Tour Service Inc. wholesales a variety of travel related services.  The Company provides outbound, inbound and domestic travel packages and cooperates with credit card companies and Internet shopping malls to market its services. Hana Tour Service also works as general sales agency (GSA) of overseas cruise and rail passes.

SKYCITY Entertainment Group Ltd. provides gaming and casino services. The Company offers various casinos accompanied with various bars, hotels, restaurants, and convention centers. SKYCITY Entertainment Group offers services in Australia and New Zealand.

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Skycity Entertainment (SKC AU)

SkyCity: AUSTRAC to File Proceedings Against Adelaide Casino

The Australian financial crimes agency AUSTRAC will commence civil penalty proceedings against SkyCity Adelaide for alleged serious and systematic...

Forsyth Barr

SkyCity: Choice as Chips Start to FY23

SkyCity's (SKC) recovery from COVID-19 continues, with earnings beginning FY23 materially above pre-COVID levels; With strong trading momentum, we...

Forsyth Barr

SkyCity (SKC): Strong 1Q23 Trading Update

SkyCity (SKC) issued a positive 1Q23 trading update, with group normalised EBITDA +10% above pre-COVID levels on a like-for-like basis; this would...

Forsyth Barr

SkyCity (SKC): Termination of Auckland Carpark Concession Agreement

Macquarie Bank owned MRF Parking NZ (MRF) has exercised its right to terminate the long-term concession agreement with SkyCity (SKC) for its...

Forsyth Barr

SKYCITY: Online Jackpot

SkyCity's (SKC) online casino business has the potential to be a material contributor to group earnings and valuation

Forsyth Barr

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