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
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The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)
ADH BC8 BM1 CVN GDF GHM LRV PNR SGH
CVN CARNARVON ENERGY LIMITED
Crude Oil - Overnight Price: $0.10
Jarden rates ((CVN)) as Overweight (2) -
Jarden maintains an Overweight rating for Carnarvon Energy with an unchanged $0.14 target price following an FY26 result featuring an NPAT beat driven by lower employee expenses and advisory costs.
Further exploratory drilling in the Bedout Basin is scheduled for April 2027 to inform options for development concepts and backfill opportunities.
The analyst expects gradual progress across the asset, noting the operator is unlikely to commit to new projects over the next two to three years.
The 19.9% shareholding in Strike Energy ((STX)) provides exposure to near-term catalysts including the South Erregulla Power Project and Walyering West development, as well as potential to develop West Erregulla gas through the proposed Belisama Gas Plant, commentary suggests.
This report was published on September 30, 2026.
Target price is $0.14 Current Price is $0.10 Difference: $0.035
If CVN meets the Jarden target it will return approximately 33% (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
GDF GARDA PROPERTY GROUP
REITs - Overnight Price: $1.04
Moelis rates ((GDF)) as Buy (1) -
Moelis maintains a Buy rating for Garda Property with its target price decreased to $1.58 from $1.61 following the contracted sale of two industrial assets representing 15% of the portfolio.
The Heathwood and Pinkenba properties are set to be divested for $17.5m and $33.3m respectively, achieving a blended 0.7% premium to book value.
Pro-forma gearing falls to 24% upon settlement, while net tangible assets remain largely unchanged at $1.64 per share.
The analyst notes the transactions should prove accretive to funds from operations given the blended 6.0% implied capitalisation rate sits below the 6.5% marginal cost of debt.
Moelis views the stock as offering compelling value at current levels considering the -37% discount to net tangible assets and an estimated 10.9% funds from operations yield for FY27.
This report was published on September 30, 2026.
Target price is $1.58 Current Price is $1.04 Difference: $0.54
If GDF meets the Moelis target it will return approximately 52% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY27:
Moelis forecasts a full year FY27 dividend of 9.00 cents and EPS of 11.20 cents.
At the last closing share price the estimated dividend yield is 8.65%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.29.
Forecast for FY28:
Moelis forecasts a full year FY28 dividend of 9.30 cents and EPS of 11.10 cents.
At the last closing share price the estimated dividend yield is 8.94%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.37.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
GHM GOLDEN HORSE MINERALS LIMITED
Gold & Silver - Overnight Price: $0.57
Shaw and Partners rates ((GHM)) as Buy (1) -
Shaw and Partners maintains a Buy rating for Golden Horse Minerals with a $1.25 target price following the release of the best gold drilling result to date from the Hopes Hill prospect.
Reverse circulation drilling intercepted four metres at 73.3 grams per tonne of gold from 88 metres, situated within a broader 48-metre zone grading 6.3 grams per tonne of gold.
Shaw notes panned drill spoil revealed numerous millimetre-scale gold grains, providing strong indications of a high-grade, nuggety gold system.
Additional diamond tail drilling extended mineralisation at depth in the southern end of the existing pit, returning one metre at 46.5 grams per tonne of gold from 305 metres.
The broker believes the presence of visible gold and significant grade-metre intercepts highlight substantial upside, supporting its own expectation for a maiden mineral resource estimate of 1m ounces to be delivered prior to the end of the March quarter of 2027.
This report was published on September 30, 2026.
Target price is $1.25 Current Price is $0.57 Difference: $0.68
If GHM meets the Shaw and Partners target it will return approximately 119% (excluding dividends, fees and charges).
The company's fiscal year ends in December.
Forecast for FY26:
Shaw and Partners forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 28.50.
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 38.00.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three source
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