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>Aeronautical capex outlook: AIA has yet to provide any formal guidance for aeronautical capex through PSE4 (FY23–FY27)</li><li>Duty free concession(s): We expect AIA to announce the extension of existing duty free concessions</li><li>Pax recovery: Uncertainty persists around the shape and duration of the pax recovery, particularly the Chinese market</li></ul>

Aeronautical capex outlook: AIA has yet to provide any formal guidance for aeronautical capex through PSE4 (FY23–FY27)Duty free concession(s): We expect AIA to announce the extension of existing duty free concessionsPax recovery: Uncertainty persists around the shape and duration of the pax recovery, particularly the Chinese market

Auckland Airport: FY22 Preview — Profits to Land

Auckland Intl Airport

Auckland Airport: FY22 Preview — Profits to Land