Daily Market Reports | 10:55 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)
ALK APE ARB ASG BML BRE GGP IMB KCN LOT MSB NUZ TOR VAU WGX
ALK ALKANE RESOURCES LIMITED
Gold & Silver - Overnight Price: $1.18
Moelis rates ((ALK)) as Upgrade to Buy from Hold (1) -
Following the end of the September quarter, Moelis has updated forecasts for gold/silver and copper companies to reflect actual prices, forex, and revised consensus assumptions.
The broker notes gold reached a record price, prompting a 15% upgrade in near term price forecasts and an 8% increase to long term forecast (US$2,812/oz)
Copper rose to US$4.75/lb amid the Grasberg disruption, though long-term assumptions remain steady. Silver prices are materially higher, benefiting producers with by-product exposure. Long-term silver price estimate is US$34.67/oz, up 21%.
Overall, gold producers saw strong valuation and earnings upgrades, while copper names gained modestly.
In the case of Alkane Resources, the broker lifted FY26-27 EBITDA forecasts by 18% and 17% respectively, and net profit estimates by 31% and 29%, respectively. This also reflects production increase following the merger with Mandalay Resources.
Rating upgraded to Buy from Hold. Target price $1.50.
This report was published on October 6, 2025.
Target price is $1.50 Current Price is $1.18 Difference: $0.32
If ALK meets the Moelis target it will return approximately 27% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY26:
Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 4.59 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.71.
Forecast for FY27:
Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 13.21 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.93.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
APE EAGERS AUTOMOTIVE LIMITED
Automobiles & Components - Overnight Price: $34.65
Canaccord Genuity rates ((APE)) as Buy (1) -
Eagers Automotive will acquire 55% of CanadaOne Auto Group’s operating company and 65% of its property portfolio for -$1bn, with founder Pat Priestner retaining the balance.
Canaccord Genuity notes the vendor will reinvest $386m in Eagers shares. Also, Mitsubishi Corporation will acquire a 20% stake in easyauto123 for -$70m and take up a $50m placement in Eagers as part of their mobility partnership.
The broker considers the transaction with CanadaOne strategically sound, citing both companies’ “owner’s mindset” and long-term approach.
While initial earnings accretion is moderate, Canaccord expects operational efficiencies and bolt-on opportunities to drive growth in Canada.
The broker raises its target price to $30.60 from $28.00, while retaining a Buy rating.
Separately, in research two days later, Canaccord highlights September new vehicle sales rose 5.1% year-on-year, though year-to-date volumes remain down -1.4%.
Demand remains resilient, observes the broker, supported by easing interest rates and growing availability of lower-cost new energy vehicles (NEVs), which are drawing some buyers away from the used-vehicle market.
Eagers Automotive’s performance has become less tied to industry sales due to margin improvements, strategic initiatives, and diversification, explain the analysts.
Canaccord maintains broader market volumes still matter, as they influence gross margins and pricing pressure.
This report was published on October 3, 2025.
Target price is $30.60 Current Price is $34.65 Difference: minus $4.05 (current price is over target).
If APE meets the Canaccord Genuity target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $29.38, suggesting downside of -15.2%(ex-dividends)
The company's fiscal year ends in December.
Forecast for FY25:
Canaccord Genuity forecasts a full year FY25 dividend of 76.00 cents and EPS of 104.80 cents.
At the last closing share price the estimated dividend yield is 2.19%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.06.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 101.2, implying annual growth of 29.0%.
Current consensus DPS estimate is 75.4, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 34.2.
Forecast for FY26:
Canaccord Genuity forecasts a full year FY26 dividend of 95.00 cents and EPS of 140.70 cents.
At the last closing share price the estimated dividend yield is 2.74%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.63.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 119.7, implying annual growth of 18.3%.
Current consensus DPS estimate is 80.6, implying a prospective dividend yield of 2.3%.
Current consensus EPS estimate suggests the PER is 28.9.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
ARB ARB CORPORATION LIMITED
Automobiles & Components - Overnight Price: $38.88
Canaccord Genuity rates ((ARB)) as Hold (3) -
ARB Corp's Top 11 vehicle index rose 7.5% in September. This marks the first month this calendar year of broad-based growth across key models such as the HiLux and Ranger, rather than being driven solely by the new Prado launch, explains Canaccord Genuity.
The broker highlights this as a positive development, as these high fitment rate vehicles underpin ARB’s accessory sales and improve the breadth of demand across its core platforms.
While year-to-date volumes remain lower, the analysts suggest recent momentum is encouraging and supports a recovery in underlying sales trends
Hold. Target unchanged at $35.60.
This report was published on October 3, 2025.
Target price is $35.60 Current Price is $38.88 Difference: minus $3.28 (current price is over target).
If ARB meets the Canaccord Genuity target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $43.36, suggesting upside of 11.5%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY26:
Canaccord Genuity forecasts a full year FY26 dividend of 69.00 cents and EPS of 123.00 cents.
At the last closing share price the estimated dividend yield is 1.77%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.61.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 125.3, implying annual growth of 6.4%.
Current consensus DPS estimate is 72.0, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 31.0.
Forecast for FY27:
Canaccord Genuity forecasts a full year FY27 dividend of 78.00 cents and EPS of 138.00 cents.
At the last closing share price the estimated dividend yield is 2.01%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.17.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 143.7, implying annual growth of 14.7%.
Current consensus DPS estimate is 82.6, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 27.1.
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