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

Channel Infrastructure NZ Ltd / Equity Bottom-Up

<ul><li>Channel Infrastructure (CHI) delivered a solid 1H25 result, and is tracking towards the upper end of FY25 EBITDA and dividend guidance.</li><li>Positives include: ahead-of-schedule progress on Z Energy’s jet storage project; a nine-year extension to a private storage contract; opportunities arising from the Government’s increased diesel stockholding requirements.</li><li>CHI is well positioned to pursue M&amp;A and leverage its strategic Marsden Point land bank.</li></ul>

Channel Infrastructure (CHI) delivered a solid 1H25 result, and is tracking towards the upper end of FY25 EBITDA and dividend guidance.Positives include: ahead-of-schedule progress on Z Energy’s jet storage project; a nine-year extension to a private storage contract; opportunities arising from the Government’s increased diesel stockholding requirements.CHI is well positioned to pursue M&amp;A and leverage its strategic Marsden Point land bank.

Channel Infrastructure - 1H25 Result—CHI Keeps Flowing

<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

<ul><li>Channel Infrastructure has lifted its dividend free cash flow payout ratio, delivering a 12.0cps–12.5cps FY25 dividend, coinciding with a strong PPI print for March 2025.</li><li>The target price has increased by 8% to NZ$2.32, with an OUTPERFORM rating maintained, due to strong earnings and higher dividends.</li><li>The company is viewed as a low-risk investment with a large portion of revenue fixed, and future leverage increases are being considered.</li></ul>

Channel Infrastructure has lifted its dividend free cash flow payout ratio, delivering a 12.0cps–12.5cps FY25 dividend, coinciding with a strong PPI print for March 2025.The target price has increased by 8% to NZ$2.32, with an OUTPERFORM rating maintained, due to strong earnings and higher dividends.The company is viewed as a low-risk investment with a large portion of revenue fixed, and future leverage increases are being considered.

Channel Infrastructure - Leverage Pays Dividends

<ul><li>Channel Infrastructure reported flat 1Q25 throughput volumes, slightly below last year due to 2024 being a leap year.</li><li>The Government confirmed an increase in diesel stock-holding requirements, positioning CHI to supply much of the additional storage needed.</li><li>CHI's earnings remain attractive due to defensive earnings, cash dividend yield, and potential from repurposing ex-refinery land.</li></ul>

Channel Infrastructure reported flat 1Q25 throughput volumes, slightly below last year due to 2024 being a leap year.The Government confirmed an increase in diesel stock-holding requirements, positioning CHI to supply much of the additional storage needed.CHI's earnings remain attractive due to defensive earnings, cash dividend yield, and potential from repurposing ex-refinery land.

Channel Infrastructure - 1Q25 Op Stats—Diesel Interest Piqued

<ul><li>Channel Infrastructure (CHI) achieved what all low risk businesses should—a no-surprise result.</li><li>Earnings, dividend and guidance were all consistent with our expectations heading into the result.</li><li>Updates on the development potential at the site were encouraging, and the investment thesis remains unchanged. </li></ul>

Channel Infrastructure (CHI) achieved what all low risk businesses should—a no-surprise result.Earnings, dividend and guidance were all consistent with our expectations heading into the result.Updates on the development potential at the site were encouraging, and the investment thesis remains unchanged. 

Channel Infrastructure - Pipes Flowing Well—FY24 Result

New Zealand

Channel Infrastructure NZ Limited operates a fuel infrastructure company. The Company owns and operates a petroleum pipeline from the refinery to a terminal at Marsden Point, in Northland. Channel Infrastructure produces motor gasoline, automotive and diesel fuels, aviation jet fuel, light and heavy fuel oils, and bitumen.

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Channel Infrastructure NZ Ltd (CHI NZ)

Channel Infrastructure - 1H25 Result—CHI Keeps Flowing

Channel Infrastructure (CHI) delivered a solid 1H25 result, and is tracking towards the upper end of FY25 EBITDA and dividend guidance.

Forsyth Barr

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

Channel Infrastructure - Leverage Pays Dividends

Channel Infrastructure has lifted its dividend free cash flow payout ratio, delivering a 12.0cps–12.5cps FY25 dividend, coinciding with a strong...

Forsyth Barr

Channel Infrastructure - 1Q25 Op Stats—Diesel Interest Piqued

Channel Infrastructure reported flat 1Q25 throughput volumes, slightly below last year due to 2024 being a leap year. The Government confirmed an...

Forsyth Barr

Channel Infrastructure - Pipes Flowing Well—FY24 Result

Channel Infrastructure (CHI) achieved what all low risk businesses should—a no-surprise result. Earnings, dividend and guidance were all consistent...

Forsyth Barr

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