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>It is hard to fault Channel Infrastructure's (CHI) 1H23 result; revenue was better than expected, costs were lower and FY23 guidance was upgraded.</li><li>We too have lifted our FY23 EBITDA forecast to the top of CHI's revised guidance range, but have left our dividend forecast unchanged.</li><li>Whilst we increase our target price +3cps (+1.8%) to NZ$1.67, CHI represents fair value at current levels. NEUTRAL.</li></ul>

It is hard to fault Channel Infrastructure's (CHI) 1H23 result; revenue was better than expected, costs were lower and FY23 guidance was upgraded.We too have lifted our FY23 EBITDA forecast to the top of CHI's revised guidance range, but have left our dividend forecast unchanged.Whilst we increase our target price +3cps (+1.8%) to NZ$1.67, CHI represents fair value at current levels. NEUTRAL.

Channel Infrastructure - Fulfilling the Pipe Dream — 1H23 Result