Australian Research at a Glance - May 13, 2026

研报英文原文证据摘录

Australian Research at a Glance - May 13, 2026

AUSTRALIAN RESEARCH AT A GLANCE

Premium Research

Mike Dahl (Analyst) RBC Elements™: Big Data Behind Big Builders

(212) 618-3251; michael.dahl@rbccm.com Published May 11 2026 16:10:00 EDT

Price Ticks Down as April Still Showered with Inventory

Pricing trends remained soft in April and sequentially worsened with net negative

price magnitude on both base (-0.1% m/m vs. flat in Mar.) and spec (-0.6% m/m vs.

-0.3% in Mar.). This comes in the heart of the spring selling season (with a seasonally

weaker March to April jump) despite March’s resilience and more closely resembles

our data’s weaker Jan./Feb. and 4Q. Inventory continues to tick higher (spec and

specs/community +3%/+2% m/m, +7%/+6% q/q), despite more builders voicing a

desire to mix back toward built-to-order. We continue to see clear margin/volume

risk for C2Q/2H given elevated inventory and as consumer confidence remains

weak amidst persistently high rates and broader inflation. Net, we remain cautious

on builder stocks as we expect continued volatility/pressure in demand/margins.

Earnings Preview

Mark Wilson, CFA (Analyst) Aristocrat Leisure Limited (ASX: ALL; 46.38)

+612 9033 3023; mark.wilson@rbccm.com Published May 11 2026 20:46:16 EDT

Siofra Mcelhinney (Associate)

+61 2 9033 3068; siofra.mcelhinney@rbccm.com 1H26 Earnings Preview - Expecting Solid Result Amid Low Expectations

Rating: Outperform

Price Target: 58.00

Our view: We expect Aristocrat to report a strong 1H26 result on Wednesday May

13, notwithstanding the subdued commentary at the company's AGM in February

and relatively low expectations leading into the result. We expect all three divisions

will report robust growth and the result will highlight the company is set up well to