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>New pax assumptions: AIA now expects FY23 passenger (pax) levels consistent with our expectations</li><li>Conservative guidance track record: AIA has a track record of under-promising and over-delivering when setting earnings guidance</li><li>Capex guidance retained: Management has retained its FY23 capex guidance of NZ$600m–NZ$700m</li></ul>

New pax assumptions: AIA now expects FY23 passenger (pax) levels consistent with our expectationsConservative guidance track record: AIA has a track record of under-promising and over-delivering when setting earnings guidanceCapex guidance retained: Management has retained its FY23 capex guidance of NZ$600m–NZ$700m

Auckland Intl Airport

Auckland Airport: Much Ado About Nothing