Tourism Holdings (THL) were up after providing upbeat guidance for 2023, as rental demand recovers strongly since the recent reopening of borders and anticipate a major summer rush over the NZ summer. For the 2022 financial year, THL reported a net loss of -$2.1m, a major improvement from the previous year of -$12.4m. Net debt also was healthy at $58.5m, giving the company ~$200m in headroom facility to fund further fleet growth. Tourism Holding guidance net profit after tax for 2023 is expected to be between $17m to $30.2m, and the company did not pay a dividend for the current year and stated a dividend is unlikely for 2023 (Given dividends are conditional on lenders approval) – we anticipate a return in dividend by 2024 to be healthy assuming earnings recover to pre-covid levels.