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

Fisher & Paykel Healthcare Corp / Equity Bottom-Up

<ul><li>Heading into F&amp;P Healthcare's (FPH) FY23 result on Friday 26 May, we maintain our UNDERPERFORM rating.</li><li>FPH's share price has continued to increase since its January 2023 guidance upgrade as its PE expands (from an already high base) suggesting to us the market views further earnings upgrades are likely.</li><li>Following recent competitor results and data releases, we think it is unlikely FPH upgrades its FY23 revenue guidance (NZ$1,550–1,600m).</li></ul>

Heading into F&amp;P Healthcare's (FPH) FY23 result on Friday 26 May, we maintain our UNDERPERFORM rating.FPH's share price has continued to increase since its January 2023 guidance upgrade as its PE expands (from an already high base) suggesting to us the market views further earnings upgrades are likely.Following recent competitor results and data releases, we think it is unlikely FPH upgrades its FY23 revenue guidance (NZ$1,550–1,600m).

F&P Healthcare: Checking the Flow — Limited Breathing Room