Australian Broker Call *Extra* Edition – Jul 08, 2026

This story features A2 MILK COMPANY LIMITED, and other companies.
For more info SHARE ANALYSIS: A2M
The company is included in ASX100, ASX200, ASX300 and ALL-ORDS

An additional news report on the recommendation, valuation, forecast and opinion changes and updates for ASX-listed equities.

In addition to The Australian Broker Call Report, which is published and updated daily (Mon-Fri), FNArena has now added The Australian Broker Call *Extra* Edition, featuring additional sources of research and insights on ASX-listed stocks, also enlarging the number of stocks that make up the FNArena universe.

One key difference is the *Extra* Edition will not be updated daily, but merely “regularly” depending on availability of suitable quality content. As such, the *Extra* Edition tries to build a bridge between daily updates via the Australian Broker Call Report and ad hoc news stories, that are not always timely for investors hungry for the next information update.

Investors using the *Extra* Edition as a source of input for their own share market research should thus take into account that information after publication may not be up to date, or yet awaiting another update by FNArena’s team of journalists.

Similar to The Australian Broker Call Report, this *Extra* Edition includes concise but limited reviews of research recently published by Stockbrokers and other experts, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end of this Report.

The Australian Broker Call *Extra* Edition is a summary that has been prepared independently of the sources identified. Readers will check the full text of the recommendations and consult a Licenced Advisor before making any investment decision.

The copyright of this Report is owned by the publisher. Readers will not copy, forward or disseminate this Report to any other person. For more vital information about the sources included, see the bottom of this Report.

COMPANIES DISCUSSED IN THIS ISSUE

Click on a symbol for fast access.
The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)

A2M   AIA   ALL   APE   ARB   BGL   BOE   CGF   CKF   CNI   GGP   GMD (2)   GQG   IPG   PXA   SGM   SKC   SKT   SUN   SYL   YRL  

A2M    A2 MILK COMPANY LIMITED

Dairy – Overnight Price: $7.37

Jarden rates ((A2M)) as Neutral (3) –

Jarden maintains a Neutral rating for a2 Milk Co with a NZ$7.36 target price following a review of recent restocking momentum and channel checks.

Desktop analysis across popular Taobao storefronts indicates several official a2 channels have transitioned from limited availability to standard stock levels, with purchase limits being lifted in specific instances.

Whilst some inventory scarcity signals persist for Stage 1 and Stage 2 products, the analyst observes that overall pricing points across the portfolio remain broadly constant month-on-month despite supply volatility.

Consumer focus in online social media discussions remains largely centred on batch-by-batch testing assurance, which the broker views as a supportive safety loop for brand trust.

This report was published on June 30, 2026.

Current Price is $7.37. Target price not assessed.
Current consensus price target is $8.12, suggesting upside of 10.2%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is 22.8, implying annual growth of N/A.
Current consensus DPS estimate is 25.1, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 32.3.

Forecast for FY27:

Current consensus EPS estimate is 27.3, implying annual growth of 19.7%.
Current consensus DPS estimate is 37.8, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 27.0.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

AIA    AUCKLAND INTERNATIONAL AIRPORT LIMITED

Infrastructure & Utilities – Overnight Price: $7.12

Jarden rates ((AIA)) as Neutral (3) –

Jarden increases its target price for Auckland International Airport to NZ$8.32 from NZ$7.94 following an update to passenger volume forecasts.

The analyst notes performance for the first 11 months of FY26 remains ahead of previous expectations, prompting a revision of fiscal year net profit after tax to the middle of the company’s NZ$295m to NZ$320m guidance range.

The broker forecasts fiscal 2027 net profit of NZ$354m, supported by consistent passenger volume growth and aeronautical price increases.

While depreciation and interest costs are expected to rise modestly, the company’s core investment plan remains on track, with the domestic jet terminal commissioning targeted for 2029.

The rating remains Neutral as the broker balances current valuation metrics against lower risk-free rate inputs.

This report was published on July 3, 2026.

Current Price is $7.12. Target price not assessed.
Current consensus price target is N/A

Forecast for FY26:

Current consensus EPS estimate is 15.0, implying annual growth of N/A.
Current consensus DPS estimate is 10.8, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 47.5.

