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 (AIR) has issued a new FY23 PBT guidance band of NZ$510m-NZ$560m, up from NZ$450m-NZ$530m</li><li>The company highlights (1) continued strong pax demand across both international and domestic network (meaning yields remain high), (2) a lower USD oil price partly offset by a weaker NZD, and (3) softer cargo revenues as airfreight yields decline and industry volumes slip.</li><li>AIR’s better near term profitability highlights continued strong yields, which will likely flow into FY24.</li></ul>

Air New Zealand (AIR) has issued a new FY23 PBT guidance band of NZ$510m-NZ$560m, up from NZ$450m-NZ$530mThe company highlights (1) continued strong pax demand across both international and domestic network (meaning yields remain high), (2) a lower USD oil price partly offset by a weaker NZD, and (3) softer cargo revenues as airfreight yields decline and industry volumes slip.AIR’s better near term profitability highlights continued strong yields, which will likely flow into FY24.

Air New Zealand: Guidance Upgrade (30-Apr-2023)