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' recent trading update leads to a material downgrade in near-term earnings expectations due to deteriorating vehicle sales demand, particularly in North America.</li><li>Despite lower earnings, management remains confident with banking covenants and notes no need for new equity, with THL trading at a ~30% discount to its net tangible asset value.</li><li>The company maintains an OUTPERFORM rating, though investors are advised to be patient.</li></ul>

Tourism Holdings' recent trading update leads to a material downgrade in near-term earnings expectations due to deteriorating vehicle sales demand, particularly in North America.Despite lower earnings, management remains confident with banking covenants and notes no need for new equity, with THL trading at a ~30% discount to its net tangible asset value.The company maintains an OUTPERFORM rating, though investors are advised to be patient.

Tourism Holdings

Tourism Holdings - Patience Is a Virtue