New Zealand Professional Investment Services Firm

Forsyth Barr

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.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<ul><li>AFT Pharmaceuticals' (AFT) 1H23 result highlighted ongoing strong underlying revenue momentum which was ahead of our expectations, but this was more than offset by higher costs as it lifts investment to drive future growth</li><li>While we were encouraged by the revenue trends, several years of strong revenue growth with limited cost growth now requires a material reset of AFT's cost base relative to our prior expectations</li><li>The result contained nothing to change our overall view, and if anything affirmed the runway of growth ahead for AFT and its ability to execute</li></ul>

AFT Pharmaceuticals' (AFT) 1H23 result highlighted ongoing strong underlying revenue momentum which was ahead of our expectations, but this was more than offset by higher costs as it lifts investment to drive future growthWhile we were encouraged by the revenue trends, several years of strong revenue growth with limited cost growth now requires a material reset of AFT's cost base relative to our prior expectationsThe result contained nothing to change our overall view, and if anything affirmed the runway of growth ahead for AFT and its ability to execute

AFT Pharmaceuticals: 1H23 Result — A Few Sniffles