Daily Market Reports | 10:45 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)
AAR ASX CGS CTM DTL EOS GHM GYG HRN LIC LOT LRV MM1 NIC RXL
AAR ASTRAL RESOURCES NL
Gold & Silver - Overnight Price: $0.17
Shaw and Partners rates ((AAR)) as Buy (1) -
Shaw and Partners maintains a Buy rating for Astral Resources with a $0.30 target price following an updated Mineral Resource for the Spargoville Gold Project.
The resource increased 102% to 8.5m tonnes at 1.0g/t gold for 281k ounces, lifting the mineral resource estimate to 2.21m ounces.
The analyst highlights that the increase is largely price-driven, reflecting a gold price assumption rising to $4,500 per ounce from $3,500 per ounce.
The Spargoville asset currently carries no ore reserve, meaning these ounces represent upside to the pre-feasibility study production case rather than a formal component of it.
Shaw treats the update as upside rather than a direct catalyst for a valuation change, noting near-term focal points include Spiders drilling, Theia infill assays, early mining at Think Big, and the Mandilla definitive feasibility study.
This report was published on October 12, 2026.
Target price is $0.30 Current Price is $0.17 Difference: $0.13
If AAR meets the Shaw and Partners target it will return approximately 76% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY26:
Shaw and Partners forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 170.00.
Forecast for FY27:
Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 0.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 56.67.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
ASX ASX LIMITED
Wealth Management & Investments - Overnight Price: $61.23
Jarden rates ((ASX)) as Neutral (3) -
Jarden maintains a Neutral rating for ASX with its target price increased to $60.50 from $58.20 following solid revenue momentum across the recent quarter.
Interest rate volatility drove a 32.6% year-to-date increase in futures volume, supporting robust earnings on collateral balances alongside a 6.8% improvement in daily cash equity turnover.
Jarden's estimates for FY27 and FY28 earnings per share are upgraded by 6.4% and 2.9% respectively to reflect the stronger futures momentum and forward yield curves.
The analyst notes upcoming support drivers include the Glencore dual-listing, a refreshed executive team, and a potential strategic update from the new chief executive in early 2027.
Current valuation multiples, ongoing risks of cost overruns, and elevated regulatory enforcement intensity limit near-term conviction to adopt a more positive stance.
This report was published on October 12, 2026.
Target price is $60.50 Current Price is $61.23 Difference: minus $0.73 (current price is over target).
If ASX meets the Jarden target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $57.56, suggesting downside of -6.0%(ex-dividends)
Forecast for FY27:
Current consensus EPS estimate is 271.4, implying annual growth of 8.8%.
Current consensus DPS estimate is 203.5, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 22.6.
Forecast for FY28:
Current consensus EPS estimate is 272.4, implying annual growth of 0.4%.
Current consensus DPS estimate is 207.7, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 22.5.
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CGS COGSTATE LIMITED
Medical Equipment & Devices - Overnight Price: $3.80
Canaccord Genuity rates ((CGS)) as Buy (1) -
Canaccord Genuity maintains a Buy rating for Cogstate with its target price increased to $4.15 from $3.44 following a solid first-quarter sales update featuring executed net sales contracts of US$25.1m.
The result represents a 17% increase on the prior corresponding period, driven by five competitive Phase III clinical trial wins in mood disorders spanning two customers.
The analyst notes these contract wins demonstrate the channel partnership strategy is successfully translating into market share gains and expanding the partner network.
While the greater weighting towards longer-duration Phase III studies reduces upfront licence fee revenue recognition to 7%, secured revenue for FY27 now stands at US$56.8m, covering 75% of the broker's US$76.1m forecast.
Improved revenue visibility across future periods prompts a roll-forward of the valuation model to apply a 5.0x enterprise value-to-sales multiple against the US$88.9m revenue forecast for FY28.
This report was published on October 12, 2026.
Target price is $4.15 Current Price is $3.80 Difference: $0.35
If CGS meets the Canaccord Genuity target it will return approximately 9% (excluding dividends, fees and charges).
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
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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