J.P. Morgan Australia FTM 1 Jul 26 Aristocrat and Light & Wonder; APRA May-26 Banking Stats; Capricorn Metals; AMP Limited; HUB24 and More

Research evidence excerpt

J.P. Morgan Australia FTM 1 Jul 26 Aristocrat and Light & Wonder; APRA May-26 Banking Stats; Capricorn Metals; AMP Limited; HUB24 and More

Asia Pacific Equity Research

Australia First to Market 01 July 2026

Top Stories

Aristocrat and Light & Wonder (Don Carducci)

Betting it ALL on the multiple

Ahead of Aristocrat’s Investor Day (1 July), we review US data and takeaways from our last interactive preview ( here ) while

looking at the material dispersion in performance between ALL & LNW. We expect ALL’s Interactive Investor Day to focus on a

diverse, intertwined and complicated relationship between an amalgamation of acquisitions (i.e. Roxor, NeoGames etc.) and

capabilities (re: CXS, Anaxi) with operations spanning verticals across iGaming/Slots/Lottery/OSB. Our previous Investor Day

deep dive is linked ( here ). US GGR & iGaming data overleaf.

APRA May-26 Banking Stats (Andrew Triggs)

Business acceleration offsets slight slowdown in mortgages … Budget impacts still to come

RBA system credit growth (ex-financial institutions) was fairly stable in May at a strong 8.2%, vs 8.0% in April. This was driven

by a slowdown in housing growth to 6.5% (from 7.8% in April), while business ex-FI growth accelerated to 11.7% (up from

8.6%). The majors ceded share in mortgages during May. MQG continues to see much stronger growth than the system with

other challenger banks also accelerating. We note that while ANZ was below system in mortgages, it has demonstrated a fifth

consecutive month of acceleration as the bank returns to growth. On average, the majors have grown stronger than system in

business lending, with WBC and CBA leading the charge. NAB also grew above system in business ex-FI, while ANZ was a

laggard (although strong when including FI lending).