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

Thematic (Sector/Industry)

New zealand Energy / Thematic (Sector/Industry)

<ul><li>January 2024 saw a good top-up of hydro lakes, easing near-term hydro generation concerns, strong electricity demand growth and EV sales collapsing to pre-Clean Car Discount levels.</li><li>Share price performance was subdued, with two stocks outperforming and three underperforming.</li><li>We continue to view the sector as expensive with the Electricity Authority’s (EA) generation development survey indicating more solar projects are being built (or are about to be built) than has been publicly announced, suggesting a short-term overbuild risk is real.</li></ul>

January 2024 saw a good top-up of hydro lakes, easing near-term hydro generation concerns, strong electricity demand growth and EV sales collapsing to pre-Clean Car Discount levels.Share price performance was subdued, with two stocks outperforming and three underperforming.We continue to view the sector as expensive with the Electricity Authority’s (EA) generation development survey indicating more solar projects are being built (or are about to be built) than has been publicly announced, suggesting a short-term overbuild risk is real.

Power Points - Clean Car Discount Cuts Sales—February 2024