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>Tourism Holdings (THL) is negatively impacted by the Trump-led trade war, particularly affecting consumer confidence in North America.</li><li>THL is trading at a ~20% discount to net tangible assets and at a one-year forward PE of ~6x on revised estimates, with an OUTPERFORM rating.</li><li>Google Trends data shows a modest weakening of RV buyer interest in North America, while Australasia remains stable.</li></ul>

Tourism Holdings (THL) is negatively impacted by the Trump-led trade war, particularly affecting consumer confidence in North America.THL is trading at a ~20% discount to net tangible assets and at a one-year forward PE of ~6x on revised estimates, with an OUTPERFORM rating.Google Trends data shows a modest weakening of RV buyer interest in North America, while Australasia remains stable.

Tourism Holdings - A Rocky Road Eating Through the Rockies