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)
A1M AFG ALK AMI AMP ARB BC8 BGL BM1 BOQ CHI CNB CSC EVN FBU FFM GGP GMD HRN IAG IMR KAN KCN LRV NWL OBM OMA PLT PNR SHA (2) SXE TWE VAU
SXE SOUTHERN CROSS ELECTRICAL ENGINEERING LIMITED
Industrial Sector Contractors & Engineers - Overnight Price: $4.47
Shaw and Partners rates ((SXE)) as Upgrade to Buy from Hold (1) -
Shaw and Partners upgrades its rating on Southern Cross Electrical Engineering to Buy from Hold, with its target price unchanged at $5.20, citing an attractive buying opportunity following an -18% share price pullback from the 5 October 2026 high with no material deterioration in the earnings outlook.
Shaw and Partners views the sell-off as an overreaction given Southern Cross Electrical Engineering's exposure to three of Australia's strongest structural investment themes — data centres, infrastructure, and electrification — with data centre revenue expected to approximately triple in FY27.
Commentary highlights the recently announced acquisition of Entire Operations Pty Ltd adds HVAC capabilities, lifts FY27 EBITDA guidance to at least $110m, and expands recurring revenue streams, while Southern Cross retains balance sheet strength for further acquisitions.
This report was published on October 16, 2026.
Target price is $5.20 Current Price is $4.47 Difference: $0.73
If SXE meets the Shaw and Partners target it will return approximately 16% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY27:
Shaw and Partners forecasts a full year FY27 dividend of 11.00 cents and EPS of 21.40 cents.
At the last closing share price the estimated dividend yield is 2.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.89.
Forecast for FY28:
Shaw and Partners forecasts a full year FY28 dividend of 12.00 cents and EPS of 26.70 cents.
At the last closing share price the estimated dividend yield is 2.68%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.74.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
TWE TREASURY WINE ESTATES LIMITED
Food, Beverages & Tobacco - Overnight Price: $6.05
Jarden rates ((TWE)) as Neutral (3) -
Jarden maintains a Neutral rating for Treasury Wine Estates with a $5.50 target price following an in-line AGM update featuring positive incremental news across the portfolio.
Jarden notes Penfolds China is performing ahead of expectations alongside falling leverage driven by $50m of portfolio divestments.
Australian operations are performing well led by independent retailers, while group guidance for EBITDA at least in line with FY26 was reiterated.
Leverage is expected to fall to a target range of 2x by FY28, down from current levels of 2.7x.
The analyst leaves forecasts unchanged, highlighting potential modest upside risk for flat FY27 EBITDA expectations led by improving pricing and expanding distribution points in China.
This report was published on October 15, 2026.
Target price is $5.50 Current Price is $6.05 Difference: minus $0.55 (current price is over target).
If TWE meets the Jarden target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $6.29, suggesting upside of 4.0%(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 31.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.97.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 34.8, 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 17.4.
Forecast for FY28:
Jarden forecasts a full year FY28 dividend of 0.00 cents and EPS of 38.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.59.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 41.7, implying annual growth of 19.8%.
Current consensus DPS estimate is 17.0, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 14.5.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
VAU VAULT MINERALS LIMITED
Gold & Silver - Overnight Price: $5.94
Moelis rates ((VAU)) as Buy (1) -
Moelis maintains a Buy rating for Vault Minerals with its target price unchanged at $7.90.
Lower near-term gold prices reduce FY27 and FY28 EBITDA by -11% and -1% respectively, alongside a -15% and -1% reduction in NPAT estimates, reducing adjusted cash flow by -10%.
Higher long-term gold prices lift net asset value by 11%, while an increased EV/resource multiple and exploration value offset weaker near-term cash flow, limiting the decline in adjusted cash flow valuation to -1%.
The overall price target increases 4% as higher net asset value outweighs the modest decline in adjusted cash flow valuation.
This report was published on October 16, 2026.
Target price is $7.90 Current Price is $5.94 Difference: $1.96
If VAU meets the Moelis target it will return approximately 33% (excluding dividends, fees and charges).
Current consensus price target is $8.00, suggesting upside of 34.7%(ex-dividends)
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 61.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.74.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 59.2, implying annual growth of 121.5%.
Current consensus DPS estimate is 14.0, implying a prospective dividend yield of 2.4%.
Current consensus EPS estimate suggests the PER is 10.0.
Forecast for FY28:
Moelis forecasts a full year FY28 dividend of 0.00 cents and EPS of 79.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.47.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 62.6, implying annual growth of 5.7%.
Current consensus DPS estimate is 18.0, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 9.5.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Disclaimer:
The content of this information does in no way reflect the opinions of FNArena, or of its journalists. In fact we don't have any opinion about the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe and comment on. By doing so we believe we provide experienced, intelligent investors with a valuable tool that helps them in making up their own minds, reading market trends and getting a feel for what is happening beneath the surface.
This document is provided for informational purposes only. It does not constitute an offer to sell or a solicitation to buy any security or other financial instrument. FNArena employs very experienced journalists who base their work on information believed to be reliable and accurate, though no guarantee is given that the daily report is accurate or complete. Investors should contact their personal adviser before making any investment decision.