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>Serko (SKO) reported a 1H23 result that displayed a promising beat at the top line, though this was offset by a signalled step up in operating expenses</li><li>Contribution from the Booking.com JV displayed solid growth, though its short history makes comparisons difficult</li><li>While COVID-19 is now largely in the rear-view mirror, SKO enters a critical period for execution on the JV</li></ul>

Serko (SKO) reported a 1H23 result that displayed a promising beat at the top line, though this was offset by a signalled step up in operating expensesContribution from the Booking.com JV displayed solid growth, though its short history makes comparisons difficultWhile COVID-19 is now largely in the rear-view mirror, SKO enters a critical period for execution on the JV

Serko: 1H23 Result — Banking on Booking

Serko Ltd

Serko: 1H23 Result — Banking on Booking