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.
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)
BGL CAY CHC CKF CNI DUG EBO HMC IPX LOT MPL MTO NWH PNR SGP VCX
BGL BELLEVUE GOLD LIMITED
Gold & Silver - Overnight Price: $0.92
Jarden rates ((BGL)) as Neutral (3) -
Bellevue Gold reported FY25 underlying profit of $38m before one-off charges, while a headline net loss of -$46m reflected -$118m in non-recurring items tied to hedge restructuring, explains Jarden.
The broker highlights strong operating cash flow (OCF) despite weak accounting results, with the restructure positioning the company to capture record spot Australian dollar prices of around $5,420/oz. Only 5.6koz was hedged at $2,835/oz in the first half of FY26.
Underlying earnings of $225m were around 7% above the analysts' $210m forecast, though the beat was mainly due to accounting adjustments rather than operational factors.
Net finance costs rose to -$30m, versus -$23m expected by Jarden, driven by a -$7.2m credit fee issued in shares. Total lease liabilities increased to -$238m, including a -$100m addition related to a power purchase agreement.
Guidance for FY26 remains 130-150koz at costs (AISC) of $2,600-2,900/oz and growth capital of -$80-90m.
Jarden lowers its target to 84c from 86c, offsetting improved earnings forecasts with higher lease liabilities, and retains a Neutral rating.
This report was published on September 3, 2025.
Target price is $0.84 Current Price is $0.92 Difference: minus $0.08 (current price is over target).
If BGL meets the Jarden target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $1.15, suggesting upside of 25.0%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 6.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.08.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 10.8, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 8.5.
Forecast for FY27:
Jarden forecasts a full year FY27 dividend of 0.00 cents and EPS of 7.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.65.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 5.8, implying annual growth of -46.3%.
Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 15.9.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CAY CANYON RESOURCES LIMITED
Aluminium, Bauxite & Alumina - Overnight Price: $0.26
Canaccord Genuity rates ((CAY)) as Speculative Buy (1) -
Canyon Resources published a Definitive Feasibility Study (DFS) for its Minim Martap bauxite project in Cameroon, which confirmed a larger, longer-life project with competitive costs and strong premiums, Canaccord Genuity notes.
The DFS pointed to a 20-year mine life and ramp-up to 9Mtpa of bauxite by 2032, 41% higher peak production vs the broker's previous forecast of 6.4Mtpa.
Capex rises to -US$446m but the broker reckons it is a modest 20% increase from its previous forecast. Stage 1 capex of -US$96m is expected to achieve first ore sales, and the broker expects this to be funds from current cash and debt facilities.
Speculative Buy. Target rises to 40c from 35c.
This report was published on September 3, 2025.
Target price is $0.40 Current Price is $0.26 Difference: $0.14
If CAY meets the Canaccord Genuity target it will return approximately 54% (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 minus 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 26.00.
Forecast for FY26:
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.00.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CHC CHARTER HALL GROUP
REITs - Overnight Price: $23.02
Jarden rates ((CHC)) as Overweight (2) -
Jarden notes REIT stocks outperformed in August, up 6.2%, with the performance supported by the sector exceeding elevated expectations during the result season.
Macro tailwinds like rate cuts, cap rate compression and limited supply support rental/price growth and asset values. Balance sheets are healthy, enabling capital deployment and potential consolidation-driven upside.
Among key risks in the broker's view are elevated rates vs past cycles, regulatory headwinds, and a wide gap between underlying and cash-backed earnings.
The broker sees Charter Hall as one of the best-positioned plays on a cyclical property market recovery, supported by moderating interest rates, rising transaction volumes, and improving equity flows.
Overweight. Target rises to $26.20 from $25.10.
This report was published on September 3, 2025.
Target price is $26.20 Current Price is $23.02 Difference: $3.18
If CHC meets the Jarden target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $21.71, suggesting downside of -5.7%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 70.90 cents and EPS of 90.20 cents.
At the last closing share price the estimated dividend yield is 3.08%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.52.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 91.0, implying annual growth of 90.6%.
Current consensus DPS estimate is 50.8, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 25.3.
Forecast for FY27:
Jarden forecasts a full year FY27 dividend of 75.20 cents and EPS of 100.94 cents.
At the last closing share price the estimated dividend yield is 3.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.81.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 102.2, implying annual growth of 12.3%.
Current consensus DPS estimate is 53.9, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 22.5.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CKF COLLINS FOODS LIMITED
Food, Beverages & Tobacco - Overnight Price: $10.43
Canaccord Genuity rates ((CKF)) as Buy (1) -
Canaccord Genuity was pleased with the trading update from Collins Foods at the AGM. which stated same-store sales (SSS) growth accelerated across all three regions in the first 18 weeks of FY26.
The broker notes Australia remains the anchor and is now forecasting 2.7% SSS growth in FY26 from 2.2% before. The company is targeting 40-70 stores in Germany vs less than 20 currently, and the broker is estimating 46 new stores by FY30.
FY26 net profit growth was reiterated to low-to-mid-teens, and the broker's revised forecast of 14% growth is in line with this. FY27 net profit forecast lifted by 6%.
Buy. Target rises to $10.85 from $9.65.
This report was published on September 3, 2025.
Target price is $10.85 Current Price is $10.43 Difference: $0.42
If CKF meets the Canaccord Genuity target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $10.11, suggesting downside of -3.0%(ex-dividends)
The company's fiscal year ends in April.
Forecast for FY26:
Canaccord Genuity forecasts a full year FY26 dividend of 28.00 cents and EPS of 49.00 cents.
At the last closing share price the estimated dividend yield is 2.68%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.29.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 48.7, implying annual growth of 549.3%.
Current consensus DPS estimate is 27.6, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 21.4.
Forecast for FY27:
Canaccord Genuity forecasts a full year FY27 dividend of 33.00 cents and EPS of 59.00 cents.
At the last closing share price the estimated dividend yield is 3.16%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.68.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 57.7, implying annual growth of 18.5%.
Current consensus DPS estimate is 32.5, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 18.1.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
The full story is for FNArena subscribers only. To read the full story plus enjoy a free two-week trial to our service SIGN UP HERE
If you already had your free trial, why not join as a paying subscriber? CLICK HERE