Global Food Delivery

Research evidence excerpt

Global Food Delivery

le to select stocks in Asia/Australia/NZ

12-month target – Expected share price *equivalent 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

Meituan (3690 HK) Macquarie Capital Securities (Singapore) Pte. Limited makes a market in the securities of Meituan.

Outperform Macquarie Capital Securities (Malaysia) Sdn Bhd makes a market in the securities of Meituan.

12-month target:HK$113.00 - EV/ Macquarie Capital Limited makes a market in the securities of Meituan.

EBITDA

Valuation: HKD 113.00 - EV/EBITDA

Price:HK$83.45

Eternal (ETERNAL IN) None

Underperform

12-month target:INR190.00 - Sum of

Parts

Valuation: INR 160.00 - DCF

Price:INR286.00

GoTo Gojek Tokopedia (GOTO IJ) None

Outperform

12-month target:IDR72.00 - Sum of

Valuation: IDR 72.21 - DCF (WACC

13.3%, beta 1.3, ERP 5.5%, RFR 7.0%,

TGR 7.5%)

Price:IDR50.00