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>SkyCity's (SKC) 1H23 result (due 15 February 2023) will feature strong operating momentum. 1H23 is the first period SKC has operated restriction free at all of its properties since 1H20.</li><li>Its 1Q23 trading update highlighted positive early signs in the gaming recovery had been maintained</li><li>We expect 2Q23 has been more of the same, aided by a full cruise ship summer season in its key market, Auckland, and a progressive recovery in hospitality earnings.</li></ul>

SkyCity's (SKC) 1H23 result (due 15 February 2023) will feature strong operating momentum. 1H23 is the first period SKC has operated restriction free at all of its properties since 1H20.Its 1Q23 trading update highlighted positive early signs in the gaming recovery had been maintainedWe expect 2Q23 has been more of the same, aided by a full cruise ship summer season in its key market, Auckland, and a progressive recovery in hospitality earnings.

Skycity Entertainment

SkyCity: Cashing In — 1H23 Preview