China Semiconductor Sector

Research evidence excerpt

China Semiconductor Sector

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 30 Jun 2026

AU/NZ Asia USA

Outperform 65.38% 70.02% 64.29% (for global coverage by Macquarie, 1.91% of stocks followed are investment banking clients)

Neutral 27.62% 16.78% 35.71% (for global coverage by Macquarie, 0.40% of stocks followed are investment banking clients)

Underperform 6.99% 13.19% 0.00% (for global coverage by Macquarie, 0.00% of stocks followed are investment banking clients)

Company-Specific Disclosures

Company Name Disclosure

Biren Technology (6082 HK) Macquarie Capital Limited makes a market in the securities of Shanghai Biren Technology Co Ltd.

Outperform

12-month target:HK$140.00 - PS

Valuation: HKD 109.00 - PS

Price:HK$35.80

Hygon Information None

Technology (688041 CH)

Underperform

12-month target:CNY138.00 - PER

Valuation: CNY 186.00 - DCF

Price:CNY304.88

Cambricon Technologies (688256 None

CH)

12-month target:CNY2,060.00 - PER

Valuation: CNY 2,060.00 - PER

Price:CNY1,191

MetaX (688802 CH) None

12-month target:CNY882.00 - PS

Valuation: CNY 318.00 - DCF

Price:CNY779.97

Iluvatar (9903 HK) None

12-month target:HK$1,240.00 - PS

Valuation: HKD 688.00 - DCF

Price:HK$495.20

Target Price Risk Disclosures

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