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>F&amp;P Healthcare's (FPH) FY23 revenue upgrade reflects (1) a surge in COVID related demand from China, and (2) strong Northern Hemisphere respiratory patient flow (flu/RSV)</li><li>We saw modest upside risk to our previous expectations, however, the magnitude was larger than expected</li><li>FPH is a high-quality business, however, on ~50x 12 month forward PE the best case scenario is already priced in and we see the risk reward as negatively skewed</li></ul>

F&amp;P Healthcare's (FPH) FY23 revenue upgrade reflects (1) a surge in COVID related demand from China, and (2) strong Northern Hemisphere respiratory patient flow (flu/RSV)We saw modest upside risk to our previous expectations, however, the magnitude was larger than expectedFPH is a high-quality business, however, on ~50x 12 month forward PE the best case scenario is already priced in and we see the risk reward as negatively skewed

F&P Healthcare: Fast(Er) Track to New Normal