Daily Market Reports | 11:00 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)
APZ ARF BWP CHC CIP CLW CNI COF CQE CQR DXS ELD GMG GPT HDN HLO HMC INA KAN LIC LRV MGR PDN POL PPS RGN SCG SGP SKG STM VCX WPR
LRV LARVOTTO RESOURCES LIMITED
Mining - Overnight Price: $0.91
Moelis rates ((LRV)) as Buy (1) -
Moelis retains a Buy rating for Larvotto Resources with a $1.50 target price following a 1H26 interim result featuring a net loss of -$6.9m versus the broker's estimated loss of -$14.5m.
The company continues advancing the Hillgrove asset with first production achieved on 31 August, ongoing drilling commencing 7 September, and an official site opening held on 10 September.
Management expects to monetise initial concentrate over the coming months to offset remaining capital expenditures before reaching nameplate output by the end of the calendar year.
A trough cash position of $44m is forecast by the end of December, which the analyst considers an adequate working capital buffer for the ramp-up phase.
The analyst notes the current valuation excludes potential upside from further exploration success or the monetisation of the growing Hillgrove tungsten resource.
This report was published on October 14, 2026.
Target price is $1.50 Current Price is $0.91 Difference: $0.59
If LRV meets the Moelis target it will return approximately 65% (excluding dividends, fees and charges).
The company's fiscal year ends in December.
Forecast for FY26:
Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 4.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 18.96.
Forecast for FY27:
Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 18.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.97.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
MGR MIRVAC GROUP
Infra & Property Developers - Overnight Price: $1.82
Jarden rates ((MGR)) as Downgrade to Overweight from Buy (2) -
Jarden lowers Australian REIT price targets by an average of -11%, lifting its risk-free rate assumption to 5.1% from 4.4% and capitalisation rates by 30bps to 6.2%.
FY28 earnings forecasts for residential developers and property fund managers are also reduced to reflect weaker sales, slower funds growth and negative revaluations.
Despite these adjustments, the broker sees potential sector total returns of 16%, comprising 12% capital upside and a 4% distribution yield. Current prices imply further increases in interest rates beyond Jarden's assumptions.
A peak in rates, potentially already reached or following a November hike, is viewed as a positive catalyst.
Rental growth remains supported by constrained new supply, while balance sheets are broadly sound. Jarden favours better-capitalised companies with lower leverage.
Its rating for Mirvac Group has been downgraded to Overweight from Buy on anticipation of a moderation in sales. Price target reduces to $2 from $2.28.
This report was published on October 15, 2026.
Target price is $2.00 Current Price is $1.82 Difference: $0.18
If MGR meets the Jarden target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $2.03, suggesting upside of 12.0%(ex-dividends)
Forecast for FY27:
Current consensus EPS estimate is 13.1, implying annual growth of -23.7%.
Current consensus DPS estimate is 10.2, implying a prospective dividend yield of 5.6%.
Current consensus EPS estimate suggests the PER is 13.8.
Forecast for FY28:
Current consensus EPS estimate is 14.9, implying annual growth of 13.7%.
Current consensus DPS estimate is 11.3, implying a prospective dividend yield of 6.2%.
Current consensus EPS estimate suggests the PER is 12.1.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
PDN PALADIN ENERGY LIMITED
Uranium - Overnight Price: $7.28
Shaw and Partners rates ((PDN)) as Buy (1) -
Shaw and Partners retains its Buy rating and $19.10 target for Paladin Energy, considering the -9% share price fall following the release of a disappointing September-quarter update a significant overreaction.
Langer Heinrich produced 1.0Mlb of uranium versus consensus expectations of 1.14Mlb, affected by a plant shutdown and lower recoveries.
FY27 production guidance remains unchanged at 5.1Mlb–5.6Mlb, with stronger grades and recoveries expected to support a second-half uplift. Sales volumes and realised pricing exceeded the broker's forecasts.
Shaw lowers FY27 EBITDA and net profit forecasts by -6% and -8%, respectively, while later-year estimates remain broadly unchanged.
Progress at Patterson Lake South and a strengthening uranium outlook underpin its positive view. Lower cash balances largely reflect customer-payment timing, with receipts expected to rebound in December.
Production recovery and project execution remain key risks.
This report was published on October 15, 2026.
Target price is $19.10 Current Price is $7.28 Difference: $11.82
If PDN meets the Shaw and Partners target it will return approximately 162% (excluding dividends, fees and charges).
Current consensus price target is $11.95, suggesting upside of 71.2%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY27:
Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of 44.37 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.41.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 16.9, 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 41.3.
Forecast for FY28:
Shaw and Partners forecasts a full year FY28 dividend of 11.50 cents and EPS of 62.82 cents.
At the last closing share price the estimated dividend yield is 1.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.59.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 37.1, implying annual growth of 119.5%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 18.8.
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
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