Daily Market Reports | 11:32 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)
ABG AZY BGL CSC DEV EBO FFM HLO KCN L1G LRV MAH PNR RMS RSG TLX (2)
ABG ABACUS GROUP
REITs - Overnight Price: $0.84
Shaw and Partners rates ((ABG)) as Buy (1) -
Shaw and Partners maintains a Buy rating for Abacus Group with a $1.05 target price following the divestment of its 19.9% stake in Storage King Group ((SKG)) for $285m.
Commentary highlights the transaction removes incremental earnings but provides $500m of acquisition capacity, expected to yield $30m in annual rental income at a 6.8% capitalisation rate.
The proceeds alongside the Camellia property sale lower gearing to approximately 25% during FY27 from 36% at the end of FY26.
Management maintained FY27 distribution guidance at 6.7c per unit with the payout ratio expected at the top end of the 80%-90% range, while pro-forma net tangible assets decrease -7c to $1.52 per unit.
The analyst views the current valuation as compelling, noting the stock trades at a -44% discount to net tangible assets compared to the broader sector discount of -20%.
This report was published on September 21, 2026.
Target price is $1.05 Current Price is $0.84 Difference: $0.205
If ABG meets the Shaw and Partners target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $1.13, suggesting upside of 33.3%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY27:
Shaw and Partners forecasts a full year FY27 dividend of 6.70 cents and EPS of 7.80 cents.
At the last closing share price the estimated dividend yield is 7.93%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.83.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 7.5, implying annual growth of N/A.
Current consensus DPS estimate is 6.9, implying a prospective dividend yield of 8.1%.
Current consensus EPS estimate suggests the PER is 11.3.
Forecast for FY28:
Shaw and Partners forecasts a full year FY28 dividend of 7.10 cents and EPS of 8.30 cents.
At the last closing share price the estimated dividend yield is 8.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.18.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 8.0, implying annual growth of 6.7%.
Current consensus DPS estimate is 6.7, implying a prospective dividend yield of 7.9%.
Current consensus EPS estimate suggests the PER is 10.6.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
AZY ANTIPA MINERALS LIMITED
Mining - Overnight Price: $0.56
Canaccord Genuity rates ((AZY)) as Speculative Buy (1) -
Canaccord Genuity maintains a Speculative Buy rating for Antipa Minerals with a $1.00 target price following the release of the fourth batch of results from the 2026 drilling program at the Minyari gold project.
The analyst highlights that drilling at Tim's Dome continues to expand the footprint of gold-copper mineralisation surrounding a large, untested airborne electromagnetic conductor, with mineralisation now identified over a 2.2km strike length.
Commentary suggests these latest results support the geological case for a large Telfer-style system, with diamond drilling from the surface now commencing to directly test the anomaly.
Canaccord Genuity notes development and exploration are progressing in parallel, with the completion of the Minyari pre-feasibility study targeted before year-end underpinned by the existing 3.6m ounce gold equivalent resource.
This report was published on September 21, 2026.
Target price is $1.00 Current Price is $0.56 Difference: $0.435
If AZY meets the Canaccord Genuity target it will return approximately 77% (excluding dividends, fees and charges).
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: $1.62
Moelis rates ((BGL)) as Buy (1) -
Moelis maintains a Buy rating for Bellevue Gold with a $1.95 target price following the release of its FY26 financial results.
The analyst notes the results exceeded expectations, headlined by an adjusted net profit after tax of $7.2m against forecasts of -$3.9m, largely due to the treatment variation of operating leases between the quarterly and formal accounts.
The accelerated hedge delivery program is reflected in the modest earnings, leaving the company obligation-free out until the June quarter of 2027.
Management expects to close out the balance of the hedges in FY27, with the broker modelling this conclusion by the March quarter of 2027.
Moelis anticipates full exposure to the gold price thereafter will provide a significant uplift to earnings and cash flow to drive a continued re-rating of the share price.
This report was published on September 21, 2026.
Target price is $1.95 Current Price is $1.62 Difference: $0.325
If BGL meets the Moelis target it will return approximately 20% (excluding dividends, fees and charges).
Forecast for FY27:
Forecast for FY28:
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three source
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