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

Channel Infrastructure NZ Ltd / Equity Bottom-Up

<ul><li>Channel Infrastructure's (CHI) investor day re-emphasised the upside potential from leasing land to energy project developers, but with the market now pricing in some upside and with significant uncertainty on the likelihood and timing of the investments we downgrade our rating to NEUTRAL from OUTPERFORM.</li><li>The next material catalyst for CHI will be Seadra's decision on whether to proceed with the bio-refinery or not, a decision which likely depends on securing feedstock supply. </li><li>CHI's external fuel volume forecaster, Envisory, has lifted its volume forecasts out to 2045, boosting our medium-term outlook and leading to the modest +1.5% target price increase. </li></ul>

Channel Infrastructure's (CHI) investor day re-emphasised the upside potential from leasing land to energy project developers, but with the market now pricing in some upside and with significant uncertainty on the likelihood and timing of the investments we downgrade our rating to NEUTRAL from OUTPERFORM.The next material catalyst for CHI will be Seadra's decision on whether to proceed with the bio-refinery or not, a decision which likely depends on securing feedstock supply. CHI's external fuel volume forecaster, Envisory, has lifted its volume forecasts out to 2045, boosting our medium-term outlook and leading to the modest +1.5% target price increase. 

Channel Infrastructure - Energising Its Options the Next Challenge