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>Steel and Tube (STU) reported 1H23 normalised EBIT of NZ$21.5m broadly in line with our expectations.</li><li>STU have been focused on strengthening their balance sheet with net debt -NZ$10m largely due to a decline in inventory by -NZ$18m.</li><li>STU provided no FY23 guidance but do expect steel demand to moderate as challenging macro trends continue, with activity already easing in the residential division</li></ul>

Steel and Tube (STU) reported 1H23 normalised EBIT of NZ$21.5m broadly in line with our expectations.STU have been focused on strengthening their balance sheet with net debt -NZ$10m largely due to a decline in inventory by -NZ$18m.STU provided no FY23 guidance but do expect steel demand to moderate as challenging macro trends continue, with activity already easing in the residential division

Steel and Tube: 1H23 Result – Initial Thoughts

Steel & Tube Holdings

Steel and Tube: 1H23 Result – Initial Thoughts