Daily Market Reports | 11:51 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.
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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)
29M ALK AMP ASX CAR CGF (2) CPU CU6 DGT HGO HMC HUB IFL INA MAC MLX NEM NIC NWL PMV PTM PWH QBE WOR WPR
29M 29METALS LIMITED
Copper - Overnight Price: $0.21
Canaccord Genuity rates ((29M)) as Sell (5) -
Canaccord Genuity reviews fundamentals for base metals and electric vehicle materials and updates forecasts for relevant stocks under research coverage.
Overall, the broker lowers its near-term copper, nickel and cobalt pricing, decreases near, mid and long-term lead pricing, and lowers
near-term spodumene and lithium chemicals pricing.
Earnings (EBITDA) revisions were generally lower for all companies under coverage on lower price assumptions, explain the analysts.
The analysts highlight 29Metals was the worst performer under coverage in the December quarter with the share price falling by -45% as the market digested a $180m capital raising and worked through the Gossan Valley final investment decision.
The broker's target falls to 21c from 22c and the Sell rating is maintained.
This report was published on January 9, 2025.
Target price is $0.21 Current Price is $0.21 Difference: minus $0.005 (current price is over target).
If 29M meets the Canaccord Genuity target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $0.30, suggesting upside of 34.8%(ex-dividends)
The company's fiscal year ends in December.
Forecast for FY24:
Canaccord Genuity forecasts a full year FY24 dividend of 0.00 cents.
How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is -10.4, 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 FY25:
Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents.
How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is -1.7, 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.
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
ALK ALKANE RESOURCES LIMITED
Gold & Silver - Overnight Price: $0.48
Moelis rates ((ALK)) as Buy (1) -
Alkane Resources reported 2Q25 results, Moelis notes, where gold production missed its estimates. However, this was largely a function of timing with management indicating around 1.7koz build in 'gold in circuit' during the quarter implying a notional production figure of 16.6koz.
The company's all-in sustaining costs also missed Moelis' estimates, driven by $254/oz in non-cash inventory movements due to inventory drawdown. Additionally, the cash position was lower than the broker's estimates due to an additional $10m debt drawdown ahead of the start of the second phase of the expansion program.
The broker has revised estimates for the timing of the phase two capital program, now assuming expenditure will commence in September 2025 (previously March 2025). This delay pushes out the production gains from the expansion, contributing to the decline in financial metrics for FY26 and FY27.
Target price remains at 75c and Buy rating stays.
This report was published on January 13, 2025.
Target price is $0.75 Current Price is $0.48 Difference: $0.265
If ALK meets the Moelis target it will return approximately 55% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY25:
Moelis forecasts a full year FY25 dividend of 0.00 cents and EPS of 4.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.83.
Forecast for FY26:
Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 6.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.13.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
AMP AMP LIMITED
Wealth Management & Investments - Overnight Price: $1.58
Jarden rates ((AMP)) as Neutral (3) -
Jarden marks-to-market earnings forecasts for five stocks in the broker's wealth management coverage for the December 2024 quarter.
The changes reflect negative Australian equity market returns offset by positive international equity returns.
Jarden makes slight upward revisions to AMP's EPS forecasts.
Insignia Financial is highlighted as the preferred exposure in the wealth sector due to its attractive valuation, growth outlook, and cost opportunities from the Masterclass business.
AMP remains Neutral rated, with a target price increase to $1.45 from $1.35.
This report was published on January 14, 2025.
Target price is $1.45 Current Price is $1.58 Difference: minus $0.135 (current price is over target).
If AMP meets the Jarden target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $1.57, suggesting downside of -2.2%(ex-dividends)
The company's fiscal year ends in December.
Forecast for FY24:
Jarden forecasts a full year FY24 dividend of 5.50 cents and EPS of 9.10 cents.
At the last closing share price the estimated dividend yield is 3.47%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.42.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 7.6, implying annual growth of 1106.3%.
Current consensus DPS estimate is 4.2, implying a prospective dividend yield of 2.6%.
Current consensus EPS estimate suggests the PER is 21.2.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 7.50 cents and EPS of 11.20 cents.
At the last closing share price the estimated dividend yield is 4.73%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.15.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 9.8, implying annual growth of 28.9%.
Current consensus DPS estimate is 5.4, implying a prospective dividend yield of 3.4%.
Current consensus EPS estimate suggests the PER is 16.4.
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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