Daily Market Reports | 11:00 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.
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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)
AIA APZ ASG (2) BRG BXB CDA CHC CNI CNU FPH GMG HLS HSN NWH NWL OCL PWR (2) QUB SHA SHL (2) SXE SYL TLX UNI VAU (2)
AIA AUCKLAND INTERNATIONAL AIRPORT LIMITED
Infrastructure & Utilities - Overnight Price: $6.94
Jarden rates ((AIA)) as Neutral (3) -
Auckland International Airport delivered FY25 profit of NZ$309.5m, broadly in line with Jarden’s estimate of NZ$310.5m and consensus of around NZ$306m.
Revenue was slightly weaker than expected due to softer passenger volumes late in the year, while higher outsourced operations lifted costs, explains the broker.
While retail income per passenger improved to NZ$10.29 from NZ$10.16, the analysts note foreign exchange headwinds reduced overall passenger service revenue (PSR) by -9%.
FY26 guidance of NZ$280m-$320m profit is softer than expected by Jarden, with the midpoint around -NZ$10m below FY25 and -NZ$20m below consensus.
Constraints on airline seat capacity, macro softness, geopolitical issues, and construction disruption are expected to weigh on near-term performance.
Capex guidance of -NZ$1.0b-NZ$1.3b was modestly below Jarden's expectations, suggesting some delay to PSE4 project phasing.
Jarden raises its target price to NZ$7.81 from NZ$7.75 and retains a Neutral rating.
This report was published on August 21, 2025.
Current Price is $6.94. Target price not assessed.
Current consensus price target is N/A
The company's fiscal year ends in June.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 12.15 cents and EPS of 15.80 cents.
At the last closing share price the estimated dividend yield is 1.75%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 43.93.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 17.0, implying annual growth of N/A.
Current consensus DPS estimate is 12.2, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 40.8.
Forecast for FY27:
Jarden forecasts a full year FY27 dividend of 12.79 cents and EPS of 18.36 cents.
At the last closing share price the estimated dividend yield is 1.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.81.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 17.2, implying annual growth of 1.2%.
Current consensus DPS estimate is 12.8, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 40.3.
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
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: $4.22
Moelis rates ((APZ)) as Downgrade to Hold from Buy (3) -
Aspen Group delivered FY25 underlying EPS of 16.8c, slightly ahead of guidance, notes Moelis, and up 22% year-on-year. FY26 guidance indicates to the broker EPS of 19c, up 13%, and a dividend of 11c.
The broker highlights strong operating results across all divisions. Residential rents rose 3% with margins at a record 66%, parks revenue grew 6%, and development achieved 111 settlements with house prices up 11%.
The net asset value (NAV) rose to $2.54 per share after a 5% property revaluation uplift, explains the analyst.
Gearing fell to 13% after a $68m equity raise, with the broker noting capacity to redeploy capital into new projects.
Moelis raises its target price to $4.43 from $3.83 and downgrades to Hold from Buy. Shares now trade at an around 40% premium to the broker's assessment for the true value of assets.
This report was published on August 22, 2025.
Target price is $4.43 Current Price is $4.22 Difference: $0.21
If APZ meets the Moelis target it will return approximately 5% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY26:
Moelis forecasts a full year FY26 dividend of 11.00 cents and EPS of 19.60 cents.
At the last closing share price the estimated dividend yield is 2.61%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.53.
Forecast for FY27:
Moelis forecasts a full year FY27 dividend of 12.20 cents and EPS of 22.10 cents.
At the last closing share price the estimated dividend yield is 2.89%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.10.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
ASG AUTOSPORTS GROUP LIMITED
Automobiles & Components - Overnight Price: $3.03
Jarden rates ((ASG)) as Overweight (2) -
Jarden assesses a strong 2H result by Autosports Group, with profit before tax of $43.5m, slightly ahead of consensus, and adjusted EPS 18% in advance of the broker's estimate.
Luxury new vehicle demand rebounded, margins improved versus 1H25, and prudent inventory management supported the recovery, explain the analysts.
Momentum into FY26 is strong, suggests Jarden, with new vehicle order write-ups up 20.2% year-on-year and July revenue up 13.5%.
Multiple acquisitions, including Porsche Canberra and Mercedes-Benz expansions, alongside Geely greenfield rollouts, are expected to be earnings accretive, supported by a new $350m debt facility.
