FY26 losses tougher, accelerating cost out

研报英文原文证据摘录

FY26 losses tougher, accelerating cost out

Macquarie Equity Research Air New Zealand

Alpha Model Decomposition Key Quant Findings

(bottom 5% of the Macquarie Quant Alpha model) The Macquarie Alpha is decomposed into its sector and

The quant model currently holds a strong negative view market relative factor & styles exposures (a higher/better

on Air New Zealand. The strongest style exposure is percentile is coded in green, whilst lower in red).

Valuations, indicating this stock is under-priced in the Percentile

market relative to its peers. The weakest style exposure relative to

is Earnings Momentum, indicating this stock has received sectors market

earnings downgrades and is not well liked by sell side Factors / Styles (/490) (/383) Core factors in definition

analysts. ALPHA 1% 3% Built from the styles below

VALUE 86% 96% Book, CF, Yield, Earnings Multiples

Macquarie Alpha Model: Key rankings ANALYST 27% 3% Revisions (Earnings, Recommendations)

MOMENTUM 32% 43% Price Momentum

The Macquarie Quant’s flagship Alpha model is a dynamic GROWTH 0% 0% EPS, Sales (Forecast, Historic)

multi-factor model based on a staple of quant factors such

as value, momentum, revisions, quality, and risk. PROFITABILITY 29% 17% ROE, Margin, Asset Turnover

Global Market (Country) Sector QUALITY 6% 13% Accruals, Earn Stability, Cash Conversion

Whole Universe Australia & NZ Transportation CAPITAL 49% 60% Investment/Capex, Net share issuance

Macquarie Alpha 17499/17956 372/383 487/490 LIQUIDITY 55% 45% Size, Turnover, Analyst Coverage Model

LOW RISK 13% 19% Beta, Volatility, Earn.Cert, Leverage

Fundamental 10351/17956 334/383 329/490

(Consensus) * TECHNICAL 16% 22% MACD, RSI, Bollinger, Williams R, etc

* based on Total Shareholder Return = Consensus Price target / Current Price