New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

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.

Equity Bottom-Up

<ul><li>Auckland Airport (AIA) will likely report its strongest ever six monthly NPAT result on 20 February 2025, despite an apparent stalling of the post-COVID air travel recovery.</li><li>We forecast 1H25 NPAT of NZ$158m (up +8% on the prior year). At an EPS level, the dilution from two major capital raises (2020 and 2024) means current profitability per share still lags pre-COVID highs.</li><li>Yet, the outlook is positive given a very favourable aeronautical price path.  </li></ul>

Auckland Airport (AIA) will likely report its strongest ever six monthly NPAT result on 20 February 2025, despite an apparent stalling of the post-COVID air travel recovery.We forecast 1H25 NPAT of NZ$158m (up +8% on the prior year). At an EPS level, the dilution from two major capital raises (2020 and 2024) means current profitability per share still lags pre-COVID highs.Yet, the outlook is positive given a very favourable aeronautical price path.  

Auckland Airport - 1H25 Preview—Aero Ascent

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Auckland Intl Airport / Equity Capital Markets

<ul>
<li>Auckland City Council plans to sell 7% of <a href="https://www.smartkarma.com/entities/auckland-intl-airport-ltd" target="_blank" data-smartkarma-citation="entities:597:1" rel="noopener">Auckland Intl Airport (AIA NZ)</a>  to fund its budget requirements for 2023-24.</li>
<li>Auckland City Mayor has been talking about selling the stake since at least Dec 2022 and hence, the deal is already very well flagged.</li>
<li>In this note, we will talk about the possible placement and other deal dynamics.</li>
</ul>


Auckland City Council plans to sell 7% of Auckland Intl Airport (AIA NZ)  to fund its budget requirements for 2023-24.
Auckland City Mayor has been talking about selling the stake since at least Dec 2022 and hence, the deal is already very well flagged.
In this note, we will talk about the possible placement and other deal dynamics.


Auckland Airport Possible Placement - Will Be Very Well Flagged US$540m Block

Channel Infrastructure NZ Ltd / Equity Bottom-Up

<ul><li>Channel Infrastructure’s (CHI) operating throughput for 2Q25 was mixed, but it is difficult to get a strong read on underlying trends due to Wiri storage tank outages impacting stock levels.</li><li>Key jet movements at Auckland Airport (AIA) are showing green shoots of improvement, albeit overall aircraft movements remain well below pre-COVID levels.</li><li>While an investment decision on the bio-refinery has been pushed back to 2026, we believe this reflects the complexity of the project rather than an increased risk that it will not proceed.</li></ul>

Channel Infrastructure’s (CHI) operating throughput for 2Q25 was mixed, but it is difficult to get a strong read on underlying trends due to Wiri storage tank outages impacting stock levels.Key jet movements at Auckland Airport (AIA) are showing green shoots of improvement, albeit overall aircraft movements remain well below pre-COVID levels.While an investment decision on the bio-refinery has been pushed back to 2026, we believe this reflects the complexity of the project rather than an increased risk that it will not proceed.

Channel Infrastructure Block Out The Noise—2Q25 Op Stats

Financial News, Analysis and Data, FNArena

FNArena

Financial News, Analysis and Data

Online financial media company focused on Australian equities, with a global perspective

<ul><li>In today's edition: -Ask FNArena -Review All-Weather Model Portfolio -Recent Updates On Expert Views -Best Buys & Conviction Calls</li></ul>

In today's edition: -Ask FNArena -Review All-Weather Model Portfolio -Recent Updates On Expert Views -Best Buys & Conviction Calls

Rudi's View: Bega Cheese, Cettire, Harvey Norman, Sigma, SiteMinder & More

<ul><li>Update on changes to and revisions of analysts' Best Ideas and Conviction Calls, as well as Model Portfolio compositions</li></ul>

Update on changes to and revisions of analysts' Best Ideas and Conviction Calls, as well as Model Portfolio compositions

NEXTDC Ltd - Rudi's View: Aussie Broadband, oOh!media, Paladin Energy, Seek, Xero & More

New Zealand

Auckland International Airport Limited owns and operates the Auckland International Airport.  The Airport includes a single runway, an international terminal and two domestic terminals.  The Airport also has commercial facilities which includes airfreight operations, car rental services, commercial banking center and office buildings.

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Auckland International Airport (AIA AU)

Auckland Airport - 1H25 Preview—Aero Ascent

Auckland Airport (AIA) will likely report its strongest ever six monthly NPAT result on 20 February 2025, despite an apparent stalling of the post...

Forsyth Barr

Auckland Airport Possible Placement - Will Be Very Well Flagged US$540m Block

Auckland Airport just reported its full year results, this in effect frees its largest shareholder, Auckland City Council to progress with its...

Sumeet Singh

Channel Infrastructure Block Out The Noise—2Q25 Op Stats

Channel Infrastructure’s (CHI) operating throughput for 2Q25 was mixed, but it is difficult to get a strong read on underlying trends due to Wiri...

Forsyth Barr

Rudi's View: Bega Cheese, Cettire, Harvey Norman, Sigma, SiteMinder & More

In today's edition: -Ask FNArena -Review All-Weather Model Portfolio -Recent Updates On Expert Views -Best Buys & Conviction Calls

FNArena

NEXTDC Ltd - Rudi's View: Aussie Broadband, oOh!media, Paladin Energy, Seek, Xero & More

Update on changes to and revisions of analysts' Best Ideas and Conviction Calls, as well as Model Portfolio compositions

FNArena

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