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>The three year earnings downgrade cycle that SkyCity (SKC) has been subject to is likely to continue; we consequently downgrade our rating to UNDERPERFORM from NEUTRAL.</li><li>A combination of cyclical and structural factors are impacting the profit outlook. While cyclical drivers will likely reverse at some stage over the next couple of years, the structural factors concerning gaming regulation will act as a meaningful counterweight.</li><li>We recognise that SKC has done a good job in resolving a number of its outstanding regulatory issues — AUSTRAC and the two DIA cases. </li></ul>

The three year earnings downgrade cycle that SkyCity (SKC) has been subject to is likely to continue; we consequently downgrade our rating to UNDERPERFORM from NEUTRAL.A combination of cyclical and structural factors are impacting the profit outlook. While cyclical drivers will likely reverse at some stage over the next couple of years, the structural factors concerning gaming regulation will act as a meaningful counterweight.We recognise that SKC has done a good job in resolving a number of its outstanding regulatory issues — AUSTRAC and the two DIA cases. 

SkyCity - FY24 — The House Isn't Winning; Downgrade to UNDERPERFORM

Skycity Entertainment

SkyCity - FY24 — The House Isn't Winning; Downgrade to UNDERPERFORM