Daily Market Reports | 10:30 AM
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.
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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)
AEL (2) ARB CGF CSL (2) DRR DVP HMC HUB (2) JDO MND PSQ RGN RWC SGM SRG WDS
AEL AMPLITUDE ENERGY LIMITED
Crude Oil - Overnight Price: $0.25
Jarden rates ((AEL)) as Buy (1) -
Amplitude Energy’s FY25 result showed continued operational improvement at Orbost and disciplined cost control, suggests Jarden, with underlying earnings (EBITDAX) of $172m, up 36% year-on-year.
Earnings were 1% ahead of the broker's forecast but -1% below consensus, while profit of $11.4m beat the broker but missed consensus.
Production rose 17% and sales revenue increased 22%, though operating cash flow of $89m was below both Jarden and consensus due to higher restoration costs.
FY26 production guidance of 69-74TJe/d is -3-4% below prior estimates, but the broker recalls FY25 guidance was also conservative and ultimately exceeded.
FY26 capex guidance of -$125-150m is lower than the analyst's $-195m estimate due to East Coast Supply Project spend shifting into later years.
Jarden expects market focus to remain on East Coast Supply Project progress, approvals to lift Orbost throughput, and exploration wells at Elanora and Isabella from December 2025.
The broker's 29c target and Buy rating are retained.
This report was published on August 19, 2025.
Target price is $0.29 Current Price is $0.25 Difference: $0.04
If AEL meets the Jarden target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $0.30, suggesting upside of 20.0%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 1.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.23.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 2.5, 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 10.0.
Forecast for FY27:
Jarden forecasts a full year FY27 dividend of 0.00 cents and EPS of 2.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.90.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 2.3, implying annual growth of -8.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 10.9.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Wilsons rates ((AEL)) as Market Weight (3) -
Wilsons notes Amplitude Energy’s FY25 result was broadly in line with consensus, with production up 17% year-on-year to 26.6PJe. Revenue also rose 22% to $268.1m, and underlying earnings (EBITDAX) increased by 36% to $173.9m at a 65% margin.
Operating cash flow (OCF) rose 40% to $160.5m, supported by efficiency initiatives, explains the broker, which delivered around $20m in savings, largely from Orbost absorber cleaning improvements and gas trading gains.
FY26 guidance is for production of 69-74TJe/d, production expenses of -$54-60m and capex of -$125-150m.
While guidance appears conservative to Wilsons, debottlenecking at Orbost could lift throughput above the 68TJe/d nameplate, potentially adding 4-6TJe/d subject to approvals.
The analyst believes the East Coast Supply Project remains the key growth driver though carries execution and timing risks.
Wilsons maintains a Market Weight rating and 25c target price.
This report was published on August 20, 2025.
Target price is $0.25 Current Price is $0.25 Difference: $0
If AEL meets the Wilsons target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $0.30, suggesting upside of 20.0%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY26:
Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of 1.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.67.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 2.5, 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 10.0.
Forecast for FY27:
Wilsons forecasts a full year FY27 dividend of 0.00 cents and EPS of 2.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.00.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 2.3, implying annual growth of -8.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 10.9.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
ARB ARB CORPORATION LIMITED
Automobiles & Components - Overnight Price: $39.86
Wilsons rates ((ARB)) as Overweight (1) -
ARB Corp's FY25 profit of $96m was down -7% year-on-year and around -3% below Wilsons’ forecast, driven by weaker second-half margins and slightly softer sales.
A final dividend of 35c was declared, alongside a surprise 50c special dividend, which reflects balance sheet strength, suggests the broker.
Wilsons notes margin pressure stemmed from FX headwinds as the Thai Baht strengthened against the Australian dollar, though sequential improvement is expected in FY26 as price increases take effect.
Momentum in the Americas continues to build with ORW/4WP performing well, highlight the analysts, while Australian new vehicle sales are accelerating and expected to provide a tailwind for Aftermarket demand.
The broker cuts its FY26 profit forecast by -5.5% on lower sales and weaker margins but leaves FY27 unchanged.
Wilsons raises its target price to $44.92 from $40.83 and maintains an Overweight rating.
This report was published on August 20, 2025.
Target price is $44.92 Current Price is $39.86 Difference: $5.06
If ARB meets the Wilsons target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $43.36, suggesting upside of 8.8%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY26:
Wilsons forecasts a full year FY26 dividend of 70.00 cents and EPS of 128.30 cents.
At the last closing share price the estimated dividend yield is 1.76%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.07.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 124.8, implying annual growth of 6.0%.
Current consensus DPS estimate is 71.7, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 31.9.
Forecast for FY27:
Wilsons forecasts a full year FY27 dividend of 85.00 cents and EPS of 153.50 cents.
At the last closing share price the estimated dividend yield is 2.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.97.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 142.8, implying annual growth of 14.4%.
Current consensus DPS estimate is 82.1, implying a prospective dividend yield of 2.1%.
Current consensus EPS estimate suggests the PER is 27.9.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CGF CHALLENGER LIMITED
Wealth Management & Investments - Overnight Price: $8.53
Jarden rates ((CGF)) as Overweight (2) -
Challenger’s FY25 profit of $455.5m was broadly in line with forecasts by Jarden and consensus, with Life earnings offsetting softer funds management. Life sales rose strongly in the fourth quarter, particularly from Australian institutions, while Japanese sales fell.
The cost-to-income ratio declined to 32.3%, at the low end of guidance, and return on equity (ROE) was above target for a second consecutive half, highlight the analysts.
FY26 guidance is for profit of $455-495m and EPS of 66-72c, implying around 4% growth at the midpoint. Jarden believes Life will drive growth, supported by lower maturities and stronger sales, while fee pressure continues to weigh on funds management.
Jarden cuts its EPS forecasts by -1.6% for FY25 and -4.4% for FY26, with capital changes from APRA remaining the key near-term catalyst. The broker sees potential for more than $1bn in capital returns and a stronger ROE profile.
The target price falls to $8.60 from $8.70. Overweight rating maintained.
This report was published on August 19, 2025.
Target price is $8.60 Current Price is $8.53 Difference: $0.07
If CGF meets the Jarden target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $8.77, suggesting upside of 2.8%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 27.60 cents and EPS of 63.70 cents.
At the last closing share price the estimated dividend yield is 3.24%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.39.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 64.8, implying annual growth of 131.4%.
Current consensus DPS estimate is 30.3, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 13.2.
Forecast for FY27:
Jarden forecasts a full year FY27 dividend of 29.10 cents and EPS of 67.90 cents.
At the last closing share price the estimated dividend yield is 3.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.56.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 71.4, implying annual growth of 10.2%.
Current consensus DPS estimate is 33.4, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 11.9.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
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