Daily Market Reports | 12:40 PM
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)
A1M BGL (2) BM1 HLO HRN PWH SKG
HRN HORIZON GOLD LIMITED
Gold & Silver - Overnight Price: $1.05
Moelis rates ((HRN)) as Buy (1) -
Moelis maintains its Buy rating for Horizon Gold while trimming its target to $2.30 from $2.35 following minor forecast revisions and the model roll-forward.
Moelis considers FY26 financial results largely immaterial while Horizon remains pre-development.
The company reported a -$2m statutory loss and ended June with around $24m cash, considered sufficient to fund activities through to a development decision.
The investment case rests on the 2.3Moz Gum Creek resource and scope for further discoveries.
This report was published on September 24, 2026.
Target price is $2.30 Current Price is $1.05 Difference: $1.25
If HRN meets the Moelis target it will return approximately 119% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY27:
Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 5.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 18.10.
Forecast for FY28:
Moelis forecasts a full year FY28 dividend of 0.00 cents and EPS of minus 4.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 24.42.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
PWH PWR HOLDINGS LIMITED
Automobiles & Components - Overnight Price: $10.38
Canaccord Genuity rates ((PWH)) as Initiation of coverage with Buy (1) -
Canaccord Genuity initiates coverage on PWR Holdings with a Buy rating and a $12.90 target price.
The analyst views the company as having a clear pathway to continued above-market growth rates driven by its culture of innovation and service delivery for bespoke high-performance heat transfer solutions.
The Aerospace and Defence division has recorded over a 50% revenue compound annual growth rate since FY21, supported by approved supplier status across all Tier 1 prime contractors.
Canaccord Genuity anticipates material future growth from this segment and considers any short-term earnings volatility surrounding large contract timing as an investment opportunity.
Valuation is derived from a blend of discounted cash flow, price-to-earnings, and enterprise value-to-EBITDA measures, with Canaccord Genuity's estimates sitting 3% ahead of consensus for FY28 and FY29.
This report was published on September 23, 2026.
Target price is $12.90 Current Price is $10.38 Difference: $2.52
If PWH meets the Canaccord Genuity target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $12.15, suggesting upside of 17.2%(ex-dividends)
Forecast for FY27:
Current consensus EPS estimate is 23.4, implying annual growth of 31.5%.
Current consensus DPS estimate is 11.3, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 44.3.
Forecast for FY28:
Current consensus EPS estimate is 32.1, implying annual growth of 37.2%.
Current consensus DPS estimate is 15.5, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 32.3.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
SKG STORAGE KING GROUP
REITs - Overnight Price: $1.08
Shaw and Partners rates ((SKG)) as Buy (1) -
Shaw and Partners retains its Buy rating and $1.30 target for Storage King Group following the placement of Abacus Group's ((ABG)) $285m stake, removing a significant share-price overhang.
On completion, Ki Corp will own 49.9% and Abacus will no longer be a shareholder.
Shaw considers the post-result sell-off an opportunity, with Storage King trading at around -40% discount to its $1.77 net tangible asset value versus roughly -20% for the broader A-REIT sector.
Its 230,000sqm development and lease-up pipeline could add almost $80m, or 32%, to revenue by 2032, although commentary does highlight material earnings contributions are not expected until FY29.
This report was published on September 24, 2026.
Target price is $1.30 Current Price is $1.08 Difference: $0.215
If SKG meets the Shaw and Partners target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $1.25, suggesting upside of 16.8%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY27:
Shaw and Partners forecasts a full year FY27 dividend of 4.50 cents and EPS of 4.60 cents.
At the last closing share price the estimated dividend yield is 4.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.59.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 15.0, implying annual growth of 27.8%.
Current consensus DPS estimate is 4.8, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 7.1.
Forecast for FY28:
Shaw and Partners forecasts a full year FY28 dividend of 4.60 cents and EPS of 5.10 cents.
At the last closing share price the estimated dividend yield is 4.24%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.27.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 15.0, implying annual growth of N/A.
Current consensus DPS estimate is 5.0, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 7.1.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Disclaimer:
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.