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>On balance we viewed AFT Pharmaceuticals (AFT's) 1H24 result positively.</li><li>The key positive was underlying non-ANZ sales growth of +95% versus 1H23, which, coupled with ongoing solid ANZ performance, more than offset gross margin weakness.</li><li>The key question for investors is the degree of operating leverage AFT can generate from its continued strong revenue growth trajectory.</li></ul>

On balance we viewed AFT Pharmaceuticals (AFT's) 1H24 result positively.The key positive was underlying non-ANZ sales growth of +95% versus 1H23, which, coupled with ongoing solid ANZ performance, more than offset gross margin weakness.The key question for investors is the degree of operating leverage AFT can generate from its continued strong revenue growth trajectory.

AFT Pharmaceuticals -  1H24 Result — Not Without Some Pain