Australian Broker Call *Extra* Edition – Oct 29, 2025

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            [3] => ((ATG))
            [4] => ((BGL))
            [5] => ((BNZ))
            [6] => ((BRI))
            [7] => ((CDA))
            [8] => ((CSL))
            [9] => ((ERD))
            [10] => ((FMG))
            [11] => ((IMD))
            [12] => ((KAR))
            [13] => ((MGH))
            [14] => ((NST))
            [15] => ((OBM))
            [16] => ((ORE))
            [17] => ((PNI))
            [18] => ((PSC))
            [19] => ((SIG))
            [20] => ((SXL))
            [21] => ((TOR))
            [22] => ((VAU))
            [23] => ((WIA))
            [24] => ((XRF))
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            [2] => ARB
            [3] => ATG
            [4] => BGL
            [5] => BNZ
            [6] => BRI
            [7] => CDA
            [8] => CSL
            [9] => ERD
            [10] => FMG
            [11] => IMD
            [12] => KAR
            [13] => MGH
            [14] => NST
            [15] => OBM
            [16] => ORE
            [17] => PNI
            [18] => PSC
            [19] => SIG
            [20] => SXL
            [21] => TOR
            [22] => VAU
            [23] => WIA
            [24] => XRF
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)

This story features ADAIRS LIMITED, and other companies.
For more info SHARE ANALYSIS: ADH
The company is included in ASX300 and ALL-ORDS

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)

ADH (2)   ARB   ATG   BGL   BNZ   BRI   CDA   CSL   ERD   FMG   IMD   KAR   MGH   NST   OBM   ORE   PNI   PSC   SIG   SXL   TOR   VAU   WIA   XRF  

ADH    ADAIRS LIMITED

Furniture & Renovation – Overnight Price: $2.10

Canaccord Genuity rates ((ADH)) as Buy (1) –

Canaccord Genuity comments Adairs’ trading update showed steady progress toward 1H26 guidance, with management testing new go-to-market initiatives and reducing promotional activity.

It is noted Focus on Furniture remains weak but new leadership is expected to drive recovery, while Mocka continues to outperform with potential for a 20–30 store rollout.

The analyst’s forecasts were revised lower, with FY26 NPAT cut -9% and FY27 -10% on slower Focus sales and flatter Adairs margins.

Canaccord Genuity cites Adairs’ undemanding valuation and medium-term EPS CAGR target of 10–21% to FY28 as key positives.

Target lowered to $2.80 from $3 with an unchanged Buy rating.

This report was published on October 23, 2025.

Target price is $2.80 Current Price is $2.10 Difference: $0.7
If ADH meets the Canaccord Genuity target it will return approximately 33% (excluding dividends, fees and charges).
Current consensus price target is $2.60, suggesting upside of 23.8%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 13.00 cents and EPS of 20.00 cents.
At the last closing share price the estimated dividend yield is 6.19%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.5, implying annual growth of 40.3%.
Current consensus DPS estimate is 12.2, implying a prospective dividend yield of 5.8%.
Current consensus EPS estimate suggests the PER is 10.2.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 15.00 cents and EPS of 24.00 cents.
At the last closing share price the estimated dividend yield is 7.14%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.7, implying annual growth of 20.5%.
Current consensus DPS estimate is 15.1, implying a prospective dividend yield of 7.2%.
Current consensus EPS estimate suggests the PER is 8.5.

Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

Jarden rates ((ADH)) as Buy (1) –

Jarden’s main takeaway from Adairs’ AGM update is an implied modest downgrade to 1H26 guidance, with mid-point sales and gross margin expectations -2% below consensus.

The broker highlights softer Focus on Furniture trading, consistent with sector weakness, while Adairs’ and Mocka’s gross margins performed better than expected.

Jarden cuts its FY26–28 EBITDA forecasts by -7 to -8% on lower sales and slower margin recovery, with EBIT trimmed further on higher D&A assumptions.

The analyst remains comfortable with its Buy rating, citing an undemanding valuation. Target price lowered to $2.68 from $2.96.

This report was published on October 22, 2025.

