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 enjoying a rapid return to peak profitability</li><li>Upgraded FY23 earnings guidance implies a rentals result at or above pre-COVID levels despite limited fleet capacity</li><li>Coupled with a strong forward order book through 2Q23 and 3Q23, management is confident of a significantly improved full year result.</li></ul>

Tourism Holdings (THL) is enjoying a rapid return to peak profitabilityUpgraded FY23 earnings guidance implies a rentals result at or above pre-COVID levels despite limited fleet capacityCoupled with a strong forward order book through 2Q23 and 3Q23, management is confident of a significantly improved full year result.

Tourism Holdings

Tourism Holdings: Happy Times