Trading at a discount

Research evidence excerpt

Trading at a discount

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

Alpha HPA (A4N AU) Macquarie managed or co-managed a public offering of securities of Alpha HPA Ltd in the past 12 months, for which it received

Outperform compensation.

12-month target: AUD1.05 - DCF/ Macquarie Group Limited together with its affiliates owns a net long of 0.5% or more of the equity securities of Alpha HPA Ltd.

multiples A Macquarie analyst(s) involved with the preparation of this research has, in the past 12 months, visited material operations of

Valuation: AUD 0.96 - DCF (WACC Alpha HPA Ltd. In connection with such a visit, the company may have furnished local transportation and/or accommodation,