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) has endured a tough 18 months amid challenging conditions but remains profitable.</li><li>FY25 will represent the trough of THL's earnings cycle, though a challenging 1H26 is anticipated due to factors like the Trump hangover impacting peak-season US rentals.</li><li>The Canadian government has removed its retaliatory tariff on RV imports from the US, which is positive for THL's North American operations.</li></ul>

Tourism Holdings (THL) has endured a tough 18 months amid challenging conditions but remains profitable.FY25 will represent the trough of THL's earnings cycle, though a challenging 1H26 is anticipated due to factors like the Trump hangover impacting peak-season US rentals.The Canadian government has removed its retaliatory tariff on RV imports from the US, which is positive for THL's North American operations.

Tourism Holdings - Crawling in Slow Lane but Plenty of Gas in Tank