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

<ul><li>Revenue recovery strong, pathway to full earnings recovery in FY23 clear</li><li>Cost pressures apparent: SKC has a high level of staff vacancy (it is currently seeking ~400 FTEs, ~15% of its total)</li><li>Adelaide proving difficult on both sides of the revenue and cost coin</li></ul>

Revenue recovery strong, pathway to full earnings recovery in FY23 clearCost pressures apparent: SKC has a high level of staff vacancy (it is currently seeking ~400 FTEs, ~15% of its total)Adelaide proving difficult on both sides of the revenue and cost coin

Skycity Entertainment

SKYCITY: FY22 — More Chips Please