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) is due to report a strong post-COVID profit turnaround in its FY23 result on 29 August 2023.</li><li>The result will be driven by very strong rental yields across its international vehicle rental markets, robust but declining vehicles sales margins, and seven months contribution from Apollo (ATL).</li><li>Management is guiding to underlying NPAT above NZ$48m, though accepts that delayed vehicle sales deliveries around year end may mean it misses this guidance.</li></ul>

Tourism Holdings (THL) is due to report a strong post-COVID profit turnaround in its FY23 result on 29 August 2023.The result will be driven by very strong rental yields across its international vehicle rental markets, robust but declining vehicles sales margins, and seven months contribution from Apollo (ATL).Management is guiding to underlying NPAT above NZ$48m, though accepts that delayed vehicle sales deliveries around year end may mean it misses this guidance.

Tourism Holdings - FY23 Preview — Accelerating up the Gears