Daily Market Reports | 10:30 AM
An additional news report on the recommendation, valuation, forecast and opinion changes and updates for ASX-listed equities.
By Rudi Filapek-Vandyck
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)
3DA ACF (2) ADH AXQ CSC CU6 CUP GEM GNC NWL PMT RPL STN VTM
3DA AMAERO INC CDI
Industrial Sector Contractors & Engineers - Overnight Price: $0.21
Research as a Service (RaaS) rates ((3DA)) as No Rating (-1) -
Research as a Service (RaaS) points out that management's updated guidance puts Amaero on track for circa 160% growth in 2026.
Q3 saw revenues growing by 35% year-on-year and PM-HIP revenues grew by 145%. Guidance for Q4 implies 2026 will show growth between 154% and 162%, the analyst explains.
The company's pipeline has increased 180% to US$13.4m. RaaS has now adopted USD as the company's key reporting currency.
Valuation is set at US$18.53 or 66c for the ASX-listed shares. RaaS seems happy to position its forecasts near the top of management's guidance.
Research as a Service does not carry any ratings or targets. Investors can draw conclusions from valuations and commentary.
This report was published on November 12, 2026.
Target price is $0.66 Current Price is $0.21 Difference: $0.45
If 3DA meets the Research as a Service (RaaS) target it will return approximately 214% (excluding dividends, fees and charges).
The company's fiscal year ends in December.
Forecast for FY26:
Research as a Service (RaaS) forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 4.73 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 4.44.
Forecast for FY27:
Research as a Service (RaaS) forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 3.01 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 6.98.
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
ACF ACROW LIMITED
Building Products & Services - Overnight Price: $1.01
Moelis rates ((ACF)) as Buy (1) -
Moelis maintains its Buy rating for Acrow with its target price increased to $1.27 from $1.16 following upgraded 1H27 and FY27 guidance, lifting full-year revenue expectations by 8.3% to between $440m and $470m and underlying EBITDA by 4.5% to between $110m and $120m.
Initial FY27 guidance was also introduced for EBIT of $76m to $87m, NPAT of $44m to $52m, and EPS of 10.5c to 12.3c, while capital expenditure guidance remains unchanged at $30m with net debt to EBITDA expected to decline to around 1.3 times by year-end.
Stronger-than-expected organic growth in Industrial Access—supported by expanding contract scopes on Snowy 2.0 and Perdaman alongside maintenance work—combined with recovering Queensland formwork activity and initial contributions from the September 2026 AGIS acquisition to underpin the upgrade.
Moelis views the valuation as undemanding at 9.2 times FY27 earnings, noting a positive qualitative tone shift and near-term opportunities such as the Sydney Harbour Bridge project.
This report was published on November 13, 2026.
Target price is $1.27 Current Price is $1.01 Difference: $0.26
If ACF meets the Moelis target it will return approximately 26% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY27:
Moelis forecasts a full year FY27 dividend of 3.40 cents and EPS of 11.70 cents.
At the last closing share price the estimated dividend yield is 3.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.63.
Forecast for FY28:
Moelis forecasts a full year FY28 dividend of 3.10 cents and EPS of 12.00 cents.
At the last closing share price the estimated dividend yield is 3.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.42.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Shaw and Partners rates ((ACF)) as Buy (1) -
Shaw and Partners maintains its Buy rating for Acrow with its target price increased to $1.45 from $1.35 following upgraded FY27 guidance ahead of the annual general meeting.
Underlying EBITDA guidance is increased by 5% to between $110m and $120m, alongside first-time net profit guidance of $44m to $52m reflecting 74% year-on-year growth.
Organic growth across the Industrial Access and Construction Services divisions is supplemented by contributions from the SuperDeck and AusGroup Industrial Services businesses.
Queensland formwork activity continues recovering alongside expanding scopes of work on the Snowy 2.0 and Perdaman contracts.
The analyst considers three consecutive positive trading updates clear evidence of returning demand and ongoing growth momentum.
This report was published on November 12, 2026.
Target price is $1.45 Current Price is $1.01 Difference: $0.44
If ACF meets the Shaw and Partners target it will return approximately 44% (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 4.00 cents and EPS of 11.70 cents.
At the last closing share price the estimated dividend yield is 3.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.63.
Forecast for FY28:
Shaw and Partners forecasts a full year FY28 dividend of 4.40 cents and EPS of 13.90 cents.
At the last closing share price the estimated dividend yield is 4.36%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.27.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
ADH ADAIRS LIMITED
Furniture & Renovation - Overnight Price: $1.37
Canaccord Genuity rates ((ADH)) as Buy (1) -
Canaccord Genuity maintains its Buy rating for Adairs with its target price unchanged at $2.10 following an annual general meeting trading update.
Sales increased 1.7% in the first 19 weeks of FY27, supported by growth across Adairs and Mocka, though trading momentum softened over recent weeks.
Furniture trading through Focus experienced a -15.1% year-to-date decline in written sales and gross margins tracking below the prior corresponding period from promotional activity.
Management cautions of a challenging consumer backdrop during the first half, implying the business will record a loss in 1H27.
Canaccord notes the stock is trading below its long-term valuation multiples, offering attractive medium-term exposure to earnings recovery.
Forecasts have been left intact.
This report was published on November 12, 2026.
Target price is $2.10 Current Price is $1.37 Difference: $0.73
If ADH meets the Canaccord Genuity target it will return approximately 53% (excluding dividends, fees and charges).
Current consensus price target is $1.57, suggesting upside of 14.4%(ex-dividends)
Forecast for FY27:
Current consensus EPS estimate is 17.8, implying annual growth of N/A.
Current consensus DPS estimate is 11.3, implying a prospective dividend yield of 8.2%.
Current consensus EPS estimate suggests the PER is 7.7.
Forecast for FY28:
Current consensus EPS estimate is 22.0, implying annual growth of 23.6%.
Current consensus DPS estimate is 14.4, implying a prospective dividend yield of 10.5%.
Current consensus EPS estimate suggests the PER is 6.2.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
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