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)
AEL (2) AUE BC8 CBA CBE CSL DTL EQR GHM KAN (2) KLS LTR LYC PC2 PSC SHG TLX VMM WES
AEL AMPLITUDE ENERGY LIMITED
Crude Oil - Overnight Price: $1.72
Canaccord Genuity rates ((AEL)) as Speculative Buy (1) -
Canaccord Genuity maintains a Speculative Buy rating for Amplitude Energy with an unchanged $2.63 target price after the business sanctioned the East Coast Supply Project development phase alongside the Nestor gas exploration well.
The fully committed project targets the delivery of up to 90 terajoules of gas per day from 2028 into an anticipated tight domestic market over a four-year plateau.
The analyst notes the completed Juliet-1 well intersected 61 metres of gross pay and flowed at an average stabilised rate of 54.5 million standard cubic feet per day, exhibiting favourable gas quality for blending with other fields.
Commentary highlights the subsequent progression of the Nestor exploration well offers further potential upside, featuring an 81% geological chance of success and a P50 prospective resource of approximately 61 petajoules.
Management lifted FY27 capital expenditure guidance to between -$320m and -$390m to reflect the -$70m to -$80m net drilling and completion costs associated with Nestor, aligning closely with Canaccord Genuity's estimates.
This report was published on October 1, 2026.
Target price is $2.63 Current Price is $1.72 Difference: $0.91
If AEL meets the Canaccord Genuity target it will return approximately 53% (excluding dividends, fees and charges).
Current consensus price target is $2.65, suggesting upside of 54.1%(ex-dividends)
Forecast for FY27:
Current consensus EPS estimate is 17.7, 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 9.7.
Forecast for FY28:
Current consensus EPS estimate is 24.5, implying annual growth of 38.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 7.0.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Jarden rates ((AEL)) as Upgrade to Buy from Overweight (1) -
Jarden upgrades its rating for Amplitude Energy to Buy from Overweight with its target price increased to $2.10 from $2.03 following the sanctioning of the East Coast Supply Project development phase and the Nestor gas exploration well.
The fully committed development involves tying the Annie, Juliet, and Artisan fields into existing offshore infrastructure to deliver up to 90 terajoules of gas per day from 2028.
This report was published on September 30, 2026.
Target price is $2.10 Current Price is $1.72 Difference: $0.38
If AEL meets the Jarden target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $2.65, suggesting upside of 54.1%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY27:
Jarden forecasts a full year FY27 dividend of 0.00 cents and EPS of 13.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.84.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 17.7, 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 9.7.
Forecast for FY28:
Jarden forecasts a full year FY28 dividend of 0.00 cents and EPS of 18.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.30.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 24.5, implying annual growth of 38.4%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 7.0.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
AUE AURUM RESOURCES LIMITED
Gold & Silver - Overnight Price: $0.51
Canaccord Genuity rates ((AUE)) as Speculative Buy (1) -
Canaccord Genuity maintains a Speculative Buy rating for Aurum Resources with a $1.40 target price following the reporting of standout drilling results from the Boundiali Gold Project in Cote d'Ivoire.
Reverse circulation and diamond drilling at the BST1 deposit delivered the highest grade-thickness intersection recorded at the site to date, featuring 28.8 metres at 22.9 grams per tonne of gold from 204 metres.
The company recently completed a $52.5m institutional placement to increase pro-forma cash reserves to approximately $95m, providing necessary funding for early development activities and long-lead processing plant items.
The analyst anticipates the latest batch of drill results will support both resource growth and increased confidence ahead of an impending mineral resource estimate update expected in the final quarter of 2026.
Advancements on the project continue alongside ongoing environmental approvals and the anticipated completion of a definitive feasibility study later this year.
This report was published on October 1, 2026.
Target price is $1.40 Current Price is $0.51 Difference: $0.89
If AUE meets the Canaccord Genuity target it will return approximately 175% (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
BC8 BLACK CAT SYNDICATE LIMITED
Gold & Silver - Overnight Price: $0.74
Moelis rates ((BC8)) as Buy (1) -
Moelis maintains a Buy rating for Black Cat Syndicate with its target price decreased to $0.90 from $1.60 following the release of an updated mineral resource and ore reserve statement alongside disappointing FY27 guidance.
Total ore reserves fell -17.6% to 272k ounces driven by a material decline in average grade from 2.4 grams per tonne to 1.6 grams per tonne, while management outlined an anticipated FY27 production of 80k to 90k ounces at an all-in sustaining cost of $3,500 to $3,900 per ounce.
The analyst slashes Moelis's estimates for valuation multiples and net present value to reflect the weaker production profile and elevated unit costs.
Moelis views recent unexpected management changes and the deferred corporate strategy update as creating uncertainty, deferring the appeal of the business as an institutional investment option.
Moelis believes rebuilding investor confidence requires a successful ramp-up at the Kal East operation over the coming six months alongside sustained exploration success across the -$30m to -$35m planned expenditure.
This report was published on October 1, 2026.
Target price is $0.90 Current Price is $0.74 Difference: $0.155
If BC8 meets the Moelis target it will return approximately 21% (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 15.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.93.
Forecast for FY28:
Moelis forecasts a full year FY28 dividend of 0.00 cents and EPS of 20.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.58.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CBA COMMONWEALTH BANK OF AUSTRALIA
Banks - Overnight Price: $151.45
Jarden rates ((CBA)) as Sell (5) -
Jarden maintains a Sell rating for CommBank with an unchanged $90.00 target price ahead of the impending annual general meeting on 14 October 2026.
Over the past nine years, the lender has experienced a re-rating from 1.9x to 3.7x price-to-book and 13x to 27x price-to-earnings, which Jarden attributes entirely to exogenous technical factors associated with passive flows and a new performance test rewarding index hugging.
The analyst believes the ongoing release of artificial intelligence agents presents an emerging threat to incumbent moats built on serving the retail deposit segment, challenging the traditional view of information technology as a virtue in the business narrative.
Jarden envisions a future scenario where financial service artificial intelligence agents autonomously scan for optimal products and seamlessly execute transactions on behalf of customers, potentially eliminating the need to open banking applications, contact call centres, or visit physical branches.
With statutory earnings per share growing at a compound annual growth rate of 1.6% over nine years, commentary highlights return on equity has shrunk to 13.9% from 16.1% alongside increased capital strain as common equity tier one ratios increased to 12.0% from 10.1%.
This report was published on September 30, 2026.
Target price is $90.00 Current Price is $151.45 Difference: minus $61.45 (current price is over target).
If CBA meets the Jarden target it will return approximately minus 41% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $124.94, suggesting downside of -17.5%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY27:
Jarden forecasts a full year FY27 dividend of 515.00 cents and EPS of 636.80 cents.
At the last closing share price the estimated dividend yield is 3.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.78.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 669.2, implying annual growth of 3.0%.
Current consensus DPS estimate is 515.8, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 22.6.
Forecast for FY28:
Jarden forecasts a full year FY28 dividend of 515.00 cents and EPS of 595.70 cents.
At the last closing share price the estimated dividend yield is 3.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.42.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 675.6, implying annual growth of 1.0%.
Current consensus DPS estimate is 526.0, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 22.4.
Market Sentiment: -1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
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