Macquarie ANZ Essentials - Jun 19 2026

Research evidence excerpt

Macquarie ANZ Essentials - Jun 19 2026

Macquarie Equity Research – Essentials

19 June 2026

ANZ Essentials

Australian job ad volumes 3

May 2026 David Fabris

• In May, Australian job ad volumes were down 4% yoy and 1% sequentially, with worsening

declines through 2026. FY26 YTD = -3% yoy.

• The outlook for volumes is challenging, with 1) AI-related risks to workforce automation /

augmentation and 2) the unemployment rate.

• SEK has seen Visible Alpha EPS downgrades since early-2026, with volume caution, and we see

limited re-rating catalysts, hence the Neutral rating.

Steadfast Group (Outperform to Neutral) 4

Not a done deal Andrew Buncombe, CFA

• The Australian broking market’s partial ownership structure is an important due diligence

consideration for the bidders.

• ~68% of SDF shareholders hold parcels below A$30k (at the offer price), which could influence

the scheme approval outcome.

• We downgrade SDF to Neutral (from Outperform), reflecting a more balanced probability

weighted risk reward profile.

Beach Energy (Underperform) 5

Warm winter, Waitsia worries Mark Wiseman, CFA

• BPT 4Q earnings to be impacted by soft gas market, given ~30% FY26 uncontracted (ie. spot)

exposure in the East Coast gas portfolio.

• In WA, Waitsia teething issues persist, starting to present risk to FY27e guidance.

• Underperform. While BPT shares now trading closer to intrinsic value, we still see downside into

the 4Q on spot gas & Waitsia issues.

Turaco Gold (Outperform) 6

Afema PFS - Bigger and better Regan Burrows, CFA

• TCG delivered a positive PFS for Afema highlighting greater throughput (6.3Mtpa) and lower AISC

(US$1,508/oz), over a shorter Mine Life (10.3y).

• At an EV/Reserve Oz of A$330/oz TCG has room to grow, with Cote d'Ivoire neighbour Perseus