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

Auckland International Airport / Equity Bottom-Up

<ul><li>Auckland Airport (AIA) is downgraded to UNDERPERFORM from NEUTRAL due to Commerce Commission's review of PSE4 pricing period.</li><li>Key negatives include targeted excess profits, ignored non-priced services, and potential regulatory scrutiny.</li><li>Market consensus earnings expectations are optimistic and need moderation; AIA is not considered cheap at the current trading multiples.</li></ul>

Auckland Airport (AIA) is downgraded to UNDERPERFORM from NEUTRAL due to Commerce Commission's review of PSE4 pricing period.Key negatives include targeted excess profits, ignored non-priced services, and potential regulatory scrutiny.Market consensus earnings expectations are optimistic and need moderation; AIA is not considered cheap at the current trading multiples.

Auckland Airport Another ComCom Speeding Ticket