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>Guidance caveat; positive near-term outlook: THL's trading update leaves FY23 earnings guidance (underlying NPAT above NZ$48m [FB: NZ$49.4m]) unchanged though now qualifies it by suggesting, “there is some risk in meeting our FY23 profit expectations should vehicle sales deliveries delay from Q4 FY23 into July/August 2023</li><li>Prolonged fleet rebuild programme: ​​​​​​​The trajectory of the fleet rebuild is unclear, though management expects it to be sub-10,000 units at year end FY25.</li><li>Balance sheet capacity: THL confirmed that it has sufficient debt funding capacity (supplemented by retained earnings and vehicle sales proceeds) to undertake the fleet rebuild programme without the need for new equity.</li></ul>

Guidance caveat; positive near-term outlook: THL's trading update leaves FY23 earnings guidance (underlying NPAT above NZ$48m [FB: NZ$49.4m]) unchanged though now qualifies it by suggesting, “there is some risk in meeting our FY23 profit expectations should vehicle sales deliveries delay from Q4 FY23 into July/August 2023Prolonged fleet rebuild programme: ​​​​​​​The trajectory of the fleet rebuild is unclear, though management expects it to be sub-10,000 units at year end FY25.Balance sheet capacity: THL confirmed that it has sufficient debt funding capacity (supplemented by retained earnings and vehicle sales proceeds) to undertake the fleet rebuild programme without the need for new equity.

Tourism Holdings: Weather Spoils RV Outing