Daily Market Reports | 10:40 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.
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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)
AX1 (2) CIA DUG EOS GYG HPG ING KGN MXI PLS RMS SKT SXL VYS WJL
AX1 ACCENT GROUP LIMITED
Apparel & Footwear - Overnight Price: $1.41
Jarden rates ((AX1)) as Neutral (3) -
Neutral rating retained while Jarden's price target for Accent Group has declined to $1.46 from $1.55, the broker citing EBITDA downgrades partly offset by a roll-forward and an updated risk-free rate.
FY25 EBIT of $110.2m landed at the top end of guidance ($108m–$111m); after adjusting for -3.3m of non-recurring items the result missed consensus by -0.5%. Gross margin was 54.9% (-85bps) amid sustained promotional intensity, while CODB improved by -32bps.
Early FY26 trading was mixed (LFL 0.8% for the first seven weeks, cycling 3.5%), store count finished FY25 at 892 versus consensus 909, and management guides to high single-digit EBIT growth with GPM and CODB roughly flat y/y, including Sports Direct start-up costs.
The broker stays patient for either a better operating backdrop or clearer evidence of Sports Direct execution before turning more constructive.
This report was published on August 25, 2025.
Target price is $1.46 Current Price is $1.41 Difference: $0.05
If AX1 meets the Jarden target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $1.79, suggesting upside of 26.7%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY26:
Jarden forecasts a full year FY26 EPS of 10.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.56.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 10.9, implying annual growth of 7.7%.
Current consensus DPS estimate is 7.6, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 12.9.
Forecast for FY27:
Jarden forecasts a full year FY27 EPS of 10.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.30.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 12.7, implying annual growth of 16.5%.
Current consensus DPS estimate is 8.1, implying a prospective dividend yield of 5.7%.
Current consensus EPS estimate suggests the PER is 11.1.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Petra Capital rates ((AX1)) as Upgrade to Buy from Hold (1) -
Petra Capital notes Accent Group delivered an in-line FY25 result and FY26 is shaping up better with sales momentum turning positive, Sports Direct rollout visibility, and consensus expectations reset lower.
FY25 underlying EBIT was in line with the June trading update. FY26 EBIT is guided to high single-digit growth, which the broker translates to EBIT of $118m vs $110.2m in FY25.
Trading in first 7 weeks for FY26 was positive, driven by return to growth in lifestyle footwear, and wholesale trends signalling stronger demand ahead.
The broker lifted FY26 EBIT forecast to align with the guidance and increased EPS forecast by 11.9%.
Rating upgraded to Buy from Hold. Target rises to $1.65 from $1.45 (was $2.28 on Feb 26).
This report was published on August 25, 2025.
Target price is $1.65 Current Price is $1.41 Difference: $0.24
If AX1 meets the Petra Capital target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $1.79, suggesting upside of 26.7%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY26:
Petra Capital forecasts a full year FY26 dividend of 7.50 cents and EPS of 10.60 cents.
At the last closing share price the estimated dividend yield is 5.32%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.30.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 10.9, implying annual growth of 7.7%.
Current consensus DPS estimate is 7.6, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 12.9.
Forecast for FY27:
Petra Capital forecasts a full year FY27 dividend of 8.10 cents and EPS of 11.50 cents.
At the last closing share price the estimated dividend yield is 5.74%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.26.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 12.7, implying annual growth of 16.5%.
Current consensus DPS estimate is 8.1, implying a prospective dividend yield of 5.7%.
Current consensus EPS estimate suggests the PER is 11.1.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CIA CHAMPION IRON LIMITED
Iron Ore - Overnight Price: $4.51
Jarden rates ((CIA)) as Buy (1) -
Upon additional recent disclosures, Jarden has updated forecasts and modeling for Champion Iron. This sees the Buy rating retained, but the price target declines to $6 from $6.63.
Reduced FY26 forecasts reflect higher near-term operating costs and increased forward capex, partly offset by a lower discount rate.
Jarden views DRPF commissioning in DQ25 as the key inflection and models circa US$15/t product premiums from JQ26 (excluding potential CA$5–10/dmt freight benefits), implying possible margin uplift of US$15–25/wmt, with execution and premium realisation the main risks.
This report was published on August 25, 2025.
Target price is $6.00 Current Price is $4.51 Difference: $1.49
If CIA meets the Jarden target it will return approximately 33% (excluding dividends, fees and charges).
The company's fiscal year ends in March.
Forecast for FY26:
Jarden forecasts a full year FY26 EPS of 24.75 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.22.
Forecast for FY27:
Jarden forecasts a full year FY27 EPS of 41.51 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.87.
This company reports in CAD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
DUG DUG TECHNOLOGY LIMITED
Cloud services - Overnight Price: $1.54
Canaccord Genuity rates ((DUG)) as Buy (1) -
Canaccord Genuity notes Dug Technology's FY25 result showed stronger operational performance in 2H, suggesting annual EBITDA pace of over US$20m vs US$15.4m in FY25.
Group sales fell -4% y/y to US$62.6m, with 2H up 10% sequentially.
FY26 opened with Work in Hand of US$52m, up 42% y/y, but the broker is forecasting revenue conversion at low end of precedents while noting upside risk.
The company is optimistic about its recently launching Elastic MP-FWI Imaging and the broker notes it has faster revenue conversion potential than traditional contracts. Limited progress made in Cool & Nomad but management remains optimistic.
The broker lifted FY26 revenue forecast by 3% and FY27 by 4%. Buy. Target rises to $2.45 from $2.40.
This report was published on August 25, 2025.
Target price is $2.45 Current Price is $1.54 Difference: $0.91
If DUG meets the Canaccord Genuity target it will return approximately 59% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY26:
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 1.55 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 99.42.
Forecast for FY27:
Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 6.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.85.
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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