Target price is $2.68 Current Price is $2.10 Difference: $0.58
If ADH meets the Jarden target it will return approximately 28% (excluding dividends, fees and charges).
Current consensus price target is $2.60, suggesting upside of 23.8%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 EPS of 20.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.34.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.5, implying annual growth of 40.3%.
Current consensus DPS estimate is 12.2, implying a prospective dividend yield of 5.8%.
Current consensus EPS estimate suggests the PER is 10.2.

Forecast for FY27:

Jarden forecasts a full year FY27 EPS of 24.10 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.7, implying annual growth of 20.5%.
Current consensus DPS estimate is 15.1, implying a prospective dividend yield of 7.2%.
Current consensus EPS estimate suggests the PER is 8.5.

Market Sentiment: 0.1
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: $36.70

Canaccord Genuity rates ((ARB)) as Hold (3) –

ARB Corp updated investors at its AGM with 1Q26 total sales growth of 3.8% in total, with growth in export sales of 17.6%, 1% growth in the Australian aftermarket, and a decline of -33.4% in OEM sales.

Canaccord Genuity notes the gross margin decline in 2H25 has continued into 1Q26, while management has agreed to return the Thule Australia distribution rights and company back to Thule.

The analyst notes 1Q26 sales are 3% better than its 1H26 forecast, but alongside the margin comments, there are downside risks to the 1H26 net profit after tax forecast.

The stock remains Hold rated with a $35.60 target price.

This report was published on October 16, 2025.

Target price is $35.60 Current Price is $36.70 Difference: minus $1.1 (current price is over target).
If ARB meets the Canaccord Genuity target it will return approximately minus 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $43.05, suggesting upside of 17.3%(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 1.88%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 29.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 124.2, implying annual growth of 5.5%.
Current consensus DPS estimate is 71.4, implying a prospective dividend yield of 1.9%.
Current consensus EPS estimate suggests the PER is 29.5.

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 2.13%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 26.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 142.6, implying annual growth of 14.8%.
Current consensus DPS estimate is 81.8, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 25.7.

Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

ATG    ARTICORE GROUP LIMITED

Retailing – Overnight Price: $0.29

Canaccord Genuity rates ((ATG)) as Buy (1) –

Canaccord Genuity notes Articore Group has returned to profitability following its restructure, delivering consecutive profitable quarters and gross margins above 50%.

Management offered FY26 guidance for 27–29% GPAPA margins,  earnings (EBIT) of $2–8m, and underlying cash flow of $5–12m, supported by cost efficiencies from consolidating Redbubble and TeePublic.

The analyst expects revenue to trough in FY26 at $360m (-5% y/y) before recovering in FY27 (up 3%) as integration benefits, a creator fee, and the Dashery platform contribute to growth.

Forecasts have been revised with lower revenue but higher earnings, including EBITDA lifted to $17m and $21.7m for FY26/FY27 respectively.

Buy rated with a lower target price of 75c from $1.

This report was published on October 17, 2025.

Target price is $0.75 Current Price is $0.29 Difference: $0.46
If ATG meets the Canaccord Genuity target it will return approximately 159% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 1.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.11.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 3.80 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.63.

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: $1.12

Moelis rates ((BGL)) as Hold (3) –

Moelis notes Bellevue Gold’s 1Q26 production was stronger than forecast at 30koz versus forecast at 27.8koz, though unit costs were higher at $3,293/oz compared to an expectation of $3,081/oz.

Cash of $156m was below estimates due to the early delivery of 9.5koz into the hedge book, which weighed on quarterly cash flow.

FY26 production guidance of 130–150koz was maintained, with higher feed grades supporting stronger output through the year.

The broker highlights the proactive management of hedge deliveries, which should allow the company to maintain a stable cash position and fully close out its hedge book by end-2026.

Moelis considers the stock increasingly attractive heading into 2027 as unhedged production and cash generation improve.

Hold. Target $1.20.

This report was published on October 23, 2025.

Target price is $1.20 Current Price is $1.12 Difference: $0.08
If BGL meets the Moelis target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $1.50, suggesting upside of 33.9%(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 17.34.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.9, 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 11.3.

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 9.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.8, implying annual growth of 79.8%.
Current consensus DPS estimate is 3.5, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 6.3.

Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

BNZ    BENZ MINING CORP.

