AUSTRALIA FIRST TO MARKET

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AUSTRALIA FIRST TO MARKET

Asia Pacific Equity Research

Australia First to Market 03 July 2026

Top Stories

Australian Total TV (Don Carducci)

SMI Advertising May – FTA market down -3.3%

End-of-month SMI data show the Metro FTA ad market was down ~3% y/y in May, an improvement on the ~27% fall in

April. The April decline was heavily distorted by the Federal Election comparative period, and May’s result confirms the market

is now cycling through that drag. Recent industry news below; retain Neutral NEC.

J.P. Morgan Global Infrastructure (Guilherme Mendes/Brian P. Ossenbeck, CFA/Elodie Rall/Alexia Dogani/Karen

Li, CFA/Ryota Himeno/Atul Tiwari/Anna Antonova, CFA/Richard Jones, CFA)

Valuation Dashboard - July Edition

This monthly report provides a comprehensive summary of the main valuation metrics for the infrastructure companies covered

by J.P. Morgan worldwide. This product encompasses more than 60 companies broken down into the following sub-sectors:

airports, toll roads, ports & shipping, and railways. Additionally, we flag our top picks for each sector, along with the most

relevant recently published research pieces.

James Hardie Industries PLC (Lee Power) (JHX AU, OW)

EBITDA introduced into incentive plans; Fibre Cement slightly gains share of new housing

James Hardie released its updated STI/LTI structures as part of its AGM notice. The designs have been simplified and now

incorporate an explicit EBITDA component tied to externally provided guidance. Cash as a percentage of management’s target

total compensation mix is also set to decline. We broadly view the changes as a shift away from non-financial metrics toward

those linked to guidance. Separately, we note that recently released US Census Characteristics of New Housing data show