Forecast for FY27:

Current consensus EPS estimate is 15.8, implying annual growth of 5.3%.
Current consensus DPS estimate is 11.4, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 45.1.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

ALL    ARISTOCRAT LEISURE LIMITED

Gaming – Overnight Price: $62.05

Jarden rates ((ALL)) as Buy (1) –

Jarden maintains a Buy rating for Aristocrat Leisure with its target price increased to $66.00 from $65.00 following a recent investor briefing.

The analyst frames the company’s equity story around its durable, defensive land-based gaming segment despite recent management commentary regarding the complexity of scaling the interactive division.

First pillar bridge targets for fiscal 2029 are adjusted to $892m, which remains slightly below the company’s goal.

The broker notes management’s successful progress on growth initiatives and reiterates its positive outlook on the core business.

Valuation is driven by lower risk-free rates and model roll-forwards.

This report was published on July 3, 2026.

Target price is $66.00 Current Price is $62.05 Difference: $3.95
If ALL meets the Jarden target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $64.61, suggesting upside of 4.1%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is 256.1, implying annual growth of 11.7%.
Current consensus DPS estimate is 98.9, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 24.2.

Forecast for FY27:

Current consensus EPS estimate is 287.2, implying annual growth of 12.1%.
Current consensus DPS estimate is 109.6, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 21.6.

Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

APE    EAGERS AUTOMOTIVE LIMITED

Automobiles & Components – Overnight Price: $20.94

Canaccord Genuity rates ((APE)) as Buy (1) –

Canaccord Genuity maintains a Buy rating for Eagers Automotive with a $28.50 target price following a 9.9% increase in June vehicle sales.

Year-to-date sales turned positive with a 1.2% lift against the prior corresponding period, driven by robust delivery cadence from principal brands such as Toyota and BYD.

The analyst notes improving supply access for backlogged Toyota models alongside a record monthly sales performance from BYD will support 1H26 profit outcomes for Eagers Automotive.

Commentary posits sustainable growth across battery and plug-in hybrid electric vehicle volumes remains a key driver, supported by highly attractive federal tax incentives over the next three years.

Unmatched market share positions across both traditional and new energy vehicle segments leave the automotive retail group well placed to outpace wider industry performance, the report concludes.

This report was published on July 7, 2026.

Target price is $28.50 Current Price is $20.94 Difference: $7.56
If APE meets the Canaccord Genuity target it will return approximately 36% (excluding dividends, fees and charges).
Current consensus price target is $26.47, suggesting upside of 26.4%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is 107.5, implying annual growth of 23.4%.
Current consensus DPS estimate is 78.0, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 19.5.

Forecast for FY27:

Current consensus EPS estimate is 122.6, implying annual growth of 14.0%.
Current consensus DPS estimate is 84.6, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 17.1.

Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

ARB    ARB CORPORATION LIMITED

Automobiles & Components – Overnight Price: $18.72

Canaccord Genuity rates ((ARB)) as Hold (3) –

Canaccord Genuity retains a Hold rating for ARB Corp with a $21.80 target price following an -18.2% decline in its key automotive sales index against the prior corresponding period.

Cyclical volume headwinds remain apparent across the core diesel dual cab utility segment as elevated fuel costs and delayed business-related purchasing decisions depress near-term industry traction.

The analyst expects a sequential performance lift into the second half of 2026 as comparative baselines ease and major original equipment manufacturers introduce higher promotional rebates to clear accumulated inventory.

Anticipated supply-driven delivery accelerations from vehicle partners like Toyota are projected to provide a strong underlying volume catalyst, although a typical two-month execution lag will mute the immediate financial impact on 1H27 outcomes.

The broker labels the near-term landscape as mixed, though a massive order backlog in critical four-wheel-drive models supports building fundamental momentum over the medium term.

This report was published on July 7, 2026.

Target price is $21.80 Current Price is $18.72 Difference: $3.08
If ARB meets the Canaccord Genuity target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $25.12, suggesting upside of 34.2%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is 103.9, implying annual growth of -11.8%.
Current consensus DPS estimate is 70.5, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 18.0.