Gold & Silver – Overnight Price: $1.49

Canaccord Genuity rates ((BNZ)) as Initiation of coverage with Speculative Buy (1) –

Canaccord Genuity initiated coverage of Benz Mining with a Speculative Buy rating and target price of $2.50.

The company is focused on unlocking the gold potential of its Glenburgh Project in Western Australia, comparable geologically to the Tropicana JV.

Zone 126 shows a high-grade, multi-lens gold system with major intercepts up to 79m at 4.4g/t Au, open at depth and along strike. The zone covers less than a third of the corridor, offering strong discovery potential, the report suggests.

Icon–Apollo trend indicates a large bulk-tonnage system, with intercepts like 154m at 1.1g/t Au and potential for open-pit development.

Based on drilling so far, geological interpretations and company plans, the broker modelled an exploration target, seeing potential for Glenburgh to host 4.5Moz gold over time.

Valuation uses a peer-based EV/Resource multiple, reflecting early-stage exploration and development risks.

This report was published on October 20, 2025.

Target price is $2.50 Current Price is $1.49 Difference: $1.01
If BNZ meets the Canaccord Genuity target it will return approximately 68% (excluding dividends, fees and charges).

All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

BRI    BIG RIVER INDUSTRIES LIMITED

Building Products & Services – Overnight Price: $1.42

Petra Capital rates ((BRI)) as Buy (1) –

Big River Industries reiterated its FY26 outlook at a recent broker conference, expecting a modest recovery in residential construction, stable commercial activity, and strong growth from Queensland.

Petra Capital highlights improving housing approvals and commencements as supportive of forecast revenue growth of 3.6% in FY26 and 7.1% in FY27.

Operational leverage from cost reductions and a well-capitalised balance sheet are expected to lift EPS by an estimated 24% in FY26 and 89% in FY27.

No change to Buy rating and $1.82 target price.

This report was published on October 23, 2025.

Target price is $1.82 Current Price is $1.42 Difference: $0.4
If BRI meets the Petra Capital target it will return approximately 28% (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 4.00 cents and EPS of 6.30 cents.
At the last closing share price the estimated dividend yield is 2.82%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.54.

Forecast for FY27:

Petra Capital forecasts a full year FY27 dividend of 7.50 cents and EPS of 11.80 cents.
At the last closing share price the estimated dividend yield is 5.28%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 12.03.

Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

CDA    CODAN LIMITED

Hardware & Equipment – Overnight Price: $35.77

Petra Capital rates ((CDA)) as Hold (3) –

Petra Capital notes Codan reported a strong 1Q26 trading update, with Communications tracking at the top end of its 15–20% growth range and Minelab revenue up 16% on FY25 averages, driven by robust African demand for gold detectors.

The broker highlights group revenue guidance was unchanged, with FY26 Minelab revenue now expected at $295.6m, supported by new product releases and $24.5m in Nett Warrior orders.

Petra lifts its FY26–FY28 EPS forecasts by 2% following upgrades to Minelab, with all other assumptions unchanged.

The stock continues to attract a premium rating. Hold. Target $32.70.

This report was published on October 23, 2025.

Target price is $32.70 Current Price is $35.77 Difference: minus $3.07 (current price is over target).
If CDA meets the Petra Capital target it will return approximately minus 9% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $29.65, suggesting downside of -17.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 38.50 cents and EPS of 77.00 cents.
At the last closing share price the estimated dividend yield is 1.08%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 46.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 75.2, implying annual growth of 31.7%.
Current consensus DPS estimate is 36.1, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 47.6.

Forecast for FY27:

Petra Capital forecasts a full year FY27 dividend of 44.50 cents and EPS of 89.00 cents.
At the last closing share price the estimated dividend yield is 1.24%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 40.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 88.0, implying annual growth of 17.0%.
Current consensus DPS estimate is 42.3, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 40.6.

Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

CSL    CSL LIMITED

Pharmaceuticals & Biotech/Lifesciences – Overnight Price: $177.86

Canaccord Genuity rates ((CSL)) as Hold (3) –

The following was issued before CSL’s AGM earnings guidance downgrade on Oct 28.

Canaccord Genuity believes the recent de-rating in CSL’s valuation may be easing, with the stock now trading below its five-year confidence range.

