They certainly would have a chance against a Makedonian phalanx. Even head-on, though they would be at a disadvantage. Remember, that shield is more than capable of stopping a spear thrust, especially by big, heavy, unwieldy sarissas. Note that the Makedonian phalanx was not an offensive formation, but a defensive one (tactically speaking, I mean). It was created to be the anvil on which the cavalry sledgehammer will break the enemy.
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