Forecast for FY27:

Current consensus EPS estimate is 114.8, implying annual growth of 10.5%.
Current consensus DPS estimate is 68.0, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 16.3.

Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

BGL    BELLEVUE GOLD LIMITED

Gold & Silver – Overnight Price: $1.33

Moelis rates ((BGL)) as Buy (1) –

Moelis maintains a Buy rating for Bellevue Gold with a $2.15 target price following a June quarter production beat.

The company delivered 41.6koz gold, outperforming the broker’s 37.2koz estimate driven by higher-than-anticipated head grades of 4.5g/t.

Annual production reached 143.5koz, comfortably exceeding the mid-point of previous guidance, while the all-in sustaining cost outcome landed within the projected range.

The analyst highlights accelerated hedge book reductions, positioning the company to reach an unhedged status by mid-2027 and capture full exposure to prevailing gold price upside.

With a transition toward debt-free operations and material free cash flow generation expected, the broker views this as an attractive entry point for investors.

This report was published on July 8, 2026.

Target price is $2.15 Current Price is $1.33 Difference: $0.82
If BGL meets the Moelis target it will return approximately 62% (excluding dividends, fees and charges).
Current consensus price target is $1.93, suggesting upside of 45.4%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is 4.7, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 28.3.

Forecast for FY27:

Current consensus EPS estimate is 21.5, implying annual growth of 357.4%.
Current consensus DPS estimate is 3.0, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 6.2.

Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

BOE    BOSS ENERGY LIMITED

Uranium – Overnight Price: $1.24

Canaccord Genuity rates ((BOE)) as Speculative Buy (1) –

Canaccord Genuity maintains a Speculative Buy rating for Boss Energy with a $2.50 target price following the achievement of revised FY26 production guidance.

The company reported 1.41Mlbs of production for the year, representing a 77% sequential quarterly improvement after a previous weather-impacted period.

A new Feasibility Study, incorporating an updated life-of-mine plan and JORC Mineral Resource Estimate, is now accelerated for release by the end of August 2026.

The analyst views this development, alongside the continued ramp-up of ion-exchange capacity and the successful commissioning of the East Kalkaroo trunkline, as incremental positives for rebuilding market trust.

Canaccord sees the stock trading at a valuation discount and argues the underlying asset base remains well-positioned to capitalise on historically high uranium term prices.

This report was published on July 2, 2026.

Target price is $2.50 Current Price is $1.24 Difference: $1.265
If BOE meets the Canaccord Genuity target it will return approximately 102% (excluding dividends, fees and charges).
Current consensus price target is $1.64, suggesting upside of 31.9%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.1, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 17.5.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.4, implying annual growth of 173.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 6.4.

Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

CGF    CHALLENGER LIMITED

Wealth Management & Investments – Overnight Price: $10.40

Jarden rates ((CGF)) as Neutral (3) –

Jarden maintains a Neutral rating for Challenger with its target price increased to $9.80 from $9.20.

The analyst highlights the launch of a $6bn term annuity-backed note program as a strategically significant move to diversify funding channels beyond the constrained retail adviser supply.

This initiative aligns with new capital standards effective 1 July 2026, which enhance the capital efficiency of fixed-income-backed annuities.

While the broker views this diversification positively, it retains a Neutral rating, balancing the strategic benefits against prevailing market conditions.

This report was published on July 1, 2026.

Target price is $9.80 Current Price is $10.40 Difference: minus $0.6 (current price is over target).
If CGF meets the Jarden target it will return approximately minus 6% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $9.99, suggesting downside of -3.9%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is 66.2, implying annual growth of 136.4%.
Current consensus DPS estimate is 31.0, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 15.7.

Forecast for FY27:

Current consensus EPS estimate is 69.4, implying annual growth of 4.8%.
Current consensus DPS estimate is 34.5, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 15.0.

Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

CKF    COLLINS FOODS LIMITED

Food, Beverages & Tobacco – Overnight Price: $8.05

Jarden rates ((CKF)) as Overweight (2) –

Jarden maintains an Overweight rating for Collins Foods with its target price reduced to $10.00 from $11.10.

