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>Napier Port (NPH) reported a robust 1H26 result, but with valuation fair on a bond-rate-adjusted basis, we downgrade our rating to NEUTRAL from OUTPERFORM.</li><li>We expect pricing growth to moderate from FY27, while the near-term cargo volume backdrop is mixed, with a positive outlook for containers and downside risk for logs.</li><li>NPH’s strategic initiatives are tracking well, and we expect its container transformation project to deliver credible productivity and cost benefits from FY28.</li></ul>

Napier Port (NPH) reported a robust 1H26 result, but with valuation fair on a bond-rate-adjusted basis, we downgrade our rating to NEUTRAL from OUTPERFORM.We expect pricing growth to moderate from FY27, while the near-term cargo volume backdrop is mixed, with a positive outlook for containers and downside risk for logs.NPH’s strategic initiatives are tracking well, and we expect its container transformation project to deliver credible productivity and cost benefits from FY28.

Studio City International Holdings Limited (MSC US)

Studio City International Holdings Limited

Napier Port 1H26 Result—The Ship Has Sailed