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)
ARF D3E INN MLX MMI MYE OMA SXE TNE YOJ
ARF ARENA REIT
REITs - Overnight Price: $2.40
Moelis rates ((ARF)) as Buy (1) -
Moelis retains a Buy rating for Arena REIT with its target price decreased to $3.52 from $3.59 following a conditional agreement for Goodstart to acquire 20 of the 27 remaining Edge Early Learning childcare centres owned by the trust.
The administrator continues to pay rent on the remaining Edge properties, leaving guarantees largely unused and implying full coverage of first-half FY27 rental income.
Upgraded near-term earnings estimates reflect reduced vacancy risk, while the target price moderation stems from a more conservative view on childcare valuations.
The analyst notes the stock trades at a -34% discount to net tangible assets and an attractive implied capitalisation rate of 7.4%.
Moelis anticipates an earnings yield exceeding 8.5% if the Goodstart transaction completes successfully without negative rent revisions.
This report was published on October 12, 2026.
Target price is $3.52 Current Price is $2.40 Difference: $1.12
If ARF meets the Moelis target it will return approximately 47% (excluding dividends, fees and charges).
Current consensus price target is $2.66, suggesting upside of 10.9%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY27:
Moelis forecasts a full year FY27 dividend of 18.00 cents and EPS of 19.80 cents.
At the last closing share price the estimated dividend yield is 7.50%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.12.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 18.8, implying annual growth of -37.7%.
Current consensus DPS estimate is 17.9, implying a prospective dividend yield of 7.5%.
Current consensus EPS estimate suggests the PER is 12.8.
Forecast for FY28:
Moelis forecasts a full year FY28 dividend of 19.40 cents and EPS of 20.10 cents.
At the last closing share price the estimated dividend yield is 8.08%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.94.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 19.3, implying annual growth of 2.7%.
Current consensus DPS estimate is 18.1, implying a prospective dividend yield of 7.5%.
Current consensus EPS estimate suggests the PER is 12.4.
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
D3E D3 ENERGY LIMITED
NatGas - Overnight Price: $0.25
Research as a Service (RaaS) rates ((D3E)) as No Rating (-1) -
Research as a Service (RaaS) retains its $2.77 per share net asset valuation for D3 Energy following drilling that recorded helium concentrations of 5.2%, around 43km northwest of its proposed South African production area.
The analyst considers the results supportive of a potentially extensive regional resource.
Unexpected water inflows require remedial work, with flow testing essential to establish commercial viability and support resource certification.
Five additional permits covering around 47,000 acres expand exploration opportunities, while Strategic Integrated Project status supports progress towards development.
RaaS sees persistent helium supply constraints and South African gas shortages underpinning the commercial opportunity.
Flow-test results, regulatory approvals, engineering studies and financing are key catalysts ahead of a potential final investment decision in early 2027. Geological complexity and regulatory delays remain risks.
Research as a Service doesn't assign a rating. Investors can draw conclusions from valuations and commentary. RaaS' net asset value is $2.77 (mid-point).
This report was published on October 9, 2026.
Target price is $2.77 Current Price is $0.25 Difference: $2.52
If D3E meets the Research as a Service (RaaS) target it will return approximately 1008% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY26:
Research as a Service (RaaS) forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 1.74 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 14.37.
Forecast for FY27:
Research as a Service (RaaS) forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 1.56 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 16.03.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
INN INNOVAERO TECHNOLOGIES LIMITED
Aerospace & Defence - Overnight Price: $0.48
Canaccord Genuity rates ((INN)) as Initiation of coverage with Buy (1) -
Canaccord Genuity initiates coverage on Innovaero Technologies with a Buy rating and a $1.00 target price.
The sovereign defence and aerospace company is focused on its OWL family of one-way loitering munitions, with the flagship OWL-B variant expected to achieve certification and potential entry into service with the Australian Defence Force in 2027.
The analyst notes the transition to scaled production is supported by a new manufacturing facility at Jandakot, targeting a tenfold increase in output capacity to 2,500 units per year.
Product line extensions including the OWL-X and OWL-C variants provide exposure to the counter-drone and maritime strike markets, broadening the addressable scope for the enterprise.
Canaccord Genuity suggests the company provides a scarce listed exposure to sovereign precision strike capabilities, presenting significant earnings upside as defence procurement shifts towards affordable autonomous systems.
This report was published on October 13, 2026.
Target price is $1.00 Current Price is $0.48 Difference: $0.52
If INN meets the Canaccord Genuity target it will return approximately 108% (excluding dividends, fees and charges).
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
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