Daily Market Reports | May 29 2025
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)
A2M AEL ALQ BC8 CCR CNB ERD (2) EVO MAC MAP NEU ORG (2) SLC SMP SVL TLS VAU WBC WTC (2)
A2M A2 MILK COMPANY LIMITED
Dairy - Overnight Price: $8.11
Jarden rates ((A2M)) as Overweight (2) -
Media reports suggest a2 Milk Co may pursue a -$350m acquisition of manufacturing assets in New Zealand.
Jarden would consider such a move as consistent with the company's strategy to expand China-label market access and internalise manufacturing to improve margin and supply chain control.
The broker believes the likely target may be Yashili, New Zealands blending and canning facility. It's thought this would allow a2 Milk Co to diversify beyond Synlait Milk ((SM1), access additional Chinese label registrations, and improve gross margins by NZ$2-3 per tin.
Jarden maintains an Overweight rating and NZ$7.75 target price.
This report was published on May 26, 2025.
Current Price is $8.11. Target price not assessed.
Current consensus price target is $7.40, suggesting downside of -8.5%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 16.87 cents and EPS of 24.89 cents.
At the last closing share price the estimated dividend yield is 2.08%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.58.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 25.5, implying annual growth of N/A.
Current consensus DPS estimate is 17.1, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 31.7.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 19.60 cents and EPS of 25.99 cents.
At the last closing share price the estimated dividend yield is 2.42%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.21.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 28.9, implying annual growth of 13.3%.
Current consensus DPS estimate is 20.1, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 28.0.
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
AEL AMPLITUDE ENERGY LIMITED
Crude Oil - Overnight Price: $0.19
Jarden rates ((AEL)) as Buy (1) -
Jarden highlights a positive market update for Amplitude Energy citing stronger-than-expected production trends and a likely upgrade to 2P reserves at the Sole gas field.
Management anticipates production at the Orbost plant will track towards the upper end of FY25 guidance (72.3 TJe/day). The Sole field performance has exceeded the broker's expectations, with a potential 10% uplift in reserves seen as adding 2cps to valuation.
Although Athena and Cooper Basin production was slightly reduced due to operational issues, management signed new gas contracts and is leveraging spot/contract price spreads to lock in more volumes, notes the broker.
No change to 25c target and Buy rating.
This report was published on May 26, 2025.
Target price is $0.25 Current Price is $0.19 Difference: $0.06
If AEL meets the Jarden target it will return approximately 32% (excluding dividends, fees and charges).
Current consensus price target is $0.26, suggesting upside of 36.8%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 0.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 63.33.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 0.9, 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 21.1.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 1.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.83.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 2.4, implying annual growth of 166.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 7.9.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
ALQ ALS LIMITED
Industrial Sector Contractors & Engineers - Overnight Price: $16.30
Goldman Sachs rates ((ALQ)) as Buy (1) -
Goldman Sachs notes ALS Ltd's FY25 underlying net profit was in line with its forecasts, with revenue for the life sciences division matching its expectations and for the commodities division exceeding by 1%.
The broker noted the equity raising of $350m at a -5.3% discount to last traded price, and $230m of that will be used for lab expansions.
The balance amount of $120m will likely be deployed for acquisitions, and potential focus areas will be minerals and environmental testing.
Buy. Target unchanged at $17.80.
This report was published on May 27, 2025.
Target price is $17.80 Current Price is $16.30 Difference: $1.5
If ALQ meets the Goldman Sachs target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $18.91, suggesting upside of 16.0%(ex-dividends)
The company's fiscal year ends in March.
Forecast for FY26:
Goldman Sachs forecasts a full year FY26 EPS of 72.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.64.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 73.3, implying annual growth of 38.5%.
Current consensus DPS estimate is 44.2, implying a prospective dividend yield of 2.7%.
Current consensus EPS estimate suggests the PER is 22.2.
Forecast for FY27:
Goldman Sachs forecasts a full year FY27 EPS of 81.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.12.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 83.8, implying annual growth of 14.3%.
Current consensus DPS estimate is 50.4, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 19.5.
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
BC8 BLACK CAT SYNDICATE LIMITED
Gold & Silver - Overnight Price: $0.81
Petra Capital rates ((BC8)) as Buy (1) -
Strong drill results from Black Cat Syndicate's Imperial deposit, including 5m at 12.97g/t gold, point to its likely inclusion in an updated mine plan, accelerating the Kal East project ramp-up, highlights Petra Capital.
First ore from Fingals is expected in December 2025, with Majestic and Myhree underground mines following in 2026, positioning the company to fill its Lakewood Mill with 100% company ore by 2H26, notes the analyst.
The company remains unhedged and debt-free, with $67.5m in cash and bullion as of March 2025, and is targeting production growth to around 25koz by March 2026 from 6koz in June 2025.
Petra Capital retains a Buy rating on Black Cat Syndicate and slightly lowers the target price to $1.82 from $1.83 following a modest change in share count.
This report was published on May 27, 2025.
Target price is $1.82 Current Price is $0.81 Difference: $1.01
If BC8 meets the Petra Capital target it will return approximately 125% (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 minus 2.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 32.40.
Forecast for FY26:
Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of 28.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 2.87.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
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