The analyst notes the company delivered solid fiscal 2026 results, driven by strong execution in Australia where KFC is gaining market share despite broader sector headwinds.

Australian same-store sales growth of 4% significantly outperformed consensus expectations of 2.5%, whereas the European division slowed by -9% due to conflict-related disruptions, fuel inflation, and weather impacts.

While margin pressure remains a near-term risk, the broker expects Australian momentum to improve and suggests European normalisation could lift earnings and valuation multiples.

The stock is identified as the best-performing quick-service restaurant entity year-to-date and seen as offering value relative to peers.

This report was published on July 1, 2026.

Target price is $10.00 Current Price is $8.05 Difference: $1.95
If CKF meets the Jarden target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $9.51, suggesting upside of 18.2%(ex-dividends)

Forecast for FY27:

Current consensus EPS estimate is 52.3, implying annual growth of 39.8%.
Current consensus DPS estimate is 30.8, implying a prospective dividend yield of 3.8%.
Current consensus EPS estimate suggests the PER is 15.4.

Forecast for FY28:

Current consensus EPS estimate is 62.1, implying annual growth of 18.7%.
Current consensus DPS estimate is 35.5, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 13.0.

Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

CNI    CENTURIA CAPITAL GROUP

Diversified Financials – Overnight Price: $1.80

Jarden rates ((CNI)) as Downgrade to Overweight from Buy (2) –

Jarden downgrades Centuria Capital to Overweight, with its target price increased to $2.15 from $2.10.

The analyst updates forecasts to reflect a recent $300m equity raising, which lowers pro-forma operating gearing from 12.4% to 3.4%.

These proceeds will fund the acquisition of a 50% interest in the World Square office asset and support the growth of the ResetData business.

The broker notes that the impact of additional securities is broadly offset by debt reduction and incremental co-investment income from properties purchased during the period.

This report was published on July 1, 2026.

Target price is $2.15 Current Price is $1.80 Difference: $0.35
If CNI meets the Jarden target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $2.00, suggesting upside of 11.3%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is 13.7, implying annual growth of 38.0%.
Current consensus DPS estimate is 10.3, implying a prospective dividend yield of 5.7%.
Current consensus EPS estimate suggests the PER is 13.1.

Forecast for FY27:

Current consensus EPS estimate is 14.0, implying annual growth of 2.2%.
Current consensus DPS estimate is 11.0, implying a prospective dividend yield of 6.1%.
Current consensus EPS estimate suggests the PER is 12.9.

Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

GGP    GREATLAND RESOURCES LIMITED

Gold & Silver – Overnight Price: $11.26

Moelis rates ((GGP)) as Sell (5) –

Moelis maintains a Sell rating for Greatland Resources with a $12.10 target price following a preliminary fourth-quarter production update.

Total FY26 gold production of 328.9koz exceeded the top end of the company’s 260–310koz guidance range, supported by a solid cash position of $1.3bn.

The analyst notes the asset base performed consistently during the quarter, although the underlying cash build moderated from the record levels achieved in the preceding period.

A key transitional phase lays ahead, as increased capital expenditure on Telfer extensions and the Havieron build is expected to dampen free cash flow generation through the FY27–FY29 period.

The investment thesis argues investors are currently paying a premium for cash generation that may prove unsustainable during this project delivery cycle without a broader expansion of the production profile.

This report was published on July 7, 2026.

Target price is $12.10 Current Price is $11.26 Difference: $0.84
If GGP meets the Moelis target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $15.56, suggesting upside of 38.2%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is 124.1, implying annual growth of 95.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 9.1.

Forecast for FY27:

Current consensus EPS estimate is 98.9, implying annual growth of -20.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 11.4.

Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

GMD    GENESIS MINERALS LIMITED

Gold & Silver – Overnight Price: $5.78

Moelis rates ((GMD)) as Buy (1) –

Moelis maintains a Buy rating for Genesis Minerals with a $8.50 target price following the announcement of a definitive proposal to acquire Vault Minerals Limited via a scheme of arrangement.

Under the terms, Vault Minerals Limited shareholders will receive 0.7629 new shares in the company plus $0.475 cash per share, implying an equity value of roughly $5.6bn for the target.

