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 reported an exceptionally strong 1H23 result. Underlying NPAT of NZ$26.3 represents THL’s strongest ever first half performance.</li><li>Management expects underlying NPAT greater than NZ$48m.</li><li>There is no interim dividend though THL expects to be able to pay a full year dividend later in the year, albeit under a revised (and lower) dividend pay-out ratio than previously.</li></ul>

Tourism Holdings (THL) has reported an exceptionally strong 1H23 result. Underlying NPAT of NZ$26.3 represents THL’s strongest ever first half performance.Management expects underlying NPAT greater than NZ$48m.There is no interim dividend though THL expects to be able to pay a full year dividend later in the year, albeit under a revised (and lower) dividend pay-out ratio than previously.

Tourism Holdings (THL): 1H23 Result Initial Thoughts