1Q26: On track for steady earnings

Research evidence excerpt

1Q26: On track for steady earnings

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

Jardine Matheson (JM SP) None

Outperform

12-month target: USD84.00 - Sum of

Parts

Valuation: USD 120.18 - DCF

Price: USD71.24

Astra International (ASII IJ) None

12-month target:IDR6,625 - Sum of

Valuation: IDR 5,300-7,300 - Sum of

Price:IDR5,400

DFI Retail Group (DFI SP) None

12-month target:USD5.20 - DCF

Valuation: USD 5.20 - DCF (WACC 8.3%,

beta 1.0, ERP 6.3%, RFR 2.0%, TGR 4.0%)

Price:USD4.22

Hongkong Land (HKL SP) None

12-month target:USD11.00 - Sum of

Valuation: USD 11.00 - Sum of Parts

Price:USD8.01

Jardine Cycle & Carriage (JCNC None

SP)

Neutral

12-month target:SGD33.30 - Sum of

25 May 2026 2