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>Tourism Holdings (THL) has lifted its FY23 NPAT guidance to above NZ$30m, from a previous range of NZ$17m-NZ$30m</li><li>The new guidance includes NZ$3.5m of Apollo (ATL) related transaction costs, which are one-off in nature</li><li>The earnings upgrade primarily reflects rental yields in Australia and New Zealand being ahead of prior expectations</li></ul>

Tourism Holdings (THL) has lifted its FY23 NPAT guidance to above NZ$30m, from a previous range of NZ$17m-NZ$30mThe new guidance includes NZ$3.5m of Apollo (ATL) related transaction costs, which are one-off in natureThe earnings upgrade primarily reflects rental yields in Australia and New Zealand being ahead of prior expectations

Tourism Holdings

Tourism Holdings: Earnings Upgrade