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
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)
3DA 3DP ARF BGL HZR ILA KAN MMI WTM
BGL BELLEVUE GOLD LIMITED
Gold & Silver - Overnight Price: $1.42
Moelis rates ((BGL)) as Buy (1) -
Moelis maintains a Buy rating for Bellevue Gold with its target price increased to $2.10 from $1.90 following an FY26 result featuring revenue of $576.3m and EBITDA of $237.2m.
EBITDA exceeded Moelis's estimates due to Power Purchase Agreement lease accounting adjustments, while adjusted NPAT reached $7.1m.
An updated tax loss quantum of approximately $400m extends cash tax exemption by six months, significantly bolstering near-term free cash flow.
Moelis expects closing out remaining gold hedges by March 2027 to unlock spot price exposure and drive margin expansion.
The analyst emphasises operational momentum, debt reduction potential, and high-grade production growth as key drivers supporting future outperformance.
This report was published on September 23, 2026.
Target price is $2.10 Current Price is $1.42 Difference: $0.685
If BGL meets the Moelis target it will return approximately 48% (excluding dividends, fees and charges).
Current consensus price target is $1.90, suggesting upside of 34.8%(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 8.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.65.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 12.8, implying annual growth of 2566.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 11.0.
Forecast for FY28:
Moelis forecasts a full year FY28 dividend of 0.00 cents and EPS of 23.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.02.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 15.9, implying annual growth of 24.2%.
Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 8.9.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
HZR HAZER GROUP LIMITED
Commodities - Overnight Price: $0.30
Shaw and Partners rates ((HZR)) as Buy (1) -
Shaw and Partners retains its Buy rating for Hazer Group with its target price maintained at $0.70 following the September 2026 quarterly update showcasing commercialisation milestones.
The company concluded the quarter with pro-forma liquidity of $12.9m, comprising $8.3m cash, a post-quarter $2.3m R&D tax refund, and $2.3m in remaining grant funding milestones.
Quarterly operating cash outflows of -$2.3m aligned with the broker's estimates while maintaining a debt-free balance sheet.
Commercial developments include a paid pre-feasibility study with a major Japanese energy utility for facilities producing up to 300,000tpa of hydrogen and graphite purification achievements reaching 99.99% purity.
Shaw and Partners expects substantial revenue growth over coming years through plant deployments, technology licensing, and graphite sales, with financial model forecasts remaining unchanged.
This report was published on October 20, 2026.
Target price is $0.70 Current Price is $0.30 Difference: $0.4
If HZR meets the Shaw and Partners target it will return approximately 133% (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 0.00 cents and EPS of minus 3.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 8.82.
Forecast for FY28:
Shaw and Partners forecasts a full year FY28 dividend of 0.00 cents and EPS of minus 1.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 16.67.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
ILA ISLAND PHARMACEUTICALS LIMITED
Pharmaceuticals & Biotech/Lifesciences - Overnight Price: $0.33
Research as a Service (RaaS) rates ((ILA)) as No Rating (-1) -
Research as a Service (RaaS) highlights progress towards Island Pharmaceuticals' Galidesivir study against Marburg virus, with animal screening and preparation completed ahead of expected dosing in the December quarter.
The 20-animal study will assess survival and help determine dosing for a subsequent pivotal efficacy trial under the FDA Animal Rule.
Previous work demonstrated around 94% survival against a different Marburg strain. Reproducing protection against the Angola strain is a key catalyst.
RaaS also sees potential for emergency use in Uganda to generate human data against Ebola, with drug delivery expected by year-end.
The researcher retains its probability-weighted valuation of $1.60 per share and a 65% probability-of-success assumption.
Research as a Service research does not carry any targets, ratings or recommendations. Investors can draw conclusions from valuations and commentary.
This report was published on October 20, 2026.
Target price is $1.60 Current Price is $0.33 Difference: $1.27
If ILA meets the Research as a Service (RaaS) target it will return approximately 385% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY27:
Research as a Service (RaaS) forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 4.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 7.02.
Forecast for FY28:
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
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