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
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 AIS ALK BAP BC8 BTR GDF GDG GMD HMY HUB KAN OBM PNI PNR (2) RXL SPZ VAU WZR
RXL ROX RESOURCES LIMITED
Gold & Silver - Overnight Price: $0.51
Canaccord Genuity rates ((RXL)) as Speculative Buy (1) -
Canaccord Genuity maintains a Speculative Buy rating for Rox Resources with a $1.15 target price following a site visit to the Youanmi Gold Project.
Construction of the processing plant achieved 39% completion at September-end, alongside advanced underground development across three declines.
Grade-control drilling at United North demonstrates positive reconciliation gains above initial development designs.
Canaccord Genuity incorporates -$400m total capital expenditure and a commissioning schedule targeting first gold early in the September quarter of 2027.
The analyst highlights strong funding positions and favourable stockpile grade trends supporting the ongoing mine build.
This report was published on October 22, 2026.
Target price is $1.15 Current Price is $0.51 Difference: $0.645
If RXL meets the Canaccord Genuity target it will return approximately 128% (excluding dividends, fees and charges).
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
SPZ SMART PARKING LIMITED
Hardware & Equipment - Overnight Price: $0.68
Shaw and Partners rates ((SPZ)) as Buy (1) -
Shaw and Partners maintains a Buy rating for Smart Parking with a $1.40 target price following the introduction of the new British Parking Code of Practice to Parliament.
The proposed regulatory framework leaves the GBP100 cap on civil parking penalties and the GBP70 debt recovery fee unchanged for at least a year.
The analyst anticipates the formal sanctioning of civil parking guidelines will deter casual non-payment and drive higher early settlement ratios amongst motorists.
Shaw highlights the company is well-positioned to accelerate site acquisitions and capture market share as increased audit and compliance costs compress margins for smaller industry operators.
Shaw's estimates project FY27 EBITDA growth of 23%, noting the stock trades at a historically low 6.7x forward multiple representing a material discount for its growth profile.
This report was published on October 23, 2026.
Target price is $1.40 Current Price is $0.68 Difference: $0.72
If SPZ meets the Shaw and Partners target it will return approximately 106% (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 4.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.45.
Forecast for FY28:
Shaw and Partners forecasts a full year FY28 dividend of 0.00 cents and EPS of 5.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.59.
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: $5.18
Moelis rates ((VAU)) as Buy (1) -
Moelis maintains a Buy rating for Vault Minerals with its target price decreased to $6.58 from $7.90 following a softer September quarter production report featuring 79.1koz of gold at an all-in sustaining cost of $3,529 per ounce.
Total gold output missed the broker's estimate of 90.2koz, driven by lower head grades across operations and reported manning level impacts.
Incorporating details from the recent scheme document drives adjustments across production and capital assumptions, resulting in a -14.7% reduction in FY28 net profit after tax estimates to $708.6m.
The revised valuation methodology reflects the prescribed Genesis Minerals merger consideration, transitioning to a proxy multiple of 0.7629 times the new owner's equity valuation plus $0.475 per share in cash.
The analyst notes material upside remains between the revised assessment and current trading levels pending clearer direction in the spot gold price.
This report was published on October 23, 2026.
Target price is $6.58 Current Price is $5.18 Difference: $1.4
If VAU meets the Moelis target it will return approximately 27% (excluding dividends, fees and charges).
Current consensus price target is $8.00, suggesting upside of 54.4%(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 57.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.99.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 2.7%.
Current consensus EPS estimate suggests the PER is 8.7.
Forecast for FY28:
Moelis forecasts a full year FY28 dividend of 0.00 cents and EPS of 68.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.56.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 3.5%.
Current consensus EPS estimate suggests the PER is 8.3.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
WZR WISR LIMITED
Business & Consumer Credit - Overnight Price: $0.04
Shaw and Partners rates ((WZR)) as Buy (1) -
Shaw and Partners maintains a Buy rating for Wisr with its target price increased to $0.07 from $0.067 following a September quarter update featuring 40% year-on-year loan book growth to $1.2bn.
Management upgraded FY27 Cash NPAT guidance by 40% to at least $7m, prompting Shaw to raise its own FY27 Cash NPAT estimate to $7.5m.
Operational momentum is supported by a mix shift towards secured auto loans, which now comprise 41% of the portfolio, preserving a stable 3.71% risk-adjusted margin through reduced credit losses.
Shaw notes total liquidity of $33m is sufficient to fund over $800m in incremental loans without requiring new equity.
The analyst highlights the stock remains attractively valued at a 2.8x FY28 price-to-earnings multiple, a significant discount to the broader non-bank financial sector.
This report was published on October 23, 2026.
Target price is $0.07 Current Price is $0.04 Difference: $0.034
If WZR meets the Shaw and Partners target it will return approximately 94% (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 0.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.00.
Forecast for FY28:
Shaw and Partners forecasts a full year FY28 dividend of 0.00 cents and EPS of 1.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.00.
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.
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