OP guidance weaker than expected

Research evidence excerpt

OP guidance weaker than expected

t fully paid ordinary weighted average number of

in 12 months Note: expected return is reflective of a Medium Volatility shares

Valuation – The company's estimated stock and should be assumed to adjust proportionately

All Reported numbers for Australian/NZ listed stocks are fair value share price based on the disclosed with volatility risk

modelled under IFRS (International Financial Reporting valuation methodology

Standards). Note: Quant recommendations may differ

from Fundamental Analyst recommendations

Recommendation proportions for quarter ending 31 Mar 2026

AU/NZ Asia USA

Outperform 66.90% 69.32% 67.14% (for global coverage by Macquarie, 1.93% of stocks followed are investment banking clients)

Neutral 27.18% 17.21% 32.86% (for global coverage by Macquarie, 0.40% of stocks followed are investment banking clients)

Underperform 5.92% 13.47% 0.00% (for global coverage by Macquarie, 0.00% of stocks followed are investment banking clients)

Company-Specific Disclosures

Company Name Disclosure

Rohm (6963 JP) None

Underperform

12-month target: ¥2,100.00 - PER

Valuation: JPY 2,100 - PER

Price: YEN3,967

Mitsubishi Electric (6503 JP) None

Outperform

12-month target:¥7,200 - Price to Book

Valuation: JPY 7,200 - Price to Book

Price:¥6,373

Target Price Risk Disclosures

Company Name Risk Disclosure

Macro headwinds could hurt demand. Mitsubishi Electric (6503 JP) •

US tariff impact and higher raw material costs (esp. Copper) could dampen profit. •

China rivals may take share and drive pricing pressure on FA products. •

FX could adversely affect profit, although we see near- term tailwinds (MELCO assumes ¥150/US$, ¥175/€, and ¥21.5/Rmb for •

FY3/27E).

Limited pricing competition or bigger-than-expected new order gains for the SiC business.