Daily Market Reports | 3:26 PM
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)
29M AIZ AL3 APE (2) AQZ ART AS1 ASG ATA ATG AWJ AZY B4P BC8 BGD BLX BM1 BMT BRE CMM CNI CUV CXL DDR DUG (2) EIQ ELV EOS FPR GGP GNE HUM HVN IGO ILA IMB INA JDO JIN KAR KCN LRV LYC MGH MIN MLX (2) MMS NEU NOL OBM OCL PDN PXA QAN RDY RHC SHJ SIG SKT SLD SLS SNZ SOM VGN WC8 WEB WES WGX WPR
29M 29METALS LIMITED
Copper - Overnight Price: $0.38
Jarden rates ((29M)) as Upgrade to Overweight from Underweight (2) -
Jarden adjusts its rating for 29Metals to Overweight from Underweight with its target price increased to $0.45 from $0.30 following a half-year result featuring underlying EBITDA of $35m.
The earnings result slightly missed expectations; however, operating cash flow of $61m outperformed, although it was fully consumed by capital expenditure and corporate costs to result in a $21m free cash flow deficit.
Commentary views 2027 as a stronger period for the business as access is regained to high-grade material at Xantho Extended and capital expenditure reduces at the Golden Grove operation.
The broker forecasts free cash flow of $140m in 2027, generating net cash flow of $106m following debt repayments of $34m, despite anticipating another challenging half in 2H 2026.
The rating upgrade and higher valuation incorporate stronger base metal forecasts alongside the better-than-expected operating cash flow result.
This report was published on August 31, 2026.
Target price is $0.45 Current Price is $0.38 Difference: $0.07
If 29M meets the Jarden target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $0.38, suggesting upside of 0.9%(ex-dividends)
Forecast for FY26:
Current consensus EPS estimate is -5.7, 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 2.7, 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 14.1.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
AIZ AIR NEW ZEALAND LIMITED
Transportation & Logistics - Overnight Price: $0.32
Jarden rates ((AIZ)) as Upgrade to Underweight from Sell (4) -
Jarden upgrades to an Underweight rating for Air New Zealand with its target price increased to NZ$0.40 from NZ$0.39 following an FY26 result featuring a net profit before tax loss of -NZ$336m.
The reported loss outperformed both the analyst's forecast of a -NZ$375m loss and the company's guidance range of a -NZ$340m to -NZ$390m loss.
The business was impacted by elevated second-half fuel prices, ongoing engine issues, and elevated aircraft maintenance costs throughout the period.
Normalising for these factors, the broker estimates underlying profitability stood at approximately NZ$80m for FY26.
The analyst views the airline as likely remaining a difficult investment proposition for some time due to poor visibility.
This report was published on August 31, 2026.
Current Price is $0.32. Target price not assessed.
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
AL3 AML3D LIMITED
Commercial Services & Supplies - Overnight Price: $0.14
Shaw and Partners rates ((AL3)) as Buy (1) -
Shaw and Partners maintains a Buy rating for AML3D with a $0.30 target price following the release of its FY26 results featuring a maiden second-half EBITDA profit of $0.8m.
Total sales for the period increased 68.8% to $12.5m, aligning with the broker's expectations.
The analyst notes the company enters the new year with a $16.8m rollover order book, which is anticipated to generate approximately $9.5m of FY27 revenue.
Total revenue is projected to reach nearly $20m in FY27.
This report was published on September 1, 2026.
Target price is $0.30 Current Price is $0.14 Difference: $0.16
If AL3 meets the Shaw and Partners target it will return approximately 114% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY26:
Shaw and Partners forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 1.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 11.67.
Forecast for FY27:
Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 0.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 23.33.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
APE EAGERS AUTOMOTIVE LIMITED
Automobiles & Components - Overnight Price: $21.36
Jarden rates ((APE)) as Downgrade to Neutral from Overweight (3) -
Jarden downgrades to a Neutral rating for Eagers Automotive with its target price decreased to $23.40 from $23.90 following a 1H26 result showcasing strong turnover growth and cost control.
The automotive retailer reported an underlying profit before tax of $250.4m, beating consensus estimates by 4%.
While management provided no formal guidance, it confirmed a 4% increase in July like-for-like new car order writes and an order bank of 25,000 units.
Commentary notes the second-half outlook is underpinned by a recovery in domestic Toyota volumes alongside a full six-month earnings contribution from the company's Canadian operations.
The broker anticipates no material changes to consensus earnings, maintaining the current rating due to a 19x forward price-to-earnings multiple and ongoing uncertainty regarding the broader consumer outlook.
