Daily Market Reports | Jan 29 2025
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.
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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 BGL BSA CCP CSL FEX GOR IGO IMM IPX KGN KMD LTR MND NXL RMD SOM VEA WTC
A1M AIC MINES LIMITED
Gold & Silver - Overnight Price: $0.34
Moelis rates ((A1M)) as Buy (1) -
AIC Mines' 2QFY25 production beat Moelis' estimate and while costs were slightly higher, the broker notes this related to the sale of September inventory.
Overall, costs remained broadly in line with expectations, with 2Q significantly below the company's FY25 guidance reflecting a degree of conservatism in the inflation assumptions for mining inputs when guidance was established. The broker sees potential for further cost reduction.
Target price 69c and Buy rating maintained.
This report was published on January 28, 2025.
Target price is $0.69 Current Price is $0.34 Difference: $0.355
If A1M meets the Moelis target it will return approximately 106% (excluding dividends, fees and charges).
Current consensus price target is $0.78, suggesting upside of 130.4%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY25:
Moelis forecasts a full year FY25 dividend of 0.00 cents and EPS of 2.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.57.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 4.6, implying annual growth of 182.2%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 7.4.
Forecast for FY26:
Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 5.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.88.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 6.5, implying annual growth of 41.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 5.2.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
BGL BELLEVUE GOLD LIMITED
Gold & Silver - Overnight Price: $1.10
Goldman Sachs rates ((BGL)) as Buy (1) -
Bellevue Gold reported 2Q production of 26koz at a cost (AISC) of $2,765/oz, slightly exceeding consensus estimates, observes Goldman Sachs.
FY25 production guidance has lowered to 150-165koz from 165-180koz, while cost guidance has been increased to $1,900-2,100/oz from $1,750-1,850/oz.
Underground mining has exceeded a 1mtpa run rate, with no further need for open-pit feed, supporting a production uplift for the second half of FY25, highlight the analysts.
Management plans a five-year expansion to reach 250kozpa by FY28 and reduce costs (AISC) to $1,500-1,600/oz.
Goldman Sachs maintains a Buy rating and lowers the target price to $1.50 from $1.55, reflecting revised production and cost expectations.
This report was published on January 29, 2025.
Target price is $1.50 Current Price is $1.10 Difference: $0.395
If BGL meets the Goldman Sachs target it will return approximately 36% (excluding dividends, fees and charges).
Current consensus price target is $1.61, suggesting upside of 34.4%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 0.00 cents and EPS of 3.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.83.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 9.1, implying annual growth of 39.6%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 13.2.
Forecast for FY26:
Goldman Sachs forecasts a full year FY26 dividend of 0.00 cents and EPS of 18.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.14.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 16.2, implying annual growth of 78.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 7.4.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
BSA BSA LIMITED
Industrial Sector Contractors & Engineers - Overnight Price: $1.04
Canaccord Genuity rates ((BSA)) as Buy (1) -
BSA upgraded FY25 EBITDA guidance to $26-28m from $24-27m after reporting 2Q25 EBITDA of $7.5m, up 31.5% year on year and 10.5% margins vs 8.8% in the previous corresponding period.
Canaccord Genuity notes the strong result reflected ongoing volumes in the groups core telecommunications work, coupled with a favourable mix of work and pricing management.
The broker lifted its EPS forecasts for FY25 and FY26 by 12% and 8%. Petra reminded the pending nbn tender represents a significant
event, but in its view the company appears well-positioned to continue.
Target price rises to $1.85 from $1.75. Buy rating maintained.
This report was published on January 24, 2025.
Target price is $1.85 Current Price is $1.04 Difference: $0.81
If BSA meets the Canaccord Genuity target it will return approximately 78% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY25:
Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of 21.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.79.
Forecast for FY26:
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 22.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.58.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
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