Daily Market Reports | 1:44 PM
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)
AIA ANZ AUB AUE AVC BOL CAY CCP CNB CTM CY5 HLO IMD JBH JHX KLS LNW MDR MM8 MPL NEC NEM NEU NHF NWS OML ORI PNI QAL REA REG RKN RXL SDV SKC SYL TCG TPW (2) TTM USL WTC ZIP
AIA AUCKLAND INTERNATIONAL AIRPORT LIMITED
Infrastructure & Utilities - Overnight Price: $7.29
Jarden rates ((AIA)) as Neutral (3) -
Jarden retains a Neutral rating on Auckland International Airport and lowers its target price to NZ$7.75 from NZ$7.95, citing lower long-term volume forecasts and increased interest expense.
The broker believes recent regulatory concerns around the second till (second runway) are overstated. Jardens benchmarking also suggests the company's car parking charges are competitive relative to city rates and other airports.
The airport's updated masterplan delays the second runway to FY38 from FY28, reflecting deferred passenger growth and capex, with domestic volumes expected to rise modestly faster than international, suggests Jarden.
This report was published on May 6, 2025.
Current Price is $7.29. Target price not assessed.
Current consensus price target is N/A
The company's fiscal year ends in June.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 12.13 cents and EPS of 17.32 cents.
At the last closing share price the estimated dividend yield is 1.66%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 42.08.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 17.6, implying annual growth of N/A.
Current consensus DPS estimate is 12.4, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 41.6.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 12.76 cents and EPS of 18.05 cents.
At the last closing share price the estimated dividend yield is 1.75%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 40.38.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 17.8, implying annual growth of 1.1%.
Current consensus DPS estimate is 12.7, implying a prospective dividend yield of 1.7%.
Current consensus EPS estimate suggests the PER is 41.1.
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
ANZ ANZ GROUP HOLDINGS LIMITED
Banks - Overnight Price: $29.21
Jarden rates ((ANZ)) as Overweight (2) -
ANZ reported 1H25 cash profit of $3,568m, up by 12% half-on-half and marginally ahead of consensus due to lower bad debts, explains Jarden.
The net interest margin (NIM) declined -2bps to 1.56%, impacted by deposit pricing and institutional loan growth, while other income fell by -7% due to lower card and insurance-related fees, highlight the analysts.
Loan volumes rose by 3% and deposits by 6% with operating expenses worse by -4% including the Suncorp Bank acquisition, though improved by 1% excluding.
Credit quality deteriorated modestly with impaired assets rising due to restructured mortgages, though the broker sees limited risk given strong collateralisation.
Jarden lowers EPS estimates across FY25-FY27 by -2-3% due to higher costs, lower NIM and reduced fee income. The bank is considered structurally undervalued, trading at a -40% discount to peers, with scope for improvement under new CEO Nuno Matos.
Jarden retains an Overweight rating and lowers the target price to $30.00 from $30.50.
This report was published on May 8, 2025.
Target price is $30.00 Current Price is $29.21 Difference: $0.79
If ANZ meets the Jarden target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $27.42, suggesting downside of -4.4%(ex-dividends)
The company's fiscal year ends in September.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 166.00 cents and EPS of 227.80 cents.
At the last closing share price the estimated dividend yield is 5.68%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.82.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 227.7, implying annual growth of 4.5%.
Current consensus DPS estimate is 164.0, implying a prospective dividend yield of 5.7%.
Current consensus EPS estimate suggests the PER is 12.6.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 166.00 cents and EPS of 232.30 cents.
At the last closing share price the estimated dividend yield is 5.68%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.57.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 222.0, implying annual growth of -2.5%.
Current consensus DPS estimate is 162.8, implying a prospective dividend yield of 5.7%.
Current consensus EPS estimate suggests the PER is 12.9.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
AUB AUB GROUP LIMITED
Insurance - Overnight Price: $33.87
Goldman Sachs rates ((AUB)) as Buy (1) -
Goldman Sachs maintains a Buy rating on AUB Group and keeps the $37 price target unchanged following an upgrade to FY25 guidance.
The company now expects UNPAT to be toward the top end of its $190200m range, around 3% above consensus.
The uplift is attributed to trading momentum, likely from profit commissions, acquisitions, and FX benefit, though Goldman assumes little of this flows into FY26.
Forecasts for 2H25 EPS have been raised by 2.1%, with minor reductions made to FY26 and FY27 estimates. DPS forecasts have been lifted.
The broker highlights AUBs defensive model, limited underwriting risk, and M&A-driven upside.
This report was published on May 8, 2025.
Target price is $37.00 Current Price is $33.87 Difference: $3.13
If AUB meets the Goldman Sachs target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $35.76, suggesting upside of 6.1%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY25:
Goldman Sachs forecasts a full year FY25 dividend of 91.00 cents and EPS of 170.00 cents.
At the last closing share price the estimated dividend yield is 2.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.92.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 160.8, implying annual growth of 28.0%.
Current consensus DPS estimate is 92.0, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 21.0.
Forecast for FY26:
Goldman Sachs forecasts a full year FY26 dividend of 104.00 cents and EPS of 187.00 cents.
At the last closing share price the estimated dividend yield is 3.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.11.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 181.3, implying annual growth of 12.7%.
Current consensus DPS estimate is 104.5, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 18.6.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
AUE AURUM RESOURCES LIMITED
Gold & Silver - Overnight Price: $0.48
Petra Capital rates ((AUE)) as Buy (1) -
Aurum Resources announced a strategic $35.6m placement at 35.6c/share to the Lundin Family, Zhaojin Mining, and Montage Gold, each taking material stakes of 9.9%, 8.5%, 9.9% ,respectively, with the balance allocated to other investors.
Petra Capital says this strengthens the company's capital position ahead of advancing the Boundiali (BD) and Napie gold projects in Cote dIvoire and highlights rising corporate interest in West African gold assets.
The funds will accelerate resource drilling, feasibility studies, and permitting work at BD, with production targeted from FY30.
Post-raise cash and shares are estimated by the broker at $45m, with quarterly burn at circa -$5m.
Petra Capital lowers the price target to $0.95 from $1.02 due to modeled dilution, and retains a Buy rating.
This report was published on May 8, 2025.
Target price is $0.95 Current Price is $0.48 Difference: $0.47
If AUE meets the Petra Capital target it will return approximately 98% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY25:
Petra Capital forecasts a full year FY25 dividend of 0.00 cents and EPS of 16.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.00.
Forecast for FY26:
Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of 21.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 2.27.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
AVC PIER 12 CAPITAL LIMITED
Wealth Management & Investments - Overnight Price: $0.50
Canaccord Genuity rates ((AVC)) as No Rating (-1) -
Following voluntary delisting from the ASX, Canaccord Genuity is ceasing coverage of Pier 12 Capital (previously Auctus Investment Group).
This report was published on May 7, 2025.
Current Price is $0.50. Target price not assessed.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
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