AUSTRALIA FIRST TO MARKET

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AUSTRALIA FIRST TO MARKET

Asia Pacific Equity Research

Due to market closures, there will be no publication of Australia First to Market on 3 August. Publication

resumes on 4 August.

Australia First to Market 31 July 2026

Top Stories

| Perpetual Limited (Siddharth Parameswaran) (PPT AU, N, PT A$20.00)

FY26 preview: M&A optionality and defensiveness now fairly priced after share run-up; could be

upside from uncertain takeover, but we move to Neutral on weak AM flows

PPT is scheduled to release FY26 results on 27 August 2026. We downgrade PPT to Neutral from OW with a revised Jun-27

PT of A$20. Our core message is that the risk/reward has become balanced: The positives from EQT’s implied A$22.50 offer

and PPT’s earnings defensiveness (from cost-out and restructuring) are, in our view, offset by weak 4Q26 outflow trends that

do not give us enough confidence in AM earnings growth, and a recent share run-up to A$19.77 (now broadly in line with our

PT) that diminishes the potential upside. We forecast FY26 normalised EPS of 175.7c, down 2.9% on pcp and ~6% below

consensus. Key focus areas at the result are: (1) Asset Management flows , the key negative, where softer 4Q26 outflows

and FUM pressure 2H26 base fees and reset the FY27 base lower; (2) Corporate Trust momentum , the key positive, with

continued FUA growth and the Interfi acquisition adding a growth lever from FY27; (3) the EQT approach , which we think

validates PPT’s sum-of-parts value and provides a valuation floor; and (4) expenses, the WM sale and deleveraging

providing a near-term defensive. Overall, we see the defensiveness and M&A optionality as fairly captured at current levels and

move to the sidelines, pending evidence of AM flow stabilisation or a binding, recommendable EQT proposal. Key factors to