Daily Market Reports | 11:20 AM
An additional news report on the recommendation, valuation, forecast and opinion changes and updates for ASX-listed equities.
By Rudi Filapek-Vandyck
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)
A1M APZ AWJ BTR DDR ELV FBU GMD IGO LTR PLS VUL
APZ ASPEN GROUP LIMITED
Real Estate - Overnight Price: $5.05
Moelis rates ((APZ)) as Hold (3) -
Moelis sticks with its Hold rating for Aspen Group while its price target for the shares has improved to $5.22 from $4.43.
Aspen has lifted FY26 underlying pre-tax EPS guidance to 20.1c from 19.0c alongside an upbeat 1Q26 update including 5.3c underlying pre-tax EPS (+21% y/y), a strong Darwin Freespirit peak season (NRI +22% y/y), and 30 development settlements with 112 contracts in hand.
The broker highlights two acquisitions: a 300-site Wallaroo, SA project (a pivot toward build-to-rent townhouses plus land-lease homes) and a Surry Hills office to partly serve as HQ.
Balance-sheet headroom is ample (Moelis expects gearing at circa 18% by Dec-26), supporting pipeline expansion and a higher valuation, hence the higher price target.
Forecasts have slightly moved higher.
This report was published on October 17, 2025.
Target price is $5.22 Current Price is $5.05 Difference: $0.17
If APZ meets the Moelis target it will return approximately 3% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY26:
Moelis forecasts a full year FY26 dividend of 11.00 cents and EPS of 20.00 cents.
At the last closing share price the estimated dividend yield is 2.18%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.25.
Forecast for FY27:
Moelis forecasts a full year FY27 dividend of 12.20 cents and EPS of 22.40 cents.
At the last closing share price the estimated dividend yield is 2.42%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.54.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
AWJ AURIC MINING LIMITED
Gold & Silver - Overnight Price: $0.29
Taylor Collison rates ((AWJ)) as Initiation of coverage with Speculative Buy (1) -
Taylor Collison starts coverage on Auric Mining with Speculative Buy and $0.39 price target, arguing the story shifts from toll-treating to an integrated model built around Munda and the recently bought Burbanks mill.
The broker expects near-term cash from the Munda starter pit (6.1koz processed Oct–Q1 CY26) and models AISC $3,500/oz versus a $5,500/oz deck, implying solid margins and circa $11m operating cash flow.
Longer term, value is tied to scaling the Munda main pit and refurbishing/expanding Burbanks (180ktpa) to reduce third-party costs.
Primary risk: execution on processing pathway and cost/grade variability, the broker says.
This report was published on October 10, 2025.
Target price is $0.39 Current Price is $0.29 Difference: $0.1
If AWJ meets the Taylor Collison target it will return approximately 34% (excluding dividends, fees and charges).
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
BTR BRIGHTSTAR RESOURCES LIMITED
Gold & Silver - Overnight Price: $0.60
Petra Capital rates ((BTR)) as Buy (1) -
Petra Capital keeps Brightstar Resources on Buy after a "strong" Sep Q’25 update: production rose 90% q/q to 7.0koz as Fish underground joined Second Fortune.
FY26 guidance stays 29–34koz at AISC $3,800–4,000/oz; the broker models 33koz at AISC $3,855/oz.
Forecasts rise mainly on a higher gold deck (+12–25% across FY26–LT), partly offset by an -8% trim to FY26 volumes and a 2% AISC lift, taking the price target to $1.57.
Only minor amendments have been made to forecasts.
This report was published on October 15, 2025.
Target price is $1.57 Current Price is $0.60 Difference: $0.97
If BTR meets the Petra Capital target it will return approximately 162% (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 8.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.50.
Forecast for FY27:
Petra Capital forecasts a full year FY27 dividend of 0.00 cents and EPS of 11.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.36.
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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