China ETAC Leaders Roundtable

Research evidence excerpt

China ETAC Leaders Roundtable

le to select stocks in Asia/Australia/NZ

12-month target – Expected share price *equivalent 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

Qinghai Salt Lake (000792 CH) None

Outperform

12-month target:CNY49.10 - Average of

P/B and EV/EBITDA

Valuation: CNY 49.10 - Average of P/B

and EV/EBITDA

Price:CNY32.41

Tianqi Lithium (002466 CH) Macquarie Capital Limited makes a market in the securities of Tianqi Lithium Corp.

12-month target:CNY77.10 - Average of

Valuation: CNY 77.10 - Average of P/B

Price:CNY66.58

Sungrow Power Supply (300274 None

CH)

12-month target:CNY217.00 - PER

Valuation: CNY 217.00 - PER

Price:CNY157.38

GCL Tech (3800 HK) Macquarie Capital Limited makes a market in the securities of GCL Technology Holdings Ltd.

12-month target:HK$1.44 - Price to

Book

20 May 2026 2