Daily Market Reports | Aug 11 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)
A2M ARU BWP CEN CIP CLW GNE IFM ILU IMR REA RKN SLX TLX TRJ
RKN RECKON LIMITED
Accountancy - Overnight Price: $0.63
Moelis rates ((RKN)) as Buy (1) -
Moelis observes Reckon continues to transition its customers to Reckon One from Reckon Accounts, with the Business group generating 3% revenue growth in 1H2025.
Reckon One achieved 26% growth to $4.4m due to pricing and improved penetration of its cloud-based payroll software.
Revenue from Legal Group billing doubled, although it is coming off a low base and was assisted by the acquisition of nQ Zebraworks, which also doubled.
Management continues to focus on cross-selling new products, capturing higher revenue per legal firm, and expanding into small/mid-size law firms.
Moelis lifts its EPS forecasts by 4.1% for 2025 and 4.7% for 2026. Target price is 85c with a Buy rating retained.
This report was published on August 5, 2025.
Target price is $0.85 Current Price is $0.63 Difference: $0.22
If RKN meets the Moelis target it will return approximately 35% (excluding dividends, fees and charges).
The company's fiscal year ends in December.
Forecast for FY25:
Moelis forecasts a full year FY25 dividend of 2.50 cents and EPS of 4.80 cents.
At the last closing share price the estimated dividend yield is 3.97%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.13.
Forecast for FY26:
Moelis forecasts a full year FY26 dividend of 3.00 cents and EPS of 5.60 cents.
At the last closing share price the estimated dividend yield is 4.76%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.25.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
SLX SILEX SYSTEMS LIMITED
Uranium - Overnight Price: $3.90
Canaccord Genuity rates ((SLX)) as No Rating (-1) -
Canaccord Genuity has a research restriction on Silex Systems.
This report was published on August 6, 2025.
Current Price is $3.90. Target price not assessed.
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 4.18 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 93.39.
Forecast for FY26:
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.93 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 420.26.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
TLX TELIX PHARMACEUTICALS LIMITED
Pharmaceuticals & Biotech/Lifesciences - Overnight Price: $18.20
Jarden rates ((TLX)) as Buy (1) -
Jarden acknowledges the market’s heightened concerns over Telix Pharmaceuticals' latest update, which resulted in a downgrade to earnings guidance with the restatement of 2023 and 2024 historical results as the company shifts to USD reporting.
Notably, 1H25 opex costs came in at 36% of revenue, or US$140.4m, which is above consensus forecast by around US$40m.
The analyst believes the market overreacted to the report but deems it reasonable given uncertainty around competitive pressures and pass-through payment pricing.
This latest disappointment has come on top of the SEC probe, which has not helped sentiment, commentary acknowledges.
Jarden lowers earnings (EBIT) estimates by -66.1% for 2025 and -62.8% for 2026, with acquisitions yet to be earnings accretive.
Buy rating retained. Target slips to $27.61 from $29.14.
This report was published on August 6, 2025.
Target price is $27.61 Current Price is $18.20 Difference: $9.41
If TLX meets the Jarden target it will return approximately 52% (excluding dividends, fees and charges).
The company's fiscal year ends in December.
Forecast for FY25:
Jarden forecasts a full year FY25 EPS of 20.57 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 88.48.
Forecast for FY26:
Jarden forecasts a full year FY26 EPS of 34.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 52.30.
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
TRJ TRAJAN GROUP HOLDINGS LIMITED
Medical Equipment & Devices - Overnight Price: $0.97
Canaccord Genuity rates ((TRJ)) as Buy (1) -
In an update on FY25, Trajan Group reported FY25 revenue of $166.5m which was ahead of guidance, but EBITDA missed slightly.
Canaccord Genuity notes the 'miss' was due to forex impact in 2H25 and some margin pressure.
Commentary states the balance sheet showed improvement with cash of $11.9m and -$3.3m debt repayment.
Buy. Target unchanged at $1.40, with the broker looking ahead to FY25 result on August 28 for more details.
This report was published on August 5, 2025.
Target price is $1.40 Current Price is $0.97 Difference: $0.43
If TRJ meets the Canaccord Genuity target it will return approximately 44% (excluding dividends, fees and charges).
Market Sentiment: 1.0
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.
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