Jarden upgrades its EPS forecasts, driven by stronger vehicle demand, gross margin expansion and operating leverage from acquisitions. The target price is raised to $3.35 from $2.40. Overweight rating retained.
This report was published on August 22, 2025.
Target price is $3.35 Current Price is $3.03 Difference: $0.32
If ASG meets the Jarden target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $2.84, suggesting downside of -6.2%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 11.60 cents and EPS of 27.70 cents.
At the last closing share price the estimated dividend yield is 3.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.94.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 23.8, implying annual growth of 46.4%.
Current consensus DPS estimate is 13.6, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 12.7.
Forecast for FY27:
Jarden forecasts a full year FY27 dividend of 13.50 cents and EPS of 31.80 cents.
At the last closing share price the estimated dividend yield is 4.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.53.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 26.5, implying annual growth of 11.3%.
Current consensus DPS estimate is 15.5, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 11.4.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Wilsons rates ((ASG)) as Overweight (1) -
Autosports Group delivered FY25 sales of $2.86bn, ahead of Wilsons' expectations, with stronger gross profit supporting a modest earnings (EBIT) beat against the broker's estimate. Consensus upgrades are expected following the result.
Profit before tax of $43.5m was in line with the broker's expectation, while profit of $33m was above forecast due to a lower tax rate.
The analysts point to strong demand momentum, with July revenue up 12% year-on-year and new vehicle order writes up by 20%.
Management remains active in dealership expansion, with capacity to fund acquisitions including Porsche Canberra, Mercedes Canberra and new greenfield sites, explain the analysts.
Wilsons lifts its sales and gross profit forecasts by around 5% but makes only minor changes to earnings given higher opex, while trimming dividend estimates by -1-2%.
Wilsons raises its target price to $3.51 from $2.57 and retains an Overweight rating.
This report was published on August 22, 2025.
Target price is $3.51 Current Price is $3.03 Difference: $0.48
If ASG meets the Wilsons target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $2.84, suggesting downside of -6.2%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY26:
Wilsons forecasts a full year FY26 dividend of 15.20 cents and EPS of 25.30 cents.
At the last closing share price the estimated dividend yield is 5.02%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.98.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 23.8, implying annual growth of 46.4%.
Current consensus DPS estimate is 13.6, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 12.7.
Forecast for FY27:
Wilsons forecasts a full year FY27 dividend of 20.80 cents and EPS of 34.70 cents.
At the last closing share price the estimated dividend yield is 6.86%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.73.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 26.5, implying annual growth of 11.3%.
Current consensus DPS estimate is 15.5, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 11.4.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
BRG BREVILLE GROUP LIMITED
Household & Personal Products - Overnight Price: $34.59
Petra Capital rates ((BRG)) as Hold (3) -
Breville Group reported FY25 earnings (EBIT) of $204.6m, up 10.2% and at the top end of guidance, in line with Petra Capital's expectation.
Growth was underpinned by double-digit constant currency sales across all regions, explains the analyst, with strong contributions from coffee and cooking categories.
Commentary highlights new market entries in China and the Middle East performed well. The group's gross margin held steady at 36.6%, with Petra Capital observing regional freight costs were offset by distribution gains.
Management flagged higher input costs for US sales in FY26-FY27.
Petra Capital makes no material changes to forecasts, but lifts its target price to $34.00 from $28.60, given a model roll-forward and the encouraging start in China.
The Hold rating is retained. The outlook is very much dependent on the US consumer, highlights the analyst.
This report was published on August 21, 2025.
Target price is $34.00 Current Price is $34.59 Difference: minus $0.59 (current price is over target).
If BRG meets the Petra Capital target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $36.73, suggesting upside of 6.2%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY26:
Petra Capital forecasts a full year FY26 dividend of 38.10 cents and EPS of 94.70 cents.
At the last closing share price the estimated dividend yield is 1.10%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.53.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 93.7, implying annual growth of -0.8%.
Current consensus DPS estimate is 37.5, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 36.9.
Forecast for FY27:
Petra Capital forecasts a full year FY27 dividend of 44.30 cents and EPS of 109.60 cents.
At the last closing share price the estimated dividend yield is 1.28%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.56.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 107.0, implying annual growth of 14.2%.
Current consensus DPS estimate is 43.0, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 32.3.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
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