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>We see positive earnings momentum for Channel Infrastructure continuing, with jet volumes continuing to recover better than expected and rising oil prices likely to boost September 2023 PPI Index above our current estimate.</li><li>Stronger price and quantity expectations lifts FY24 and beyond EBITDAF ~+1.5m and we increase our target price +2cps (+1.2%) to NZ$1.69.</li><li>We see good value in CHI at current levels. NEUTRAL. </li></ul>

We see positive earnings momentum for Channel Infrastructure continuing, with jet volumes continuing to recover better than expected and rising oil prices likely to boost September 2023 PPI Index above our current estimate.Stronger price and quantity expectations lifts FY24 and beyond EBITDAF ~+1.5m and we increase our target price +2cps (+1.2%) to NZ$1.69.We see good value in CHI at current levels. NEUTRAL. 

Channel Infrastructure - P's and Q's Encouraging