Australian Broker Call *Extra* Edition – Jul 10, 2025

Daily Market Reports | 12:55 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)

AMI   ARB   ASX   AZJ   BXB   CEN   CNB   CWY   GNE   HUB   LIC   NWL   PPS   PTM   QAN   STK   THL  

QAN    QANTAS AIRWAYS LIMITED

Transportation & Logistics - Overnight Price: $10.83

Jarden rates ((QAN)) as Downgrade to Neutral from Overweight (3) -

In a preview of the transport and waste sector ahead of the FY25 result, Jarden observes share price gains in the last five months have been driven largely by earnings multiples rather than positive earnings expectations.

The broker believes this could mean an implicit expectation for a stronger earnings outlook. Such an expectation would drive greater share price volatility, should companies disappoint in their guidance, the broker notes.

The broker expects focus on Qantas Airways' FY26 guidance, and sees fuel cost guidance as a source of upside surprise. The analyst is forecasting $4.7bn vs the consensus of $4.89bn.  

Additional positive catalysts come from growth outlook or the plan to distribute surplus capital, the broker notes.

Target cut to $10.20 from $10.50. Rating downgraded to Neutral from Overweight on strong share price gains.

This report was published on July 9, 2025.

Target price is $10.20 Current Price is $10.83 Difference: minus $0.63 (current price is over target).
If QAN meets the Jarden target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $10.70, suggesting downside of -1.2%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 31.70 cents and EPS of 106.80 cents.
At the last closing share price the estimated dividend yield is 2.93%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 108.8, implying annual growth of 43.3%.
Current consensus DPS estimate is 49.1, implying a prospective dividend yield of 4.5%.
Current consensus EPS estimate suggests the PER is 10.0.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 33.60 cents and EPS of 119.30 cents.
At the last closing share price the estimated dividend yield is 3.10%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 119.6, implying annual growth of 9.9%.
Current consensus DPS estimate is 47.7, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 9.1.

Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

STK    STRICKLAND METALS LIMITED

Mining - Overnight Price: $0.15

Canaccord Genuity rates ((STK)) as Speculative Buy (1) -

Strickland Metals sold its Yandal gold project in Western Australia to Gateway Mining ((GML)) for $45m in exchange for shares, and will now fully focus on the Rogozna mine in Serbia.

Canaccord Genuity estimates the company has $41m in liquidity, and with seven rigs operating at the Rogozna project, it will be able to advance towards resource updates and mining studies.

The broker sees potential for 1Moz at 3g/t gold at Rogozna's Gradina deposit and has included it in its valuation modeling.

Speculative Buy. Target rises to 36c from 19c.

This report was published on July 7, 2025.

Target price is $0.36 Current Price is $0.15 Difference: $0.21
If STK meets the Canaccord Genuity target it will return approximately 140% (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 0.00 cents.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.00 cents.

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

THL    TOURISM HOLDINGS LIMITED

Travel, Leisure & Tourism - Overnight Price: $1.98

Wilsons rates ((THL)) as Market Weight (3) -

Wilsons notes Tourism Holdings Rentals' FY25 net profit guidance was at the lower end of the NZ$27.0-34.4m range due to weakness in recreation vehicle (RV) sales. 

The broker cut FY25 net profit forecast by -17% following the guidance, but lifted FY26-27 forecasts by 8% on a stronger rental outlook. This followed the company's update that forward rental income is trending well in Australia/NZ while the US market is recovering.

Additionally, the analyst highlights the recent Canadian remission order for RV movements across the US-Canada border has removed a potential headwind for RV sales and logistics.

Market Weight. Target cut to $2.12 from $2.18.

This report was published on July 9, 2025.

Target price is $2.12 Current Price is $1.98 Difference: $0.14
If THL meets the Wilsons target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $2.33, suggesting upside of 19.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY25:

Wilsons forecasts a full year FY25 dividend of 2.46 cents and EPS of 11.32 cents.
At the last closing share price the estimated dividend yield is 1.24%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.4, implying annual growth of N/A.
Current consensus DPS estimate is 5.6, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 13.5.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 9.22 cents and EPS of 17.52 cents.
At the last closing share price the estimated dividend yield is 4.66%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.4, implying annual growth of 41.7%.
Current consensus DPS estimate is 8.1, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 9.6.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
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.