Macquarie's Australia Conference hosted 117 ASX companies. Here are the key takeaways
The 27th Macquarie Conference shows companies continue to manage well through another period of uncertainty. Here's what you need to know.
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KEY POINTS
- Australian companies outperformed expectations at Macquarie’s 27th Australia Conference, with stocks gaining an average of 1.4% on presentation day, led by Kelsian Group (+17.9%), Zip Co (+12.7%), and Maas Group (+10.6%)
- Tariff uncertainties prompted supply chain adjustments by firms like Reliance Worldwide and Breville Group, while retailers like Wesfarmers and JB Hi-Fi may benefit from potential goods deflation
- Expected RBA rate cuts and supportive housing policies are set to boost housing and consumer stocks like Mirvac, Stockland, and Super Retail, with Qualitas forecasting a residential property “super-cycle"
- Major banks NAB and ANZ reported resilient loan performance, but rate cuts could pressure Westpac’s margins
Australian companies delivered a surprisingly upbeat performance at Macquarie’s 27th Australia Conference, held May 6-8. The 117 presenting companies saw their stocks outperform by an average of 1.4% on the day of their presentation, surpassing last year’s 0.4% gain.
Despite tariff uncertainties and pre-conference downgrades, the mood was resilient, signaling cautious optimism for investors. Standout performers included:
Kelsian Group (KLS), soaring 17.9% after reaffirming guidance, alongside Zip Co (ZIP) and Maas Group (MGH), which jumped 12.7% and 10.6%, respectively.
Upgrades from companies like NextDC (NXT), Vicinity Centres (VCX), and AUB Group (AUB) further bolstered sentiment.
Downgrades, such as those from HMC Capital (HMC), were fewer than anticipated.
Best & Worst Relative Returns
The below tables highlight the five best and worst S&P/ASX 100 performers, with returns relative to the market on presentation day.
Ticker | Company | % Chg |
|---|---|---|
NXT | NextDC | +8.4% |
DOW | Downer EDI | +4.6% |
PLS | Pilbara Minerals | +4.4% |
HUB | Hub24 | +4.1% |
VCX | Vicinity Centres | +3.9% |
SGH | SGH | -2.1% |
CSL | CSL | -2.4% |
TLX | Telix Pharmaceuticals | -3.8% |
LYC | Lynas | -4.4% |
SIG | Sigma Healthcare | -6.6% |
Source: Macquarie
And these are the five best and worst ex-100 performers.
Ticker | Company | % Chg |
|---|---|---|
KLS | Kelsian | +17.9% |
ZIP | Zip | +12.7% |
BOE | Boss Energy | +12.1% |
MGH | MAAS | +10.6% |
TAH | Tabcorp | +9.7% |
PMT | Patriot Battery Metals | -1.9% |
CTD | Corporate Travel | -2.4% |
CSC | Capstone Copper | -2.8% |
IMD | Imdex | -3.5% |
HMC | HMC Capital | -5.7% |
Source: Macquarie
Sector and Company-Specific Highlights
Tariffs dominated discussions, with firms like Reliance Worldwide (RWC) and Breville Group (BRG) showcasing proactive supply chain shifts to sidestep potential costs.
Retailers like Wesfarmers (WES) and JB Hi-Fi (JBH) could benefit from cheaper imports if tariffs lead to goods deflation, but travel firms Flight Centre (FLT) and Corporate Travel (CTD) noted that tariff-related uncertainty is dampening consumer demand.
Australia’s appeal as an investment hub was a recurring theme, buoyed by stable governance, low unemployment, and expected RBA rate cuts.
Housing and consumer stocks, including Mirvac (MGR), Stockland (SGP), and Super Retail (SUL), are poised to benefit from monetary easing and housing policies promoted by the Australian Labor Party.
Qualitas (QAL) highlighted a potential “super-cycle” in residential property, driven by undersupply and capital inflows.
In financials, major banks like NAB and ANZ reported lower-than-expected loan impairments, reflecting economic resilience, though rate cuts may pressure margins, particularly for Westpac (WBC).
Insurers Medibank (MPL) and NIB (NHF) emphasised cost control. Meanwhile, insurance brokerage AUB Group (AUB) raised its profit guidance to $190–200 million.
Real estate showed stability, with VCX lifting earnings forecasts and industrial logistics assets from Goodman (GMG) and Dexus (DXS) boasting high occupancy and strong rental growth.
NextDC impressed with a 52MW contract update, while uranium players Boss Energy (BOE) and Deep Yellow (DYL) rode renewed interest as spot prices climbed 13% since March.
Despite global uncertainties, Australia’s stable economic backdrop and corporate adaptability present a compelling case for investment opportunities. With RBA cuts on the horizon and companies navigating tariff risks, the conference underscored the nation’s resilience as a “lucky country” for capital allocation.
