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

Channel Infrastructure NZ Ltd / Equity Bottom-Up

<ul><li>We upgrade Channel Infrastructure (CHI) to OUTPERFORM from NEUTRAL as it is presenting very good value, particularly relative to other defensive yield and infrastructure names.</li><li>Since Mobil Oil NZ sold out of CHI in mid-December 2023 a share performance gap of ~10% has opened up between CHI and its peers, providing a buying opportunity.</li><li>In addition, investors will benefit from an ~8% FY24 dividend yield.</li></ul>

We upgrade Channel Infrastructure (CHI) to OUTPERFORM from NEUTRAL as it is presenting very good value, particularly relative to other defensive yield and infrastructure names.Since Mobil Oil NZ sold out of CHI in mid-December 2023 a share performance gap of ~10% has opened up between CHI and its peers, providing a buying opportunity.In addition, investors will benefit from an ~8% FY24 dividend yield.

Channel Infrastructure -  Hanging Out for a Rerate — OUTPERFORM