The analyst highlights the industrial logic of this transaction, which would consolidate regional resource bases and combine processing capacity to accelerate production growth toward 600,000 to 700,000 ounces per annum.

Pro-forma annual production for the merged entity would scale significantly while targeting over $2.0bn in post-tax synergies over the next decade.

The investment thesis centres on the optionality provided by this enlarged resource base, which represents a globally significant gold region nearing a phase of optimised production efficiency.

This report was published on July 7, 2026.

Target price is $8.50 Current Price is $5.78 Difference: $2.72
If GMD meets the Moelis target it will return approximately 47% (excluding dividends, fees and charges).
Current consensus price target is $9.26, suggesting upside of 60.2%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is 36.7, implying annual growth of 81.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 15.7.

Forecast for FY27:

Current consensus EPS estimate is 45.5, implying annual growth of 24.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 12.7.

Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

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Shaw and Partners rates ((GMD)) as Buy (1) –

Shaw and Partners maintains a Buy rating for Genesis Minerals with a $10.00 target price following a proposed takeover offer for Vault Minerals Limited that has been endorsed by its board.

The analyst notes the offer, which implies a premium of 15% to 17%, provides a unique opportunity to consolidate regional assets in the Leonora district, where significant synergies exist between the King of the Hills operation and the Tower Hill deposit.

The merged entity is expected to achieve an annual production scale of 600,000 to 700,000 ounces, supported by combined mineral resources of 33.6 million ounces.

While Regis Resources has a five-day matching period to potentially counter this proposal, the broker highlights the superior geographic and operational logic of the Genesis Minerals Limited merger over any prior alternatives.

The report states the long-term investment thesis remains intact, underpinned by the entity’s multi-year production growth profile, established processing hubs, and strategic optionality.

This report was published on July 7, 2026.

Target price is $10.00 Current Price is $5.78 Difference: $4.22
If GMD meets the Shaw and Partners target it will return approximately 73% (excluding dividends, fees and charges).
Current consensus price target is $9.26, suggesting upside of 60.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Shaw and Partners forecasts a full year FY26 dividend of 0.00 cents and EPS of 67.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 36.7, implying annual growth of 81.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 15.7.

Forecast for FY27:

Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of 116.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 4.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 45.5, implying annual growth of 24.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 12.7.

Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

GQG    GQG PARTNERS INC

Wealth Management & Investments – Overnight Price: $1.44

Jarden rates ((GQG)) as Neutral (3) –

Jarden maintains a Neutral rating for GQG Partners with its target price reduced to $1.65 from $1.75.

The analyst observes that outflow momentum is reaccelerating, with net outflows estimated at $3.5bn in June, implying an annualised outflow rate of 25% of funds under management.

This performance reversal follows recent underperformance against benchmarks, where the firm lagged by a weighted average of 15% over the past three months.

The broker suggests that consistent outperformance is required to stem outflow momentum, noting the current defensive positioning relies on a market crash scenario to realise value.

Consequently, the firm retains a cautious stance given persistent flow uncertainty and reduced medium-term expectations.

This report was published on July 1, 2026.

Target price is $1.65 Current Price is $1.44 Difference: $0.21
If GQG meets the Jarden target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $1.82, suggesting upside of 26.5%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is 21.4, implying annual growth of N/A.
Current consensus DPS estimate is 19.9, implying a prospective dividend yield of 13.8%.
Current consensus EPS estimate suggests the PER is 6.7.

Forecast for FY27:

Current consensus EPS estimate is 19.4, implying annual growth of -9.3%.
Current consensus DPS estimate is 18.0, implying a prospective dividend yield of 12.5%.
Current consensus EPS estimate suggests the PER is 7.4.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

IPG    IPD GROUP LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $5.01

Shaw and Partners rates ((IPG)) as Buy (1) –

Shaw and Partners maintains a Buy rating for IPD Group with a $5.85 target price, following share price weakness.

The analyst suggests the recent -13% share price fall was driven by macro profit-taking rather than worsening corporate fundamentals.

Commentary explains the company provides critical product distribution exposure across highly contracted structural themes, including grid decarbonisation, renewable infrastructure, and transport electrification.

