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>SkyCity (SKC) is reporting its FY26 result on Thursday, 20 August 2026.</li><li>The two key areas we will focus on are: (1) the signalling of a potential return to dividends during FY27 following recently announced asset sales; and (2) FY27 earnings guidance given the softer run rate through the final quarter of FY26.</li><li>Other areas of interest include: an update on the online gaming opportunity; progress on Adelaide’s business improvement programme and the introduction of carded gaming in CY27; FY27 capex guidance; and an operational update on Auckland as NZICC ramps towards full run rates and the City Rail Link is due to open in September 2026.</li></ul>

SkyCity (SKC) is reporting its FY26 result on Thursday, 20 August 2026.The two key areas we will focus on are: (1) the signalling of a potential return to dividends during FY27 following recently announced asset sales; and (2) FY27 earnings guidance given the softer run rate through the final quarter of FY26.Other areas of interest include: an update on the online gaming opportunity; progress on Adelaide’s business improvement programme and the introduction of carded gaming in CY27; FY27 capex guidance; and an operational update on Auckland as NZICC ramps towards full run rates and the City Rail Link is due to open in September 2026.

<ul><li>After waiting 18 months for SkyCity (SKC) to announce the first sale in its asset monetisation strategy, it took only five days to get the second update.</li><li>SKC announced that it has entered into a non-binding heads of agreement for the sale of the Grand hotel, though the financial terms of the transaction remain confidential.</li><li>This announcement, in addition to the asset sale announced last week, should result in SKC: (1) exceeding its NZ$200m asset monetisation target; (2) reducing pro-forma gearing below 2x EBITDA, which should remove S&amp;P’s negative watch on its credit rating; and (3) being in a position to return to dividends in FY27.</li></ul>

After waiting 18 months for SkyCity (SKC) to announce the first sale in its asset monetisation strategy, it took only five days to get the second update.SKC announced that it has entered into a non-binding heads of agreement for the sale of the Grand hotel, though the financial terms of the transaction remain confidential.This announcement, in addition to the asset sale announced last week, should result in SKC: (1) exceeding its NZ$200m asset monetisation target; (2) reducing pro-forma gearing below 2x EBITDA, which should remove S&amp;P’s negative watch on its credit rating; and (3) being in a position to return to dividends in FY27.

External broker reports(aggregated public sources), Kenanga Investment Bank Bhd

Kenanga Investment Bank Bhd

External broker reports(aggregated public sources)

Established for more than 45 years, Kenanga Investment Bank Berhad is a financial group in Malaysia with extensive experience in equity broking, investment banking, treasury, Islamic banking, listed derivatives, investment management, wealth management, structured lending and trade financing. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>GENM has terminated the exclusive arrangement to sell its Miami Herald land to Smart Miami City LLC, potentially opening up the land to other bidders.</li><li>There is no change to our FY23-24F forecast as we did not factor the sale into the forecasts. Operationally, Resorts World Malaysia is still set to be a major beneficiary of consumer spending and returning Chinese tourist even if its 1QFY23 performance was a tad soft.</li><li>Maintain TP of RM3.35 and OUTPERFORM.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

GENM has terminated the exclusive arrangement to sell its Miami Herald land to Smart Miami City LLC, potentially opening up the land to other bidders.There is no change to our FY23-24F forecast as we did not factor the sale into the forecasts. Operationally, Resorts World Malaysia is still set to be a major beneficiary of consumer spending and returning Chinese tourist even if its 1QFY23 performance was a tad soft.Maintain TP of RM3.35 and OUTPERFORM.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Results Note - Genting Malaysia - 23 Jun 2023

Malaysia

Genting Malaysia Berhad operates a tourist resort in Genting Highlands which includes hotels, restaurants, casinos, and recreational and amusement facilities. Through its subsidiaries, the Company also develops and leases property, operates leisure and hospitality services, and provides time share ownership scheme.

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Genting Malaysia (GENM MK)

SkyCity FY26 Preview—Counting Cards

SkyCity (SKC) is reporting its FY26 result on Thursday, 20 August 2026. The two key areas we will focus on are: (1) the signalling of a potential...

Forsyth Barr

SkyCity Bang, Bang

After waiting 18 months for SkyCity (SKC) to announce the first sale in its asset monetisation strategy, it took only five days to get the second...

Forsyth Barr

Results Note - Genting Malaysia - 23 Jun 2023

GENM has terminated the exclusive arrangement to sell its Miami Herald land to Smart Miami City LLC, potentially opening up the land to other bidders.

Kenanga Investment Bank Bhd

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