The broker identifies Andembry as a potential valuation catalyst given strong early data in hereditary angioedema, suggesting it could reshape Behring’s P&L as sales scale.

Gross margin recovery is expected through the Horizon I & II plasma process improvements, which could lift yields by up to 20% and expand margins by 160–530bps.

Target lifted to $230 from $227.50. Hold rating.

This report was published on October 16, 2025.

Target price is $230.00 Current Price is $177.86 Difference: $52.14
If CSL meets the Canaccord Genuity target it will return approximately 29% (excluding dividends, fees and charges).
Current consensus price target is $258.86, suggesting upside of 45.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 474.78 cents and EPS of 1086.86 cents.
At the last closing share price the estimated dividend yield is 2.67%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1084.5, implying annual growth of N/A.
Current consensus DPS estimate is 495.7, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 16.4.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 510.59 cents and EPS of 1184.62 cents.
At the last closing share price the estimated dividend yield is 2.87%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.01.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1202.2, implying annual growth of 10.9%.
Current consensus DPS estimate is 543.8, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 14.8.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

ERD    EROAD LIMITED

Transportation & Logistics – Overnight Price: $1.81

Canaccord Genuity rates ((ERD)) as Buy (1) –

Canaccord Genuity notes Eroad’s strategy has been realigned to focus on growth in Australia and New Zealand following the loss of a major US customer and management changes, including the appointment of John Scott as Executive Chair.

FY26 guidance has been downgraded with ARR now expected between NZ$175–183m (from NZ$188m) and revenue of NZ$197–203m (from more than NZ$203m) while free cash flow margins fall to 5–8% from 8–10%.

The broker highlights strong momentum in Australia and ongoing growth in New Zealand, which holds over 50% market share, alongside an emerging eRUC opportunity worth around NZ$1.2bn over five years.

Canaccord Genuity has revised revenue estimates lower by -3% to -7% for FY26–FY28 but believes the refocus on core regions positions the group for sustained profitability.

No change to Buy rating, with the target price lowered to NZ$2.80 from NZ$3.00.

This report was published on October 17, 2025.

Current Price is $1.81. Target price not assessed.
The company’s fiscal year ends in March.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 1.36 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 132.80.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 3.36 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 53.84.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

FMG    FORTESCUE LIMITED

Iron Ore – Overnight Price: $20.72

Jarden rates ((FMG)) as Underweight (4) –

Jarden notes Fortescue delivered a solid start to FY26, with hematite shipments of 47.6Mwmt in line with expectations and C1 costs of US$18.17/wmt, up 1% y/y for 1Q26.

Iron Bridge output improved, with ore mined of 9.3Mwmt and shipments of 2.1Mwmt, though -13% below consensus.

Price realisations increased to 87% of the 62% Platts index, and capital expenditure fell to US$0.9bn.

Management retained FY26 guidance for shipments, costs, and capex with the broker noting early benefits from Fortescue’s revised mine plan and inclusion of the Blacksmith project.

Underweight rated with a $16 target price.

This report was published on October 23, 2025.

Target price is $16.00 Current Price is $20.72 Difference: minus $4.72 (current price is over target).
If FMG meets the Jarden target it will return approximately minus 23% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $19.37, suggesting downside of -6.5%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 82.00 cents and EPS of 141.19 cents.
At the last closing share price the estimated dividend yield is 3.96%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 156.6, implying annual growth of N/A.
Current consensus DPS estimate is 94.8, implying a prospective dividend yield of 4.6%.
Current consensus EPS estimate suggests the PER is 13.2.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 63.82 cents and EPS of 86.71 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 23.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 120.2, implying annual growth of -23.2%.
Current consensus DPS estimate is 59.1, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 17.2.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

IMD    IMDEX LIMITED

Mining Sector Contracting – Overnight Price: $3.47

Canaccord Genuity rates ((IMD)) as Buy (1) –

Canaccord Genuity reports Imdex’s 1Q26 trading update shows accelerating growth supported by stronger commodity prices and increased global exploration activity.

Revenue of $123.2m was broadly in line with expectations, up 10% y/y and 3% q/q, while higher-margin sensors, services, and software rose to 68% of group revenue, offsetting softer drilling fluids sales.