Data centre construction remains a key catalyst, representing 15% of group pro-forma revenue and positioning the entity as a key electrical picks-and-shovels supplier, Shaw suggests.

Trading at a significant discount to its peer median sector multiple, the business is considered well placed to fund further earnings-accretive expansions via its flexible balance sheet.

This report was published on July 6, 2026.

Target price is $5.85 Current Price is $5.01 Difference: $0.84
If IPG meets the Shaw and Partners target it will return approximately 17% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Shaw and Partners forecasts a full year FY26 dividend of 14.60 cents and EPS of 29.50 cents.
At the last closing share price the estimated dividend yield is 2.91%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.98.

Forecast for FY27:

Shaw and Partners forecasts a full year FY27 dividend of 16.70 cents and EPS of 33.50 cents.
At the last closing share price the estimated dividend yield is 3.33%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.96.

Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

PXA    PEXA GROUP LIMITED

Real Estate – Overnight Price: $8.44

Jarden rates ((PXA)) as Underweight (4) –

Jarden maintains an Underweight rating for Pexa Group with its target price reduced to $9.20 from $9.85.

The analyst notes draft IPART pricing suggests revenues could be -23% to -30% lower than previous expectations, driving downgrades to Australian EBITDA forecasts of -42% to -52% over FY28–FY31.

The broker highlights that the draft paper potentially represents a worst-case scenario, with the company likely to advocate for a higher asset base allowance.

Further clarity is expected following public hearings scheduled for 21 July and the final report due 30 September.

This report was published on July 6, 2026.

Target price is $9.20 Current Price is $8.44 Difference: $0.76
If PXA meets the Jarden target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $12.49, suggesting upside of 48.0%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is 27.9, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 30.3.

Forecast for FY27:

Current consensus EPS estimate is 33.3, implying annual growth of 19.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 25.3.

Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

SGM    SIMS LIMITED

Steel & Scrap – Overnight Price: $24.81

Jarden rates ((SGM)) as Neutral (3) –

Jarden maintains a Neutral rating for Sims with its target price reduced to $27.50 from $30.50.

The analyst identifies Meta’s internal efforts to reuse DDR4 memory as a potential watch-item for the Lifecycle Services division, suggesting a risk to the sustainability of future earnings.

The broker indicates that wider adoption of these reuse methods could reduce divisional economics, though potential upside to memory pricing may provide a partial mitigation.

No changes are made to financial forecasts through FY28, with the lower price target reflecting reduced long-term profitability expectations for the business.

This report was published on July 3, 2026.

Target price is $27.50 Current Price is $24.81 Difference: $2.69
If SGM meets the Jarden target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $29.66, suggesting upside of 19.6%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is 133.6, implying annual growth of N/A.
Current consensus DPS estimate is 47.5, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 18.6.

Forecast for FY27:

Current consensus EPS estimate is 163.2, implying annual growth of 22.2%.
Current consensus DPS estimate is 49.5, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 15.2.

Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

SKC    SKYCITY ENTERTAINMENT GROUP LIMITED

Gaming – Overnight Price: $0.46

Jarden rates ((SKC)) as Overweight (2) –

Jarden reduces its target price for SkyCity Entertainment to NZ$0.85 from NZ$0.90, maintaining an Overweight rating.

The analyst lowers FY27 and FY28 EBITDA forecasts by -8% to -9% citing continued cost of living pressures.

The positive view centres on the potential for asset divestments, including Auckland commercial buildings and hotels, which could essentially swap operating contributions for reduced interest costs and earnings volatility.

The broker sees valuation support and earnings leverage to an improving environment as key drivers for the Overweight rating.

This report was published on July 6, 2026.

Current Price is $0.46. Target price not assessed.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

SKT    SKY NETWORK TELEVISION LIMITED

Print, Radio & TV – Overnight Price: $2.77

Jarden rates ((SKT)) as Neutral (3) –

Jarden reduces its target price for SKY Network Television to NZ$3.26 from NZ$3.30, maintaining a Neutral rating.

