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, but this was more offset by concerns relating to rising expenses</li><li>Booking volumes in SKO’s key market of Australasia are nearing pre-COVID levels, helping segmental revenue come in at NZ$20.3m, +~14% ahead of our forecast</li><li>However, like many of its technology counterparts, SKO is suffering from high cost inflation, particularly in relation to its wage bill, contributing to total opex of NZ$42.3m in 1H23, +~19% ahead of our forecast.</li></ul>

Serko (SKO) reported a 1H23 result that displayed a promising beat at the top line, but this was more offset by concerns relating to rising expensesBooking volumes in SKO’s key market of Australasia are nearing pre-COVID levels, helping segmental revenue come in at NZ$20.3m, +~14% ahead of our forecastHowever, like many of its technology counterparts, SKO is suffering from high cost inflation, particularly in relation to its wage bill, contributing to total opex of NZ$42.3m in 1H23, +~19% ahead of our forecast.

Serko (SKO): 1H23 Result – First Impressions

Serko Ltd

Serko (SKO): 1H23 Result – First Impressions