** Analysts at Macquarie say the Australia-New Zealand Industrials sectors still show signs of pretty muted demand
** However, says businesses that have trimmed costs, improved balance are readied for recovery
** Brokerage chooses defensive stocks - Amcor 485.F, Brambles BXB.AX, Cleanaway Waste CWY.AX and James Hardie JHX.AX as its top picks from the local sector
** Industrial universe remains very focused on cost reduction and efficiency, especially as market conditions remain tepid - Macquarie
** Says Amcor has a solid defensive exposure at an attractive valuation and that Berry BRY.O integration is the key tenet of brokerage's thesis
** Macquarie says valuation of Brambles remains attractive given its strong return profile and a "clear intent" to lift returns
** Brokerage says Cleanaway's new business continues to increasingly support its outlook
** Adds James Hardie can manage any tariff impacts and is flexing its cost base with good effect
(Reporting by Rishav Chatterjee in Bengaluru; editing by Diane Craft)
((Rishav.Chatterjee@thomsonreuters.com;))
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