Details on Oppo deal - our math on margin

Research evidence excerpt

Details on Oppo deal - our math on margin

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

Amber Enterprises India (AMBER None

IN)

Outperform

12-month target: INR9,400 - DCF

Valuation: INR 9,400.00 - DCF

Price: INR7,887

Dixon Technologies (DIXON IN) None

12-month target: INR15,000 - DCF

Valuation: INR 15,000.00 - DCF

Price: INR12,523

Target Price Risk Disclosures

Company Name Risk Disclosure

OEMs in consumer durables reduce outsourcing or diversify vendors. Amber Enterprises India (AMBER • IN)

Seasonality in the AC business can cause volatility in performance. •

Exposure to commodity prices, especially copper and oil. •

FY26 saw several acquisitions which will need to be integrated. •

Removal of protection under Section 232. Dixon Technologies (DIXON IN) •

Margin pressure following the expiry of PLI 1.0. •