Macquarie ANZ Essentials - Jul 02 2026

Research evidence excerpt

Macquarie ANZ Essentials - Jul 02 2026

Macquarie Equity Research – Essentials

02 July 2026

ANZ Essentials

Australian Equity Strategy 3

June and FY26 Equity Market Review Matthew Brooks, CFA

• ASX stocks rose +0.7% in June, lifting the FY26 total return to +6.1%.

• The gains in FY26 were driven by earnings growth for the first time since FY22, while PEs

contracted.

• As the AI proxy, Metals & Mining (+59%) was the best performer in FY26, while Pharma & Biotech

(-48%) was the laggard.

Woodside Energy (Neutral) 4

Pluto eclipse fades, next up Scarborough gas Mark Wiseman, CFA

• WDS reporting 2Q on Wed, 29 July. We expect 2Q production of 40.1MMboe (VA Cons

40.8MMboe) and US$3,669m revenue (VA Cons US$3,779m).

• Pluto volumes remained outside of the major planned maintenance turnaround in May.

• Neutral. Scarborough start-up later in CY26 now the key near-term catalyst for WDS. Shares

currently implying US$61.20/bbl.

Aristocrat Leisure (Outperform) 5

Rich Uncle Pennybags David Fabris

• Aristocrat has ongoing land-based gaming and Interactive market share opportunities,

supported by market leading content.

• We are below the FY29 US$1bn interactive revenue target (US$892 - 1,017m range, MQe = US

$921m) and are watching near-term catalysts.

• We see Interactive as the main debate - improved investor sentiment is a re-rating catalyst,

beyond the current 21x 12-month forward P/E.

Santos (Outperform) 6

Solid sequential growth expected in 2Q Mark Wiseman, CFA

• For 2Q, MRE 23.7MMboe production (VA cons 24.3MMboe) & US$1.55bn revenue (VA cons US

$1.57bn). Solid sequential growth vs 1Q.

• Achieving start-up at Barossa & Pikka was a huge milestone. Sequential growth in production

(5%) and revenue (21%).

• Outperform. STO remains our top pick in large-cap ASX energy.