This report was published on August 28, 2026.
Target price is $23.40 Current Price is $21.36 Difference: $2.04
If APE meets the Jarden target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $26.23, suggesting upside of 23.9%(ex-dividends)
Forecast for FY26:
Current consensus EPS estimate is 107.4, implying annual growth of 23.3%.
Current consensus DPS estimate is 78.7, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 19.7.
Forecast for FY27:
Current consensus EPS estimate is 120.4, implying annual growth of 12.1%.
Current consensus DPS estimate is 84.6, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 17.6.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Moelis rates ((APE)) as Buy (1) -
Moelis maintains a Buy rating for Eagers Automotive with its target price decreased to $25.29 from $26.35 following a 1H26 result featuring underlying profit before tax of $250.4m, up 27% on the prior corresponding period.
Revenue grew 24% to $8.1bn and underlying EBITDA increased 23% to $364.1m, while an interim dividend of 25c was declared.
Moelis attributes the performance to strong brand portfolio positioning, particularly exposure to BYD, alongside disciplined cost control across the dealership network.
The broker lowers 2027 and 2028 earnings per share estimates by -6% to account for short-term macroeconomic uncertainties.
Long-term growth is expected to be supported by organic and acquisitive expansion in Canada, a recovery in Toyota volumes, and higher-margin contributions from the EA123 platform.
This report was published on August 30, 2026.
Target price is $25.29 Current Price is $21.36 Difference: $3.93
If APE meets the Moelis target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $26.23, suggesting upside of 23.9%(ex-dividends)
The company's fiscal year ends in December.
Forecast for FY26:
Moelis forecasts a full year FY26 dividend of 80.20 cents and EPS of 106.00 cents.
At the last closing share price the estimated dividend yield is 3.75%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.15.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 107.4, implying annual growth of 23.3%.
Current consensus DPS estimate is 78.7, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 19.7.
Forecast for FY27:
Moelis forecasts a full year FY27 dividend of 69.90 cents and EPS of 108.20 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 19.74.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 120.4, implying annual growth of 12.1%.
Current consensus DPS estimate is 84.6, implying a prospective dividend yield of 4.0%.
Current consensus EPS estimate suggests the PER is 17.6.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
AQZ ALLIANCE AVIATION SERVICES LIMITED
Transportation & Logistics - Overnight Price: $0.66
Canaccord Genuity rates ((AQZ)) as Hold (3) -
Canaccord Genuity maintains a Hold rating for Alliance Aviation Services with its target price increased to $0.92 from $0.81 following a disappointing FY26 result featuring a -53% drop in profit before tax.
The company reported a -14% decline in EBITDA driven by lower margins per aircraft alongside negative free cash flow and a 22% increase in net debt.
To improve the balance sheet, management raised $40m in new equity and negotiated more favourable terms for the Qantas ((QAN)) wet lease agreement.
Canaccord Genuity notes the financial position has improved but management faces significant work ahead to realise margin and cash conversion expectations.
Earnings per share estimates are lowered by -6% for FY27 to reflect the equity raising dilution, while the revised target incorporates a -40% discount for ongoing operational and financial risks.
This report was published on August 29, 2026.
Target price is $0.92 Current Price is $0.66 Difference: $0.26
If AQZ meets the Canaccord Genuity target it will return approximately 39% (excluding dividends, fees and charges).
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
ART AIRTASKER LIMITED
Online media & mobile platforms - Overnight Price: $0.22
Research as a Service (RaaS) rates ((ART)) as No Rating (-1) -
Airtasker reported FY26 revenue that missed Research as a Service's (RaaS) estimates, amid lower international growth and a lower Australian monetisation rate.
Adjusted reported EBITDA was a loss of -$34.3m with total marketing expenditure up 18% and slightly lower than the analyst expected.
Outlook commentary suggests profit and cash flow will be an increasing focus for FY27. The analyst notes a clear shift to sustainable profitability is underway. UK growth is expected to remain strong albeit lower than FY26 as marketing expenditure declines.
Valuation is raised to $0.50 from $0.48. Research as a Service (RaaS) research doesn't carry any targets, ratings or recommendations. Investors can draw conclusions from valuations and commentary.
This report was published on August 31, 2026.
Target price is $0.50 Current Price is $0.22 Difference: $0.28
If ART meets the Research as a Service (RaaS) target it will return approximately 127% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY27:
Research as a Service (RaaS) forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 7.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 3.06.
Forecast for FY28:
Research as a Service (RaaS) forecasts a full year FY28 dividend of 0.00 cents and EPS of minus 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 11.00.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
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