Daily Market Reports | May 26 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)
AAR ANG APA APZ BRI CAT DDR GOR HGO IFT JHX LNW (2) MVF MYR NUF NWC OFX (2) RHC RIO RMD SEK SPZ TLS (2) TNE (2) WHF WJL (2) WOR
AAR ASTRAL RESOURCES NL
Gold & Silver - Overnight Price: $0.17
Petra Capital rates ((AAR)) as Buy (1) -
Astral Resources reported strong results from maiden metallurgical testing at deposits within Feysville gold project. Petra Capital expects the results to be included in the Mandilla gold project's PFS, due in June.
The analyst forecasts mine inventory of 40.1Mt, up 13.6Mt from the September 2023 scoping study and inclusive of 3.25Mt from Feysville.
The broker expects the company to attract interest from investors and gold producers.
Buy. Target rises to 36c from 29c.
This report was published on May 23, 2025.
Target price is $0.36 Current Price is $0.17 Difference: $0.19
If AAR meets the Petra Capital target it will return approximately 112% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY25:
Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 0.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 56.67.
Forecast for FY26:
Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 170.00.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
ANG AUSTIN ENGINEERING LIMITED
Mining Sector Contracting - Overnight Price: $0.38
Petra Capital rates ((ANG)) as Buy (1) -
Petra Capital believes Austin Engineering shares are oversold, and the risk from here is to the upside.
The broker has taken into account macro-economic uncertainty and downside risk to FY25 EBIT guidance and risks associated with the incoming CEO transitioning into the position. But these risks are already priced into the share price, the broker highlights.
Buy. Target unchanged at 58c.
This report was published on May 22, 2025.
Target price is $0.58 Current Price is $0.38 Difference: $0.2
If ANG meets the Petra Capital target it will return approximately 53% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY25:
Petra Capital forecasts a full year FY25 dividend of 1.50 cents and EPS of 5.80 cents.
At the last closing share price the estimated dividend yield is 3.95%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.55.
Forecast for FY26:
Petra Capital forecasts a full year FY26 dividend of 1.90 cents and EPS of 6.70 cents.
At the last closing share price the estimated dividend yield is 5.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.67.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
APA APA GROUP
Infrastructure & Utilities - Overnight Price: $8.13
Jarden rates ((APA)) as Overweight (2) -
Ahead of the 2025 winter demand, Jarden reckons the risk of imminent gas shortages has eased due to a positive outlook for Longford production, high gas storage levels and a warm start to autumn.
But with supply shortages likely to increase, the broker estimates a 600 TJ/day shortfall by 2030. The analyst expects increased southern gas production, increased pipeline capacity from Queensland, more gas storage and LNG imports to all be needed to meet the shortfall.
APA Group's proposed East Coast gas grid expansion plans are positive in the broker's view.
Overweight. Target rises to $8.85 from $8.50.
This report was published on May 19, 2025.
Target price is $8.85 Current Price is $8.13 Difference: $0.72
If APA meets the Jarden target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $7.81, suggesting downside of -4.0%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 57.00 cents and EPS of 14.40 cents.
At the last closing share price the estimated dividend yield is 7.01%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 56.46.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 15.7, implying annual growth of -79.7%.
Current consensus DPS estimate is 57.0, implying a prospective dividend yield of 7.0%.
Current consensus EPS estimate suggests the PER is 51.8.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 58.00 cents and EPS of 19.80 cents.
At the last closing share price the estimated dividend yield is 7.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 41.06.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 22.2, implying annual growth of 41.4%.
Current consensus DPS estimate is 58.0, implying a prospective dividend yield of 7.1%.
Current consensus EPS estimate suggests the PER is 36.6.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
APZ ASPEN GROUP LIMITED
Real Estate - Overnight Price: $3.39
Moelis rates ((APZ)) as Buy (1) -
Moelis raises Aspen Group's target price to $3.83 from $3.30 and maintains a Buy rating.
An institutional placement raised $68m at $2.90/sh with potential for a further $4m via SPP, representing a 13% increase in shares on issue and reducing gearing to 13%.
Moelis estimates fair value of Aspen's portfolio at $2.98/sh, identifying latent uplift of 4071cps from conservative valuations.
The analyst justifies a platform premium of 24% based on Aspens 21% average ROE over 4.5 years. Several WA and SA assets are held at deep discounts to market, notably Meadowbrooke and Viveash, which offer material development upside.
Aspen trades at a 41% premium to NAV, but the broker views this as justified by development and valuation upside.
This report was published on May 21, 2025.
Target price is $3.83 Current Price is $3.39 Difference: $0.44
If APZ meets the Moelis target it will return approximately 13% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY25:
Moelis forecasts a full year FY25 dividend of 10.00 cents and EPS of 16.70 cents.
At the last closing share price the estimated dividend yield is 2.95%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.30.
Forecast for FY26:
Moelis forecasts a full year FY26 dividend of 11.60 cents and EPS of 19.30 cents.
At the last closing share price the estimated dividend yield is 3.42%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.56.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
BRI BIG RIVER INDUSTRIES LIMITED
Building Products & Services - Overnight Price: $1.22
Taylor Collison rates ((BRI)) as Upgrade to Speculative Buy from Hold (1) -
Taylor Collison notes the outlook for Big River Industries' is improving, and the recent share price fall at the same time as rising dwelling approvals, has opened an attractive entry point for investors.
The broker has upgraded the company to Speculative Buy from Hold.
The analyst highlights the housing construction outlook has improved, and showroom foot traffic has increased. While the delay in policy rate cuts is a key risk, the analyst's base view is multi-year sustained demand rather than a one-off rebound.
No target price set.
This report was published on May 20, 2025.
Current Price is $1.22. Target price not assessed.
The company's fiscal year ends in June.
Forecast for FY25:
Taylor Collison forecasts a full year FY25 dividend of 3.80 cents and EPS of 6.10 cents.
At the last closing share price the estimated dividend yield is 3.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.00.
Forecast for FY26:
Taylor Collison forecasts a full year FY26 dividend of 7.70 cents and EPS of 12.80 cents.
At the last closing share price the estimated dividend yield is 6.31%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.53.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
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