Daily Market Reports | 10:30 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
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The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)
29M ACF AIS AMI (2) BOE (2) BUB BWN CCR CMM CUV DMP DRO EMR EQT EXP FDC FLT (2) FWD GDG GGP (2) HMC IGO INA KLS (2) LFG LOV (2) MAQ MEZ MSB MYG (2) MYX NDO (2) NIC NWL (2) OCL (2) OMA PRU RDY (2) SDF SDV SFR (2) TAH TEA TSO WEB WOW WPR WTC
29M 29METALS LIMITED
Copper - Overnight Price: $0.35
Canaccord Genuity rates ((29M)) as Hold (3) -
Canaccord Genuity retains a Hold rating for 29Metals with its target price increased to $0.31 from $0.25 following a 1H 2026 result featuring revenue of $305m.
EBITDA fell -73% year-on-year to $30m, missing market expectations due to elevated net costs expensed for Capricorn Copper.
A net loss after tax of -$35m reflected a -$17m write-down on the Redhill investment in Chile.
The broker considers a working capital reduction to $28m from $103m over two years an indication of positive business repositioning.
The report highlights the return to mining at Xantho Extended and initial ore from the Gossan Valley development as critical drivers for future cash generation at Golden Grove.
This report was published on August 28, 2026.
Target price is $0.31 Current Price is $0.35 Difference: minus $0.045 (current price is over target).
If 29M meets the Canaccord Genuity target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $0.35, suggesting downside of -1.9%(ex-dividends)
Forecast for FY26:
Current consensus EPS estimate is -6.0, 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 N/A.
Forecast for FY27:
Current consensus EPS estimate is 2.5, 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 14.4.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
ACF ACROW LIMITED
Building Products & Services - Overnight Price: $0.95
Moelis rates ((ACF)) as Buy (1) -
Moelis maintains a Buy rating for Acrow with a $1.16 target price following an FY26 result featuring flat underlying EBITDA of $80.3m.
The company delivered 27% revenue growth to $336.0m, offset by an increasing mix of the lower-margin Industrial Access business and higher interest charges.
FY27 guidance outlines expected revenue between $410m and $430m alongside EBITDA of $105m to $115m, implying 30%-37% year-on-year growth.
FY27-FY29 earnings per share estimates shift by 5%, -1%, and -2% respectively to incorporate the Preston and AGIS acquisitions alongside rebased margins.
The broker considers the stock well-positioned to capture formwork project growth when conditions normalise, noting shares trade at a significant discount to peers on an 8.9x FY27 price-to-earnings multiple.
This report was published on August 26, 2026.
Target price is $1.16 Current Price is $0.95 Difference: $0.21
If ACF meets the Moelis target it will return approximately 22% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY27:
Moelis forecasts a full year FY27 dividend of 3.00 cents and EPS of 10.60 cents.
At the last closing share price the estimated dividend yield is 3.16%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.96.
Forecast for FY28:
Moelis forecasts a full year FY28 dividend of 3.00 cents and EPS of 11.30 cents.
At the last closing share price the estimated dividend yield is 3.16%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.41.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
AIS AERIS RESOURCES LIMITED
Industrial Metals - Overnight Price: $0.52
Canaccord Genuity rates ((AIS)) as Buy (1) -
Canaccord Genuity maintains a Buy rating for Aeris Resources with a $0.70 target price following a robust FY26 result highlighted by a 22% year-on-year revenue increase to $703m.
The analyst notes the strong performance was underpinned by a 19% rise in copper production at the Tritton operation to 23kt, alongside higher gold prices offsetting a -10% production drop at Cracow.
Underlying NPAT surged 295% to $179m, beating the broker's expectations by 14% aided by a $51.5m income tax benefit, while operating cash flow more than doubled to $276m.
After completing an equity raise to retire a $50m loan facility, the company exited the period debt-free with $165m in cash, though FY27 guidance anticipates flat production and a step-up in growth capital expenditure to between -$170m and -$210m.
The broker considers the stock attractively valued at current levels and expects the accelerated investment in the Constellation deposit to begin contributing higher-grade ore by the March quarter of 2027.
This report was published on August 28, 2026.
Target price is $0.70 Current Price is $0.52 Difference: $0.18
If AIS meets the Canaccord Genuity target it will return approximately 35% (excluding dividends, fees and charges).
Current consensus price target is $0.69, suggesting upside of 33.2%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY27:
Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 18.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 2.89.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 13.3, implying annual growth of -17.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 3.9.
Forecast for FY28:
Canaccord Genuity forecasts a full year FY28 dividend of 0.00 cents and EPS of 17.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.06.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 14.9, implying annual growth of 12.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 3.5.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
AMI AURELIA METALS LIMITED
Gold & Silver - Overnight Price: $0.47
Moelis rates ((AMI)) as Buy (1) -
Moelis maintains a Buy rating for Aurelia Metals with its target price increased to $0.51 from $0.45 following an FY26 result featuring adjusted NPAT of $90.0m.
The company delivered an earnings beat driven by favourable non-cash items, lower corporate costs, and improved grade performance.
The board declared a fully franked final dividend of 1.0c representing an outflow of -$17.2m.
Near-term throughput assumptions at the Peak plant have been lifted to reflect accelerating mining activity at Federation alongside higher gold feed grades.
The broker views the internally funded development of the Great Cobar underground source as a key driver for significant future cash flow generation.
This report was published on August 28, 2026.
Target price is $0.51 Current Price is $0.47 Difference: $0.045
If AMI meets the Moelis target it will return approximately 10% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY27:
Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 6.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.38.
Forecast for FY28:
Moelis forecasts a full year FY28 dividend of 0.00 cents and EPS of 9.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.11.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Shaw and Partners rates ((AMI)) as Buy (1) -
Shaw and Partners maintains a Buy rating for Aurelia Metals with its target price increased to $0.55 from $0.50 following a strong FY26 result featuring $480m in revenue and $189.2m in EBITDA.
The company declared a 1.0c dividend, marking the resumption of distributions after a six-year hiatus.
Commentary notes FY27 guidance outlines a 36% increase in ore processing driven by the completion of the Peak Plant Expansion and Tertiary Ball Mill projects.
Unit costs are guided to fall -11%-19% to between $300/t and $330/t as volumes scale.
The broker attributes the target price upgrade to rolling forward the financial model while acknowledging the pristine balance sheet offers potential for further capital returns.
This report was published on August 28, 2026.
Target price is $0.55 Current Price is $0.47 Difference: $0.085
If AMI meets the Shaw and Partners target it will return approximately 18% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY27:
Shaw and Partners forecasts a full year FY27 dividend of 1.00 cents and EPS of 7.10 cents.
At the last closing share price the estimated dividend yield is 2.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.55.
Forecast for FY28:
Shaw and Partners forecasts a full year FY28 dividend of 1.00 cents and EPS of 9.10 cents.
At the last closing share price the estimated dividend yield is 2.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.11.
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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