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>High September 2022 CPI print points to strong PPI figure to be released in mid-November</li><li>3Q22 volumes suggest better 2023 volumes as jet continues to recover and conversion costs track below expectations</li><li>Modest earnings and target price upgrade with further upside potential</li></ul>

High September 2022 CPI print points to strong PPI figure to be released in mid-November3Q22 volumes suggest better 2023 volumes as jet continues to recover and conversion costs track below expectationsModest earnings and target price upgrade with further upside potential

Channel Infrastructure: Indexing an Earnings Upgrade