Macquarie ANZ Essentials - May 12 2026

研报英文原文证据摘录

Macquarie ANZ Essentials - May 12 2026

Macquarie Equity Research – Essentials

12 May 2026

ANZ Essentials

Inghams Group (Underperform to Neutral) 4

Moving up the pecking order Ajay Mariswamy

• ING held an investor day, with a focus on shifting to higher-value products to improve mix.

• Cost-out remains key to earnings growth; we await evidence of sustained execution.

• Upgrade to Neutral. FY26E guidance reaffirmed, though we remain cautious on shift to higher-

value products in a commoditised industry.

See Spot Run 5

Monday 11 May 2026 Rob Stein

• Commodities prices have traded strongly YTD across the suite; spodumene (+68%), Thermal

(+23%), Al (+20%), Nickel (+15%), Au (+9%), Cu (+9%).

• Current spot prices vs MQe (FY27e) are higher for Fe (+20%), Cu (+29%), Thermal (+3%), Spod

(+88%) and Gold (+13%).

• Au/Thermal/Li/Fe/Cu show valuation upside at spot (NEM/FMG/PLS/CSC/WHC most exposed).

REE upside remains limited at current prices.

Australian Consumer 6

Macquarie Australia Conference 2026: Key takeaways Caleb Wheatley

• We hosted several Consumer companies at the Macquarie Australia Conference across Staples,

Discretionary, F&B and Healthcare.

• Key themes included state of the consumer, delivering value, AI usage and health & beauty

trends (including GLP-1s).

• Key picks taking advantage of these trends: COL, WES, SIG and BRG.

Australian Automotive Sector 7

VFACTS & Figures Apr'26 Mitchell Sonogan

• New car sales of 94.1k in Apr'26 were up +3.0% vs pcp benefitting from a surge in EV demand,

taking volumes for FY26TD to -0.7%.

• The Dealers are benefitting from surging EV demand, while volumes in the 4x4 index (ARB &

AOV) remain softer across key models.

• FBT EV policy update: The Federal Government announced the outcome of its FBT BEV policy