Macquarie ANZ Essentials - May 19 2026

Research evidence excerpt

Macquarie ANZ Essentials - May 19 2026

Macquarie Equity Research – Essentials

19 May 2026

ANZ Essentials

Brambles (Neutral) 3

Returned to sender Peter Steyn

• Brambles downgraded FY26 EBIT growth expectations from 8-10% to 3-5% as a result of

operating disruption that is not recoverable in the near term.

• A large exposure to outsourced pallets repair operators has exposed BXB to disruption and cost

impacts - US$60m in FY26, expecting 1HFY27 resolution.

• Neutral. The stock has sold off heavily, but resolution visibility will likely continue to weigh.

ALS (Outperform) 4

Pretty good growth in this market John Purtell

• FY underlying NPAT of $381m, 2.6% above our $372m. MSD to HSD rev guidance below our

prior fct whilst margin guide slightly ahead.

• There is some understandable conservatism re FY27 revenue guide, and a template for such last

year, with Commods rev lifted during the year.

• The juniors have now co-joined the majors recovery. LS organic growth should accelerate in

FY27, coupled with internal improvements re LatAm/York.

New Hope (Outperform) 5

Tuning up Rob Stein

• ROM production in line (+1%), but saleable production (+11%) and coal sales (+19%) beat due to

higher-than-expected product de-stocking.

• FY26G on track; ROM tracking to the mid, while saleable production/sales are higher; unit costs

remain on track with higher 4Qe costs expected.

• +8% EPS Δ in FY26 driven by +3% Δ in saleable coal. Our A$7.0/sh target price remains

unchanged, with NHC our preferred thermal exposure.

Ora Banda Mining (Outperform) 6

Straight down the fairway Adam Baker

• Positive FID for new 3Mtpa Davyhurst processing facility and Waihi UG alongside the release of

the new 3-year outlook "Drive to 300".