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>Air New Zealand’s (AIR) latest monthly passenger (pax) operating stats highlight a modest softening of yields as additional capacity returns</li><li>Our estimate (~NZ$457m) for its April 2023 pax revenue is comfortably ahead of April 2019 (~NZ$401m), implying ~NZ$16.3m/day</li><li>Demand appears weaker than recent months, with average load factors dropping to 82.5% from a rolling 12m average of 86.3%.</li></ul>

Air New Zealand’s (AIR) latest monthly passenger (pax) operating stats highlight a modest softening of yields as additional capacity returnsOur estimate (~NZ$457m) for its April 2023 pax revenue is comfortably ahead of April 2019 (~NZ$401m), implying ~NZ$16.3m/dayDemand appears weaker than recent months, with average load factors dropping to 82.5% from a rolling 12m average of 86.3%.

Air New Zealand: Further Signs of Yields Easing