Daily Market Reports | 10:30 AM
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)
ALK APE BUB EIQ GG8 GNC GT1 KCN (2) MTS OBM SGLLV STM SYR TPG VUL WAF WLC
ALK ALKANE RESOURCES LIMITED
Gold & Silver - Overnight Price: $1.86
Moelis rates ((ALK)) as Upgrade to Buy from Hold (1) -
Moelis upgrades to a Buy rating for Alkane Resources with its target price decreased to $1.70 from $2.20 following a solid June quarter production report undermined by a flat FY27 outlook.
The operation produced 42.5koz of gold equivalent during the quarter at an all-in sustaining cost of $3,011 per ounce, culminating in a $104m cash build aided by lower capital expenditure and a $20m security bond refund.
Management's guidance outlines flat production alongside higher operating costs and a significant capital expenditure increase to -$343m for FY27, prompting the broker to question the return profile on this accelerated investment phase.
In response to the diminished free cash flow outlook, the analyst lowers the price to adjusted cash flow multiple from 6.0x to 5.0x, while incorporating an anticipated 2.0c per share annual dividend across the forecast period.
Moelis retains a positive rating purely on valuation grounds but views other gold equities as offering more compelling growth momentum and clearer catalysts.
This report was published on September 11, 2026.
Target price is $1.70 Current Price is $1.86 Difference: minus $0.16 (current price is over target).
If ALK meets the Moelis target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.17, suggesting upside of 16.5%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY27:
Moelis forecasts a full year FY27 dividend of 2.00 cents and EPS of 20.60 cents.
At the last closing share price the estimated dividend yield is 1.08%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.03.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 24.3, implying annual growth of 37.4%.
Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 7.7.
Forecast for FY28:
Moelis forecasts a full year FY28 dividend of 2.00 cents and EPS of 26.30 cents.
At the last closing share price the estimated dividend yield is 1.08%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.07.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 30.5, implying annual growth of 25.5%.
Current consensus DPS estimate is 3.0, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 6.1.
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: $19.74
Canaccord Genuity rates ((APE)) as Buy (1) -
Canaccord Genuity maintains a Buy rating for Eagers Automotive with a $28.80 target price following a non-binding agreement to acquire a 50% stake in Zagame Automotive Group.
The proposed joint venture provides exposure to 14 luxury and ultra-luxury dealerships across Melbourne and Adelaide, which generated $600m in vehicle sales for the 12 months ending 30 June 2026.
Canaccord Genuity highlights that the transaction structure reflects an emerging acquisition model appealing to private dealer groups seeking partial capital realisation while retaining operational benefits.
Canaccord Genuity expects the deal to close in November 2026 and become immediately earnings accretive, contributing approximately $300m in revenue to help bridge the gap to current FY27 expectations.
The analyst views the business as strongly positioned to trade well through the second half of 2026, anticipating further acquisition announcements in Canada and domestically to drive additional share price appreciation.
This report was published on September 11, 2026.
Target price is $28.80 Current Price is $19.74 Difference: $9.06
If APE meets the Canaccord Genuity target it will return approximately 46% (excluding dividends, fees and charges).
Current consensus price target is $26.07, suggesting upside of 32.0%(ex-dividends)
Forecast for FY26:
Current consensus EPS estimate is 105.9, implying annual growth of 21.6%.
Current consensus DPS estimate is 78.7, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 18.6.
Forecast for FY27:
Current consensus EPS estimate is 121.3, implying annual growth of 14.5%.
Current consensus DPS estimate is 85.1, implying a prospective dividend yield of 4.3%.
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
BUB BUBS AUSTRALIA LIMITED
Dairy - Overnight Price: $0.12
Canaccord Genuity rates ((BUB)) as Initiation of coverage with Speculative Buy (1) -
Canaccord Genuity initiates coverage on Bubs Australia with a Speculative Buy rating and a $0.18 target price following the company's recent achievement of permanent United States Food and Drug Administration regulatory authorisation for its infant formula products.
The analyst views the United States as a primary near-term growth pillar after sales expanded to comprise approximately 60% of group revenue in FY26, annualising above $70m.
While operations in China remained broadly stable over recent years, solid second-half progress across online-to-offline and cross-border e-commerce channels supports Canaccord Genuity's positive outlook alongside potential expansion into Canada, Mexico, and Vietnam.
Improving operating leverage remains a critical execution focus for FY27 and FY28 as the business seeks to transition towards free cash flow generation following material working capital impacts from inventory builds in FY26.
The discounted cash flow valuation incorporates these near-term execution risks and current limited operating profitability while highlighting the scalability of the brand's established international distribution network.
This report was published on September 11, 2026.
Target price is $0.18 Current Price is $0.12 Difference: $0.065
If BUB meets the Canaccord Genuity target it will return approximately 57% (excluding dividends, fees and charges).
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
EIQ ECHOIQ LIMITED
Medical Equipment & Devices - Overnight Price: $0.52
Shaw and Partners rates ((EIQ)) as Hold (3) -
Shaw and Partners maintains a Hold rating for EchoIQ with its target price decreased to $0.70 from $1.50 following a Not Substantially Equivalent determination from the US FDA regarding the initial EchoSolv HF 510(k) application.
The regulatory decision prevents commercial clearance in the US at this time, prompting the analyst to incorporate a 12-month launch delay and reduce ultimate market penetration assumptions to 8% from 10%.
Management remains confident in an eventual clearance pathway and has engaged independent statistical experts to review the feedback.
Shaw notes the regulatory concerns likely relate to methodological processes for demonstrating substantial equivalence rather than underlying clinical efficacy, given the clinical validation study achieved 99.5% sensitivity and 91.0% specificity.
With over $105m in cash reserves to fund additional regulatory requirements, the business continues to commercialise the previously cleared EchoSolv AS product while navigating near-term uncertainty, the report concludes.
This report was published on September 11, 2026.
Target price is $0.70 Current Price is $0.52 Difference: $0.185
If EIQ meets the Shaw and Partners target it will return approximately 36% (excluding dividends, fees and charges).
Current consensus price target is $0.98, suggesting upside of 90.9%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY27:
Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 1.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 34.33.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is -2.2, 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 N/A.
Forecast for FY28:
Shaw and Partners forecasts a full year FY28 dividend of 0.00 cents and EPS of 0.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 85.83.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is -2.0, 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 N/A.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
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