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>Steel and Tube (STU) has provided FY23 normalised EBIT guidance NZ$28-32m and 2H23 volumes down -10-15% on 1H23.</li><li>There has been a broad based softening in demand and high cost inventory is impacting margins.</li><li>EBIT guidance is 24-32% below our current forecast of NZ$42m and implies 2H23 EBIT of NZ$8-12m (NZ$20m 1H23).</li></ul>

Steel and Tube (STU) has provided FY23 normalised EBIT guidance NZ$28-32m and 2H23 volumes down -10-15% on 1H23.There has been a broad based softening in demand and high cost inventory is impacting margins.EBIT guidance is 24-32% below our current forecast of NZ$42m and implies 2H23 EBIT of NZ$8-12m (NZ$20m 1H23).

Steel and Tube (STU): Trading Update and Earnings Guidance

Steel & Tube Holdings

Steel and Tube (STU): Trading Update and Earnings Guidance