Australian Broker Call *Extra* Edition – Jul 15, 2025

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)

ADH   ARF   CPU   CSC   CSL   GQG   HVN   IKE   JLG   NCK   NWL (2)   OBM (2)   SKS   TPW  

OBM    ORA BANDA MINING LIMITED

Gold & Silver - Overnight Price: $0.71

Moelis rates ((OBM)) as Buy (1) -

Moelis' 4Q25 gold production and implied FY25 production fell short of Moelis' forecast, but the big surprise was cost guidance for FY26 of $2,800-2,900/oz. This compares with the consensus of $2,299/oz and the broker's forecast of $2,453/oz.

The FY26 capex and exploration expenses were also above the broker's forecast but there was a bright spot in production guidance of 140-155koz vs the analyst's model of 140koz.

The broker is taking a glass-half-full approach, noting that the higher capex and exploration budget will pave the way for the next growth phase, with annual output exceeding 150koz over the medium term.

EPS forecast for FY25 cut by -6% and by -19% for FY26.

Buy. Target trimmed to 85c from 92c.

This report was published on July 14, 2025.

Target price is $0.85 Current Price is $0.71 Difference: $0.14
If OBM meets the Moelis target it will return approximately 20% (excluding dividends, fees and charges).
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 5.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.92.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 8.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.98.

Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

SKS    SKS TECHNOLOGIES GROUP LIMITED

Overnight Price: $2.02

Wilsons rates ((SKS)) as Initiation of coverage with Overweight (1) -

Wilsons has initiated coverage of SKS Technologies with an Overweight rating and target price of $2.36.

The broker believes the company is well-positioned to capitalise on the demand for cloud and artificial intelligence. A key positive in the short term is its strong presence in Victoria, as it is a key activity hub for data centre demand.

The company has experienced strong growth in current work from contract wins linked with data centres, the broker highlights, and has strong relationships with leading data centre operators.

The broker sees scope for medium and potentially long-term demand for the company's expertise as the digital infrastructure theme gains further momentum.

This report was published on July 14, 2025.

Target price is $2.36 Current Price is $2.02 Difference: $0.34
If SKS meets the Wilsons target it will return approximately 17% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 3.50 cents and EPS of 11.50 cents.
At the last closing share price the estimated dividend yield is 1.73%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.57.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 6.10 cents and EPS of 13.70 cents.
At the last closing share price the estimated dividend yield is 3.02%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.74.

Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

TPW    TEMPLE & WEBSTER GROUP LIMITED

Furniture & Renovation - Overnight Price: $21.47

Jarden rates ((TPW)) as Buy (1) -

In an update on furniture and home stocks, Jarden notes online continues to outperform, with positive reads from Mocka boding well for Temple & Webster.

Turnover was down -5.1% in 2025 year-to-date, with homeware likely outperforming while furniture sales may be mixed. The broker notes discounting was deeper and broader than in previous years, but expects pricing to become more rational in FY26.

The broker sees upside risk for the company going into the FY25 reporting season.

Buy. Target rises to $25.16 from $18.65 on model roll-forward and change in the terminal WACC assumptions.

This report was published on July 11, 2025.

Target price is $25.16 Current Price is $21.47 Difference: $3.69
If TPW meets the Jarden target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $20.70, suggesting downside of -3.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 8.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 261.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.7, implying annual growth of 546.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 221.3.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 15.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 137.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.8, implying annual growth of 83.5%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 120.6.

Market Sentiment: 0.2
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.

Decisions about inclusions in this Report are made independently of the providers of stock market research and at full discretion of the team of journalists responsible for content at FNArena. Inclusion does not equal endorsement, in any way, shape or form. This Report is provided for informational purposes only.