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) will report a troubled FY24 result on 27 August 2024.</li><li>A materially weaker second half stems from a significant slowdown during 4Q24, due to declining vehicle sales demand impacting both (new and ex-fleet) vehicles sold and their respective sales margins.</li><li>Investor confidence is in need of restoring, which we expect to take time. At best, investors can expect small steps in that direction at this result.</li></ul>

Tourism Holdings (THL) will report a troubled FY24 result on 27 August 2024.A materially weaker second half stems from a significant slowdown during 4Q24, due to declining vehicle sales demand impacting both (new and ex-fleet) vehicles sold and their respective sales margins.Investor confidence is in need of restoring, which we expect to take time. At best, investors can expect small steps in that direction at this result.

Tourism Holdings - FY24 Preview — A Tough Trip