Daily Market Reports | 11:45 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
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 ALK ALL AMP (2) ANZ BGL BHP BMN BXB CBA CGF (2) D2O DMP FLT GOR (2) GTK HGO LTR (3) LYC (2) MQG NAB NEM PDI PDN PLS (2) PNR PRU QBE RMD (3) RSG RXL S32 (2) SPK STO (2) STX THL VAU WBC WDS
A1M AIC MINES LIMITED
Gold & Silver - Overnight Price: $0.35
Moelis rates ((A1M)) as Buy (1) -
Moelis notes AIC Mines reported March quarter copper production of 3.0kt, in line with expectations, though sales of 2.3kt were impacted by weather-related shipment delays, resulting in a zero net mine cash flow and a cash balance of $30.9m.
The analyst highlights management retains FY25 guidance, with delayed shipments largely dispatched post-quarter and expected to support June results.
All-in-sustaining-costs rose to $5.49/lb, and investor focus may turn to cash management given upcoming capital requirements for the Jericho development and plant expansion.
Moelis points to near-mine drilling results highlighting strong copper-gold intercepts, supporting potential resource growth. Buy rating retained with a $0.72 target price.
This report was published on April 29, 2025.
Target price is $0.72 Current Price is $0.35 Difference: $0.37
If A1M meets the Moelis target it will return approximately 106% (excluding dividends, fees and charges).
Current consensus price target is $0.79, suggesting upside of 133.3%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY25:
Moelis forecasts a full year FY25 dividend of 0.00 cents.
How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 3.9, implying annual growth of 139.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 8.7.
Forecast for FY26:
Moelis forecasts a full year FY26 dividend of 0.00 cents.
How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 6.2, implying annual growth of 59.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 5.5.
Market Sentiment: 1.0
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: $0.84
Moelis rates ((ALK)) as Buy (1) -
Alkane Resources reported March quarter production of 17.7koz, slightly below Moelis' estimate of 18.2koz, with all-in-sustaining-costs of $2,770/oz and a closing cash and bullion balance of $50.5m.
The analyst observes management reiterated FY25 guidance of 7080koz production at $2,400$2,600/oz with production expected at the lower end.
Operational improvements at Tomingley, including the Roswell Underground and paste plant, are driving underlying cash generation.
The recently announced merger with Mandalay Resources is expected to complete mid-2025, shifting the strategic focus. Buy rating and $1.00 target price are maintained.
This report was published on April 29, 2025.
Target price is $1.00 Current Price is $0.84 Difference: $0.155
If ALK meets the Moelis target it will return approximately 18% (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.
Forecast for FY26:
Moelis forecasts a full year FY26 dividend of 0.00 cents.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
ALL ARISTOCRAT LEISURE LIMITED
Gaming - Overnight Price: $65.62
Jarden rates ((ALL)) as Upgrade to Overweight from Neutral (2) -
Jarden upgrades its rating for Aristocrat Leisure to Overweight from Neutral following recent share price underperformance. The target remains at $68.
The broker highlights strong recurring revenues, robust free cash flow reinvestment, ongoing market share gains, and growth in direct-to-consumer digital sales as key positives. A resilient performance is expected even in a weaker US consumer environment.
Risks include a US economic slowdown, gaming market volatility, executive turnover, and the potential for expensive or poorly integrated M&A, with Jarden expecting the $750m buy-back to support the share price if no major acquisitions eventuate.
This report was published on April 22, 2025.
Target price is $68.00 Current Price is $65.62 Difference: $2.38
If ALL meets the Jarden target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $76.93, suggesting upside of 16.4%(ex-dividends)
The company's fiscal year ends in September.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 90.00 cents and EPS of 269.60 cents.
At the last closing share price the estimated dividend yield is 1.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.34.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 262.8, implying annual growth of 28.3%.
Current consensus DPS estimate is 89.8, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 25.2.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 100.00 cents and EPS of 298.60 cents.
At the last closing share price the estimated dividend yield is 1.52%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.98.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 292.5, implying annual growth of 11.3%.
Current consensus DPS estimate is 99.8, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 22.6.
Market Sentiment: 0.9
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: $1.28
Goldman Sachs rates ((AMP)) as Upgrade to Buy from Neutral (1) -
Goldman Sachs notes AMP's 1Q25 update pointed to a stable flows trend, with Platform net flow of $250m in line with the $200-300m seen in recent quarters.
Net outflows in Superannuation & Investments improved to -$108m vs -$371m in 1Q24, with AMP stating it is taking steps to improving retention. Loan growth at AMP Bank was weak, but there's more focus on maintaining margin over volume.
Upgrade to Buy from Neutral. Target $1.48.
This report was published on April 20, 2025.
Target price is $1.48 Current Price is $1.28 Difference: $0.195
If AMP meets the Goldman Sachs target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $1.43, suggesting upside of 10.5%(ex-dividends)
The company's fiscal year ends in December.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 4.00 cents and EPS of 10.00 cents.
At the last closing share price the estimated dividend yield is 3.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.85.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 10.5, implying annual growth of 48.1%.
Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 12.3.
Forecast for FY26:
Goldman Sachs forecasts a full year FY26 dividend of 4.00 cents and EPS of 11.00 cents.
At the last closing share price the estimated dividend yield is 3.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.68.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 10.9, implying annual growth of 3.8%.
Current consensus DPS estimate is 4.5, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 11.8.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Jarden rates ((AMP)) as Neutral (3) -
AMPs March quarter update was broadly in line with Jarden's expectations, with net flows turning positive in Australian Wealth Management due to ongoing momentum in Platforms, although Super/Investments remained in net outflow.
Equity market weakness since last December has led to significant earnings downgrades, highlighting inherent market exposure, point out the analysts.
AMP Bank reported flat loan growth and steady margins, with further improvement likely dependent on the rollout of the new digital bank, suggests the broker.
Jarden lowers its FY25-FY27 underlying EPS forecasts by between -6% to -10% and notes capital management initiatives are unlikely to support the near-term outlook.
The broker reduces the target price to $1.20 from $1.40 and maintains a Neutral rating.
This report was published on April 22, 2025.
Target price is $1.20 Current Price is $1.28 Difference: minus $0.085 (current price is over target).
If AMP meets the Jarden target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $1.43, suggesting upside of 10.5%(ex-dividends)
The company's fiscal year ends in December.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 4.00 cents and EPS of 10.70 cents.
At the last closing share price the estimated dividend yield is 3.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.01.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 10.5, implying annual growth of 48.1%.
Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 12.3.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 4.50 cents and EPS of 10.70 cents.
At the last closing share price the estimated dividend yield is 3.50%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.01.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 10.9, implying annual growth of 3.8%.
Current consensus DPS estimate is 4.5, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 11.8.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
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