Australian Broker Call *Extra* Edition – Jul 09, 2025

Daily Market Reports | Jul 09 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.

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)

A1M   AEL   APE   BGL   CMM   CWY   GOR   IFT   MFG   PLY   PME   PTM   PYC   RUL   S32  

PTM    PLATINUM ASSET MANAGEMENT LIMITED

Wealth Management & Investments - Overnight Price: $0.52

Jarden rates ((PTM)) as Neutral (3) -

Higher net outflows in June for Platinum Asset Management drove funds under management to $8.06bn, which was -2.1% below Jarden's forecast and -7.0% under consensus.

International and Asia fund performance deteriorated further, weighing on flow expectations, suggests the broker, with three-year relative performance reaching -12.7% and -3.7%, respectively.

While these pressures led to outer-year earnings downgrades of circa -5%, the analysts note cost savings continue to provide partial support, with underlying costs forecast to fall to around $61m in FY27 from $75m in FY25

The broker lowers its target price to 37c from 40c and retains a Neutral rating.

This report was published on July 7, 2025.

Target price is $0.37 Current Price is $0.52 Difference: minus $0.15 (current price is over target).
If PTM meets the Jarden target it will return approximately minus 29% (excluding dividends, fees and charges - negative figures indicate an expected loss).
The company's fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 22.20 cents and EPS of 3.50 cents.
At the last closing share price the estimated dividend yield is 42.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.86.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 3.20 cents and EPS of 3.30 cents.
At the last closing share price the estimated dividend yield is 6.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.76.

Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

PYC    PYC THERAPEUTICS LIMITED

Pharmaceuticals & Biotech/Lifesciences - Overnight Price: $1.45

Canaccord Genuity rates ((PYC)) as Buy (1) -

Canaccord Genuity notes PYC Therapeutics' phase 1/2 study of PYC-003 drug had a successful review in healthy volunteers, allowing a move to part B of the study, where it will be tested on patients with polycystic kidney disease.

The broker highlights approval from the safety review committee to increase to higher doses and move into the patient population is a major positive. The part B study is expected to commence in July, with repeat dosing likely in the December quarter, and dose data by March/April 2026.

The analyst notes the next 12 months will be important for the company, with at least four pipeline drug catalysts.

Buy. Target unchanged at $2.40.

This report was published on July 7, 2025.

Target price is $2.40 Current Price is $1.45 Difference: $0.95
If PYC meets the Canaccord Genuity target it will return approximately 66% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 145.00.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 145.00.

Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

RUL    RPMGLOBAL HOLDINGS LIMITED

Mining Sector Contracting - Overnight Price: $3.18

Moelis rates ((RUL)) as Buy (1) -

RPMGlobal announced $64.5m of software total contract value in 2H25, taking FY25 sales to $100.8m, up 31% y/y. Annual recurring revenue (ARR) on July 1 stood at $69.1m vs Moelis' forecast of $68.3m.

The broker notes the company now has $200m contracted revenue to be recognised in future years, up 24.2% y/y. 

The company didn't give guidance on group revenue, EBITDA or profit before tax, but the broker upgraded the ARR forecast. This pushed up the forecast for FY26 EPS by 5.5% and FY27 by 8%.

Buy. Target price $3.75.

This report was published on July 4, 2025.

Target price is $3.75 Current Price is $3.18 Difference: $0.57
If RUL 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 and EPS of 5.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 62.35.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 5.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 55.79.

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

S32    SOUTH32 LIMITED

Mining - Overnight Price: $3.04

Canaccord Genuity rates ((S32)) as Hold (3) -

South32 is divesting the Cerro Matoso nickel mine in Colombia to CoreX for a nominal amount plus up to US$100m in contingent payments.

Canaccord Genuity sees the deal as neutral as the declining grade at the mine makes it uneconomical for the company at current nickel prices.

The broker believes the asset sale would increase its FY26 EBITDA estimate by 2%, with FY25 accounts reflecting -US$130m impairment.

Hold. Target unchanged at $2.60.

This report was published on July 7, 2025.

Target price is $2.60 Current Price is $3.04 Difference: minus $0.44 (current price is over target).
If S32 meets the Canaccord Genuity target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.76, suggesting upside of 23.6%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 8.22 cents and EPS of 19.46 cents.
At the last closing share price the estimated dividend yield is 2.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.4, implying annual growth of N/A.
Current consensus DPS estimate is 10.8, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 11.1.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 5.41 cents and EPS of 12.05 cents.
At the last closing share price the estimated dividend yield is 1.78%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 36.4, implying annual growth of 32.8%.
Current consensus DPS estimate is 14.3, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 8.4.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Disclaimer:
The content of this information does in no way reflect the opinions of FNArena, or of its journalists. In fact we don't have any opinion about the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe and comment on. By doing so we believe we provide experienced, intelligent investors with a valuable tool that helps them in making up their own minds, reading market trends and getting a feel for what is happening beneath the surface.

This document is provided for informational purposes only. It does not constitute an offer to sell or a solicitation to buy any security or other financial instrument. FNArena employs very experienced journalists who base their work on information believed to be reliable and accurate, though no guarantee is given that the daily report is accurate or complete. Investors should contact their personal adviser before making any investment decision.

Decisions about inclusions in this Report are made independently of the providers of stock market research and at full discretion of the team of journalists responsible for content at FNArena. Inclusion does not equal endorsement, in any way, shape or form. This Report is provided for informational purposes only.