The broker highlights continued strength in the Mining Technology division, with revenue up 17% q/q, and an improving outlook now upgraded to “green” as tools on hire increased more than 10% y/y.

Buy rating retained. Target lifted to $3.98 from $3.60.

This report was published on October 16, 2025.

Target price is $3.98 Current Price is $3.47 Difference: $0.51
If IMD meets the Canaccord Genuity target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $3.74, suggesting upside of 7.8%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 3.10 cents and EPS of 11.30 cents.
At the last closing share price the estimated dividend yield is 0.89%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 30.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.0, implying annual growth of 2.0%.
Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 31.5.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 4.00 cents and EPS of 14.10 cents.
At the last closing share price the estimated dividend yield is 1.15%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 24.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.7, implying annual growth of 15.5%.
Current consensus DPS estimate is 5.7, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 27.3.

Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

KAR    KAROON ENERGY LIMITED

Crude Oil – Overnight Price: $1.57

Jarden rates ((KAR)) as Overweight (2) –

Karoon Energy’s September quarter update was broadly in line with Jarden’s expectations, with production of 2.0mmbbl from Brazil and 0.59mmboe from the Gulf of Mexico.

2025 guidance was narrowed to 7.4–7.7mmbbl for Brazil and 2.4–2.7mmboe for Who Dat, with capex reduced to -US$95–US$111m following the deferral of one sidetrack well.

Net debt fell sharply to US$149m (from US$238m) on limited capex, while repair work on the SPS-92 well remains on track for 2Q26.

Jarden highlights progress on the Who Dat East development and Neon farm-down, with a US$25m share buyback (around 3.8% of shares) to recommence shortly.

Overweight rated. Target $2.15.

This report was published on October 23, 2025.

Target price is $2.15 Current Price is $1.57 Difference: $0.58
If KAR meets the Jarden target it will return approximately 37% (excluding dividends, fees and charges).
Current consensus price target is $2.06, suggesting upside of 31.2%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 5.14 cents and EPS of 19.77 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 7.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.4, implying annual growth of N/A.
Current consensus DPS estimate is 4.8, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 7.7.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 5.92 cents and EPS of 23.66 cents.
At the last closing share price the estimated dividend yield is 3.77%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 6.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.9, implying annual growth of -12.3%.
Current consensus DPS estimate is 5.2, implying a prospective dividend yield of 3.3%.
Current consensus EPS estimate suggests the PER is 8.8.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

MGH    MAAS GROUP HOLDINGS LIMITED

Building Products & Services – Overnight Price: $4.71

Canaccord Genuity rates ((MGH)) as Buy (1) –

Maas Group reaffirmed FY26 EBITDA guidance of $240–270m, supported by strength in Construction Materials and improving Civil and Hire activity.

Canaccord Genuity notes modest margin pressure in Civil and higher corporate costs offset by continued pricing stability and integration benefits in Construction Materials.

Residential demand is improving with stronger settlements, while asset sales of around $200m are expected to enhance balance sheet flexibility.

The analyst lowers its EPS estimates by -6% to -8% post update. Target lifted to $5.36 from $4.74. No change to Buy rating.

This report was published on October 22, 2025.

Target price is $5.36 Current Price is $4.71 Difference: $0.65
If MGH meets the Canaccord Genuity target it will return approximately 14% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 8.00 cents and EPS of 26.00 cents.
At the last closing share price the estimated dividend yield is 1.70%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.12.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 10.00 cents and EPS of 33.00 cents.
At the last closing share price the estimated dividend yield is 2.12%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 14.27.

Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

NST    NORTHERN STAR RESOURCES LIMITED

Gold & Silver – Overnight Price: $23.32

Jarden rates ((NST)) as Neutral (3) –

Northern Star Resources’ September quarter result was weaker than expected, with production of 383koz down -14% q/q and sales of 381koz , down -3% versus Jarden’s forecast.

All-in sustaining costs of $2,522/oz were -8% below estimates, though revenue of $1.7bn missed by -9% due to lower volumes and operational issues at Jundee and South Kalgoorlie.

Free cash flow of $14m was well below expectations, and net cash fell to $616m after dividend and tax payments.

FY26 guidance was maintained, with Jarden citing limited near-term catalysts beyond gold price strength and slow progress at Hemi.