The analyst integrates the Sky Free service into forecasts, noting the potential for an earnings boost in fiscal 2027 driven by synergy benefits and cost savings from rugby and HBO rights.

While acknowledging these near-term gains, the broker remains cautious regarding long-term structural pressures, including anticipated NRL rights inflation impacting FY28 and FY29 earnings.

The forecast dividend is lifted to NZ32.5c per share, with the potential for further special dividends noted.

This report was published on July 3, 2026.

Current Price is $2.77. Target price not assessed.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

SUN    SUNCORP GROUP LIMITED

Insurance – Overnight Price: $18.73

Jarden rates ((SUN)) as Neutral (3) –

Jarden maintains a Neutral rating for Suncorp Group with its target price reduced to $19.60 from $19.70 following a third consecutive gross written premium downgrade.

The analyst flags risks regarding marginal demand softness in Australia, noting a less supportive environment heading into maiden FY27 guidance.

The broker observes a deliberate margin-over-volume strategy, which may support margin-accretive results even as top-line growth slows.

Earnings support into FY27 is expected to be driven by capital management, potentially including future share buybacks.

This report was published on July 6, 2026.

Target price is $19.60 Current Price is $18.73 Difference: $0.87
If SUN meets the Jarden target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $19.94, suggesting upside of 6.5%(ex-dividends)

Forecast for FY26:

Current consensus EPS estimate is 88.7, implying annual growth of -36.7%.
Current consensus DPS estimate is 64.4, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 21.1.

Forecast for FY27:

Current consensus EPS estimate is 120.4, implying annual growth of 35.7%.
Current consensus DPS estimate is 85.7, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 15.6.

Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

SYL    SYMAL GROUP LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $2.75

Jarden rates ((SYL)) as Buy (1) –

Jarden maintains a Buy rating for Symal Group with its target price increased to $3.45 from $3.05 after the company agreed to acquire Shamrock Civil for $51m.

The transaction includes a cash component of $40.8m and scrip worth $10.2m, alongside a performance-based earn-out structure.

By acquiring Shamrock Civil, the group gains critical access to Defence Panel credentials, a $100m work-in-hand balance, and a $212m tendered pipeline.

The analyst models a nine-month financial contribution starting in FY27 and notes the acquisition is accretive following valuation roll-forwards.

This report was published on July 3, 2026.

Target price is $3.45 Current Price is $2.75 Difference: $0.7
If SYL meets the Jarden target it will return approximately 25% (excluding dividends, fees and charges).

Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

YRL    YANDAL RESOURCES LIMITED

Gold & Silver – Overnight Price: $0.20

Shaw and Partners rates ((YRL)) as Buy (1) –

Shaw and Partners maintains a Buy rating for Yandal Resources with a $0.51 target price following depth extension drilling at the Arrakis discovery.

The latest diamond drill program consistently intercepted gold at approximately 250 metres depth, supporting the potential for a maiden Exploration Target due for release in late July 2026.

The analyst notes these results established gold mineralisation beneath a shallow cross-cutting shear zone, which was previously thought to limit the project’s geological upside.

Given defined gold mineralisation over a 1.3km strike length, the broker anticipates existing data could potentially support an Exploration Target of approximately 500,000 ounces at over 1g/t gold.

This project remains a key value driver as the company pursues a path toward a 1Moz total resource base within the Yandal region.

This report was published on July 7, 2026.

Target price is $0.51 Current Price is $0.20 Difference: $0.31
If YRL meets the Shaw and Partners target it will return approximately 155% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Shaw and Partners forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 2.20 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 9.09.

Forecast for FY27:

Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 1.90 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 10.53.

All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

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The content of this information does in no way reflect the opinions of FNArena, or of its journalists. In fact we don’t have any opinion about the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe and comment on. By doing so we believe we provide experienced, intelligent investors with a valuable tool that helps them in making up their own minds, reading market trends and getting a feel for what is happening beneath the surface.

This document is provided for informational purposes only. It does not constitute an offer to sell or a solicitation to buy any security or other financial instrument. FNArena employs very experienced journalists who base their work on information believed to be reliable and accurate, though no guarantee is given that the daily report is accurate or complete. Investors should contact their personal adviser before making any investment decision.

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