Daily Market Reports | Oct 10 2025
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)
29M A1M AAR AMI APE AUE BC8 BGL (2) BRE BTR CMM CNB CNU COH CSC CU6 DVP DXB FFM FXG GDI GGP GMD GNE HGO (2) HRZ IFT ILU KAI KCN MAC MEK MLX MM8 NIC OBM PNR (2) RXL SBM SFR STK STN TNE VAU WEB WGX WIA
29M 29METALS LIMITED
Copper - Overnight Price: $0.53
Canaccord Genuity rates ((29M)) as Sell (5) -
Canaccord Genuity notes the Federal Reserve’s September rate cut and outlook, and a weaker US dollar boosted commodity prices, especially precious and industrial metals.
While precious metals benefited as inflation hedges, base metals gained from infrastructure, electrification, and data centre demand, aided by cheaper borrowing.
Aluminium (up 10%), zinc (up 7%), and tin (up 6%) were standout performers. The broker lifted 2026 price forecast for copper by 3.8%, aluminium by 4%, zinc by 4%, tin by 13.7% but cut cobalt by -3.2%.
For 29Metals, the broker's September quarter production forecasts are broadly ahead of consensus and higher than the June quarter. EBITDA forecast lifted by 2% for FY25 and by 31% for FY26.
Sell. Target rises to 30c from 16c.
This report was published on October 8, 2025.
Target price is $0.30 Current Price is $0.53 Difference: minus $0.23 (current price is over target).
If 29M meets the Canaccord Genuity target it will return approximately minus 43% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $0.30, suggesting downside of -43.9%(ex-dividends)
The company's fiscal year ends in December.
Forecast for FY25:
Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 3.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 17.67.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 0.6, 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 88.3.
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 53.00.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 0.6, 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 88.3.
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
A1M AIC MINES LIMITED
Gold & Silver - Overnight Price: $0.44
Moelis rates ((A1M)) as Downgrade to Hold from Buy (3) -
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 AIC Mines, the broker trimmed FY26 EBITDA and net profit forecasts by -1% and -3%, respectively, but lifted FY27 by 5% and 12%, respectively.
Rating downgraded to Hold from Buy. Target price 44c.
This report was published on October 6, 2025.
Target price is $0.44 Current Price is $0.44 Difference: $0
If A1M meets the Moelis target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $0.60, suggesting upside of 36.4%(ex-dividends)
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 1.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.50.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 3.2, implying annual growth of 23.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 13.8.
Forecast for FY27:
Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 2.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.71.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 5.6, implying annual growth of 75.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 7.9.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
AAR ASTRAL RESOURCES NL
Gold & Silver - Overnight Price: $0.25
Petra Capital rates ((AAR)) as Buy (1) -
Petra Capital raises its average gold price forecast across 2025-29 by 14% to US$3,363/oz and its long-term gold price assumption from 2030 by 25% to US$3,000/oz.
These revisions underpin significant upgrades to target prices for stocks across the broker's coverage of the ASX Gold sector.
Petra Capital recommends maintaining an Overweight exposure to the sector. Preferred producers include Vault Minerals, Black Cat Syndicate, Murchison Gold, St Barbara, and Brightstar Resources.
In the broker's view, Horizon Minerals, Rox Resources and Medallion Metals are stand outs among the developers. For early-stage opportunities, Aurum Resources, Astral Resources, Saturn Metals, and Kairos Minerals are highlighted.
The target for Astral Resources rises by 74% to 61c. Buy maintained.
This report was published on October 7, 2025.
Target price is $0.61 Current Price is $0.25 Difference: $0.36
If AAR meets the Petra Capital target it will return approximately 144% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY26:
Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 62.50.
Forecast for FY27:
Petra Capital forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 0.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 50.00.
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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