Neutral rated. Target $15.40.

This report was published on October 23, 2025.

Target price is $15.40 Current Price is $23.32 Difference: minus $7.92 (current price is over target).
If NST meets the Jarden target it will return approximately minus 34% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $26.62, suggesting upside of 14.2%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 60.00 cents and EPS of 107.70 cents.
At the last closing share price the estimated dividend yield is 2.57%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 138.0, implying annual growth of 22.5%.
Current consensus DPS estimate is 52.0, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 16.9.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 60.00 cents and EPS of 95.90 cents.
At the last closing share price the estimated dividend yield is 2.57%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 24.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 164.5, implying annual growth of 19.2%.
Current consensus DPS estimate is 61.6, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 14.2.

Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

OBM    ORA BANDA MINING LIMITED

Gold & Silver – Overnight Price: $1.17

Moelis rates ((OBM)) as Hold (3) –

Moelis notes Ora Banda Mining’s 1Q26 production of 30.6koz was largely pre-reported, with all-in-sustaining-costs of $2,872/oz and closing cash of $122m, both broadly in line with expectations.

The broker observes softer production was offset by lower costs and working capital gains, while third-party ore sales to Norton Goldfields boosted near-term cash flow.

FY26 guidance of 140–155koz was reaffirmed, with the Sand King ramp-up expected to support stronger 2H output.

Moelis lifts its target to $1.22 from $1.02. No change to Hold rating.

This report was published on October 23, 2025.

Target price is $1.22 Current Price is $1.17 Difference: $0.055
If OBM meets the Moelis target it will return approximately 5% (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 16.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.06.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 13.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.76.

Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

ORE    OREZONE GOLD CORPORATION REGISTERED

Gold & Silver – Overnight Price: $1.48

Canaccord Genuity rates ((ORE)) as Buy (1) –

Orezone Gold’s 3Q2025 production update of 23.4koz was slightly lower than the miner’s guidance and missed Canaccord Genuity’s estimate by -12% due to unseasonably long wet weather.

Gold sales of 20.4koz were also below the analyst’s estimate of 26.5koz, with an average price of $3,375oz and revenue generated of $68.7m, well below the broker’s forecast.

Management confirmed the miner is on track to meet 2025 production guidance, with the last quarter anticipated to be a lot stronger.

Buy rating retained with a $3 target price.

This report was published on October 15, 2025.

Target price is $3.00 Current Price is $1.48 Difference: $1.525
If ORE meets the Canaccord Genuity target it will return approximately 103% (excluding dividends, fees and charges).

All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

PNI    PINNACLE INVESTMENT MANAGEMENT GROUP LIMITED

Wealth Management & Investments – Overnight Price: $20.28

Canaccord Genuity rates ((PNI)) as Buy (1) –

Canaccord Genuity comments Pinnacle Investment Management delivered a strong 1Q26 update with FUM of $197.4b, up 10% q/q and 54% y/y, driven by broad-based inflows of $13.3b across retail, institutional, and international channels.

Canaccord Genuity highlights ongoing strength in affiliates Life Cycle, Plato, and Coolabah, alongside the addition of Advantage Partners, expected to materially contribute to earnings from FY27.

The analyst lifts its FY26 FUM forecast raised 2–3% and underlying EPS lifted 2–6% on higher net flow assumptions and improved affiliate profitability.

Target price raised to $29 from $28 with Buy rating retained.

This report was published on October 23, 2025.

Target price is $29.00 Current Price is $20.28 Difference: $8.72
If PNI meets the Canaccord Genuity target it will return approximately 43% (excluding dividends, fees and charges).
Current consensus price target is $24.94, suggesting upside of 23.0%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 72.00 cents and EPS of 74.50 cents.
At the last closing share price the estimated dividend yield is 3.55%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 27.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 68.7, implying annual growth of 8.7%.
Current consensus DPS estimate is 61.9, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 29.5.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 85.00 cents and EPS of 92.00 cents.
At the last closing share price the estimated dividend yield is 4.19%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 82.0, implying annual growth of 19.4%.
Current consensus DPS estimate is 72.6, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 24.7.

Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

PSC    PROSPECT RESOURCES LIMITED

New Battery Elements – Overnight Price: $0.17

Canaccord Genuity rates ((PSC)) as Speculative Buy (1) –

Canaccord Genuity reports Prospect Resources has extended mineralisation at Nyungu Central within the Mumbezhi project, with strike now over 1.5km and depth to 375m.

Significant intercepts include 20.9m at 0.70% Cu and 14.4m at 0.45% Cu with 0.6g/t Au, supporting an upgraded resource in DecQ25.

Gold assays show payable levels in concentrate, adding upside to the existing copper resource.

The broker also cites Kabikupa results of 13m at 0.5% Cu and notes the project’s long-term potential as feed for First Quantum’s nearby Sentinel mine.

Speculative Buy rating and 45c target retained.

This report was published on October 16, 2025.

Target price is $0.45 Current Price is $0.17 Difference: $0.275
If PSC meets the Canaccord Genuity target it will return approximately 157% (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.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents.

All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

SIG    SIGMA HEALTHCARE LIMITED

Health & Nutrition – Overnight Price: $3.09

Jarden rates ((SIG)) as Overweight (2) –

Jarden highlights Sigma Healthcare announced a strong 1Q26 result, with Chemist Warehouse sales up 18% y/y, more than twice market growth, driven by structural health and ageing tailwinds.

The broker lifts net profit after tax forecasts by 2–4% across FY26–FY28, with sustained growth of over 10% in like-for-like sales expected, supported by new store openings, larger formats, and expansion in beauty and private label.

Margins are expected to hold around 25% as terms and synergies continue to improve.

Overweight rated, with a lift in target to $3.60 from $3.40.

This report was published on October 22, 2025.

Target price is $3.60 Current Price is $3.09 Difference: $0.51
If SIG meets the Jarden target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $3.14, suggesting upside of 1.6%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 3.70 cents and EPS of 6.10 cents.
At the last closing share price the estimated dividend yield is 1.20%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 50.66.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.3, implying annual growth of 24.5%.
Current consensus DPS estimate is 3.9, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 49.0.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 4.30 cents and EPS of 7.40 cents.
At the last closing share price the estimated dividend yield is 1.39%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 41.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.3, implying annual growth of 15.9%.
Current consensus DPS estimate is 4.7, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 42.3.

Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

SXL    SOUTHERN CROSS MEDIA GROUP LIMITED

Print, Radio & TV – Overnight Price: $0.85

Canaccord Genuity rates ((SXL)) as Buy (1) –

Canaccord Genuity notes Southern Cross Media delivered a solid 1Q26 update, with revenue of $105.1m up 4.7% y/y and earnings (EBITDA) of $14m, a 129% increase.

The broker highlights disciplined cost management, with non-revenue-related expenses down -5.8% y/y, driving strong operating leverage and improved margins.

Metro radio share rose 1.8ppts to 29.8% and digital share increased 5ppts to 49%, while net debt declined to $63m.

FY26 guidance for EBITDA of $78–83m was reaffirmed, with 1Q performance tracking slightly ahead of expectations.

Canaccord Genuity maintains its Buy rating and $1.08 target, noting valuation support and continued operational momentum.

This report was published on October 16, 2025.

Target price is $1.08 Current Price is $0.85 Difference: $0.23
If SXL meets the Canaccord Genuity target it will return approximately 27% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 8.00 cents and EPS of 10.00 cents.
At the last closing share price the estimated dividend yield is 9.41%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.50.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 9.50 cents and EPS of 12.00 cents.
At the last closing share price the estimated dividend yield is 11.18%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.08.

Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

TOR    TORQUE METALS LIMITED

Gold & Silver – Overnight Price: $0.26

Canaccord Genuity rates ((TOR)) as Initiation of coverage with Speculative Buy (1) –

Canaccord Genuity initiated coverage of Torque Metals with a Speculative Buy rating and target price of 45c.

As per the report, the company’s Flagship Paris Gold Project (250koz at 3.1g/t Au) covers 56km of strike south of Kalgoorlie, with 97% yet to be explored.

Drilling has expanded mineralisation and yielded high-grade hits like 16m at 7.95g/t and 12m at 12.49g/t, supported by EM surveys identifying over 15 new conductors.

Metallurgical tests confirm up to 99.7% recovery via simple gravity/CIL processing, indicating low-cost development potential.

