Daily Market Reports | 10:45 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)
AEE BGL BRE CYL KAI KCN (2) KYP LIC MEI NXG OBM PDN PNR
AEE AURA ENERGY LIMITED
Energy - Overnight Price: $0.24
Petra Capital rates ((AEE)) as Buy (1) -
Petra Capital continues to be upbeat on the uranium outlook and sector, pointing to positive demand tailwinds and rising headwinds to supply, including a reduction in 2025 production guidance from Cameco and Kazatomprom lowering its production capability for 2026.
The World Nuclear Association (WNA) estimates known supply for U308 will be down by -7% in 2040, with a forecast lift in expected nuclear generating capacity by 60GW in 2040.
This equates to a NexGen Energy worth of U308 demand added in two years, the analyst states.
Aura Energy remains a preferred ASX exposure with a Buy rating and a 38c target price. Petra Capital believes the market doesn't value the likely future expansion to Tiris or the potential regional upside with other Tiris-like projects to eventuate.
The report suggests Aura offers real "provincial scale" and Haggan, although a secondary asset, should benefit from a change in stance from Sweden.
This report was published on October 9, 2025.
Target price is $0.38 Current Price is $0.24 Difference: $0.14
If AEE meets the Petra Capital target it will return approximately 58% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
BGL BELLEVUE GOLD LIMITED
Gold & Silver - Overnight Price: $1.24
Moelis rates ((BGL)) as Hold (3) -
Bellevue Gold has reported further high-grade drilling results from its namesake mine, Moelis notes, with intercepts including 3.2m at 137.8g/t gold, 4.9m at 24.9g/t, and 7.3m at 21.4g/t.
Management reaffirmed FY26 guidance for 130-150koz gold and plans new surface drilling east of the mine in the December quarter.
While Bellevue continues to demonstrate the quality of its orebody, the analyst suggests the key challenge is scaling production of higher-grade material.
Moelis believes stronger head grades are becoming more consistent as mining advances into thicker zones, with the December quarter a key test for sustained grade improvement.
It's felt hedge management is the main near-term issue though Bellevue could clear its hedge book by end-2026, creating a debt-free, unhedged output.
Hold. Target $1.20.
This report was published on October 13, 2025.
Target price is $1.20 Current Price is $1.24 Difference: minus $0.04 (current price is over target).
If BGL meets the Moelis target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $1.38, suggesting upside of 10.9%(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 6.46 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.20.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 12.3, 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 10.1.
Forecast for FY27:
Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 12.17 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.19.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 9.7, implying annual growth of -21.1%.
Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 12.8.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
BRE BRAZILIAN RARE EARTHS LIMITED
Rare Earth Minerals - Overnight Price: $5.00
Canaccord Genuity rates ((BRE)) as Speculative Buy (1) -
Canaccord Genuity highlights Brazilian Rare Earths' Amargosa bauxite project in Bahia as a large-scale development opportunity. Acquired from Rio Tinto ((RIO)) for -US$3.9m, the project covers 748sqkm.
A maiden Resource of 567.8mt at 29.8% total available alumina (TAA) has been defined, including 97.9mt of high-grade direct shipping ore (DSO) at 41.9% TAA, note the analysts, which compares favourably with existing DSO products.
The broker sees potential for a low-cost, near-term DSO operation of 5mtpa using existing infrastructure, estimating a post-tax internal rate of return (IRR) of 41% and a two-year payback.
Further upside exists from beneficiation, gallium by-products, and future rail access, highlights Canaccord. The Speculative Buy rating and $5.65 target price are unchanged.
This report was published on October 8, 2025.
Target price is $5.65 Current Price is $5.00 Difference: $0.65
If BRE meets the Canaccord Genuity target it will return approximately 13% (excluding dividends, fees and charges).
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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