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.
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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)
BTL CCV HRN IFT MM1 MPW MRT RKT RXL SCX
CCV CASH CONVERTERS INTERNATIONAL LIMITED
Business & Consumer Credit - Overnight Price: $0.28
Research as a Service (RaaS) rates ((CCV)) as No Rating (-1) -
Cash Converters' FY26 result was marginally ahead of Research as a Service's (RaaS) forecasts, with revenue rising 11% to a record $429.2m and operating earnings increasing 11% to $67m.
Strong performances from Australian stores and the UK offset the deliberate run-off of legacy lending products.
Australian stores increased earnings by 50%, supported by 13% comparable-store sales growth, while UK earnings rose 54%.
The core loan book expanded 165% to $163.8m as the Cashies Loan scaled rapidly, while the group net loss rate improved to 11.1% from 16%. RaaS raises FY27 and FY28 earnings forecasts by 3.5% and 1.3%, respectively.
Valuation increased to 50c from 47c, a 6.4% rise, and highlights further UK store acquisitions and loan-book maturation as catalysts. Key risks include bad debts, funding costs, regulatory matters and execution of the acquisition strategy.
Research as a Service (RaaS) research standard doesn't carry any targets, ratings or recommendations. Investors can draw conclusions from valuations and commentary.
This report was published on September 9, 2026.
Target price is $0.50 Current Price is $0.28 Difference: $0.225
If CCV meets the Research as a Service (RaaS) target it will return approximately 82% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY27:
Research as a Service (RaaS) forecasts a full year FY27 dividend of 2.00 cents and EPS of 3.20 cents.
At the last closing share price the estimated dividend yield is 7.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.59.
Forecast for FY28:
Research as a Service (RaaS) forecasts a full year FY28 dividend of 2.00 cents and EPS of 4.20 cents.
At the last closing share price the estimated dividend yield is 7.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.55.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
HRN HORIZON GOLD LIMITED
Gold & Silver - Overnight Price: $1.11
Moelis rates ((HRN)) as Buy (1) -
Following a site visit to Horizon Gold's Gum Creek project in Western Australia, Moelis retains its Buy rating and $2.35 price target.
The broker believes the definitive feasibility study captures only the lowest-risk portion of what could become a materially larger gold inventory.
The initial development focuses on open-pit, free-milling ore, with 94% of reserves classified as Indicated or better, while underground extensions and the refractory Wilsons deposit provide additional upside. Exploration has added around 1moz since February 2021 at approximately $20/oz.
The principal challenges are securing development funding relative to Horizon's market capitalisation and limited share liquidity.
Resource drilling, lender commitments and potential early cash flow through toll treatment could provide catalysts ahead of a final investment decision. At spot gold prices, Moelis's valuation would increase to $3.10 per share.
This report was published on September 15, 2026.
Target price is $2.35 Current Price is $1.11 Difference: $1.24
If HRN meets the Moelis target it will return approximately 112% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY26:
Moelis forecasts a full year FY26 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 74.00.
Forecast for FY27:
Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 4.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 26.43.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
IFT INFRATIL LIMITED
Wealth Management & Investments - Overnight Price: $11.28
Jarden rates ((IFT)) as Buy (1) -
Jarden maintains a Buy rating for Infratil with its target price increased to NZ$18.63 from NZ$17.15 ahead of an upcoming investor update scheduled for 16 September.
Key focus areas across the portfolio presentation include asset sales, the strategic direction for One NZ, reasons behind stagnating independent valuations at Longroad, and ongoing capacity delivery from CDC.
Jarden also anticipates management commentary regarding a potential strategic shift by CDC towards establishing a data centre joint venture in New Zealand.
Jarden updates valuation models following recent independent asset appraisals, driving the revised net tangible asset-backed price target.
The analyst considers the company well leveraged to contracting momentum across CDC while maintaining long-term growth across key digital and renewable platforms.
This report was published on September 14, 2026.
Current Price is $11.28. Target price not assessed.
Current consensus price target is $14.49, suggesting upside of 28.5%(ex-dividends)
Forecast for FY27:
Current consensus EPS estimate is 9.8, implying annual growth of N/A.
Current consensus DPS estimate is 13.4, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 115.1.
Forecast for FY28:
Current consensus EPS estimate is 3.6, implying annual growth of -63.3%.
Current consensus DPS estimate is 13.1, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 313.3.
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three source
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