The broker sees potential for the broader project to host 1.6Moz over time. Valuation is done using peer EV/Resource multiples.

This report was published on October 20, 2025.

Target price is $0.45 Current Price is $0.26 Difference: $0.19
If TOR meets the Canaccord Genuity target it will return approximately 73% (excluding dividends, fees and charges).

All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

VAU    VAULT MINERALS LIMITED

Gold & Silver – Overnight Price: $0.69

Moelis rates ((VAU)) as Buy (1) –

Vault Minerals’ September quarter was stronger than forecast, with sales of 91.5koz, up 6% versus Moelis’ forecast and all-in-sustaining cost of $2,613/oz, $109/oz better than anticipated..

Cash finished at $701m versus the broker’s $713–$723m estimate, reflecting buyback activity of $9.3m and working capital movements.

Quarterly cash flow of over $27m is expected to accelerate through FY26 as the hedge book rolls off, freeing around 97koz over the next year.

The broker highlights ongoing expansion at King of the Hills to materially lift capacity and extend mine life. Buy rated with 85c target.

This report was published on October 23, 2025.

Target price is $0.85 Current Price is $0.69 Difference: $0.16
If VAU meets the Moelis target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $0.92, suggesting upside of 32.9%(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 4.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 15.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.9, implying annual growth of 40.8%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 14.1.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 7.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 9.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.1, implying annual growth of 106.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 6.8.

Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

WIA    WIA GOLD LIMITED

Gold & Silver – Overnight Price: $0.33

Petra Capital rates ((WIA)) as Buy (1) –

Petra Capital notes WIA Gold delivered high-grade assay results at Kokoseb, including 27m at 3.31g/t Au from 474m, extending the Central Zone plunging shoot to around 550m strike and 200m depth.

The broker highlights underground potential from a 4Mt zone at around 4g/t Au, which could add 43–87kozpa and lift valuation by 15–30%.

Deep intercepts at over 800m confirm strong system continuity, with a maiden underground resource expected in SepQ26.

Petra Capital maintains its $0.45 target. Buy rating unchanged.

This report was published on October 23, 2025.

Target price is $0.45 Current Price is $0.33 Difference: $0.12
If WIA meets the Petra Capital target it will return approximately 36% (excluding dividends, fees and charges).

All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

XRF    XRF SCIENTIFIC LIMITED

Mining Sector Contracting – Overnight Price: $2.10

Canaccord Genuity rates ((XRF)) as Buy (1) –

Canaccord Genuity highlights XRF Scientific’s 1Q26 result showed strong revenue growth up 17% y/y to $15.3m and PBT of $3.4m up 6% y/y, though margins softened due to seasonality and a shift away from higher-margin Consumables.

The broker highlights higher platinum prices boosted revenue but reduced percentage margins, while lower Consumables sales are expected to normalise in 2Q26.

Capital Equipment sales and outlook remain positive, with the upcoming Orbis product cycle in North America expected to support demand.

The analyst’s forecasts were marginally adjusted, with revenue lifted 1.7% for FY26 and net profit estimate unchanged at $11.7m.

No change to Buy rating. Target rises to $2.35 from $2.26.

This report was published on October 20, 2025.

Target price is $2.35 Current Price is $2.10 Difference: $0.25
If XRF meets the Canaccord Genuity target it will return approximately 12% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 5.00 cents and EPS of 8.30 cents.
At the last closing share price the estimated dividend yield is 2.38%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 25.30.

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 5.60 cents and EPS of 9.30 cents.
At the last closing share price the estimated dividend yield is 2.67%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 22.58.

All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

Disclaimer:
The content of this information does in no way reflect the opinions of FNArena, or of its journalists. In fact we don’t have any opinion about the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe and comment on. By doing so we believe we provide experienced, intelligent investors with a valuable tool that helps them in making up their own minds, reading market trends and getting a feel for what is happening beneath the surface.

This document is provided for informational purposes only. It does not constitute an offer to sell or a solicitation to buy any security or other financial instrument. FNArena employs very experienced journalists who base their work on information believed to be reliable and accurate, though no guarantee is given that the daily report is accurate or complete. Investors should contact their personal adviser before making any investment decision.

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