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>Scales (SCL) has reconfirmed its FY22 underlying NPAT guidance range (NZ$23.5m–NZ$28.5m), but now expects it will be “very unlikely” that the top end of the range is achieved</li><li>SCL has been unable to fully sell its 2022 harvest in FY22 (adversely impacting horticulture earnings), with some slippage into FY23. </li><li>SCL also provided first time FY23 underlying NPAT guidance, which is consistent with FY22 and an underlying EBITDA guidance range of NZ$68m–NZ$77m (we forecast ~NZ$73m)</li></ul>

Scales (SCL) has reconfirmed its FY22 underlying NPAT guidance range (NZ$23.5m–NZ$28.5m), but now expects it will be “very unlikely” that the top end of the range is achievedSCL has been unable to fully sell its 2022 harvest in FY22 (adversely impacting horticulture earnings), with some slippage into FY23. SCL also provided first time FY23 underlying NPAT guidance, which is consistent with FY22 and an underlying EBITDA guidance range of NZ$68m–NZ$77m (we forecast ~NZ$73m)

Scales Corp Ltd

Scales: Readjusting the Scales