Daily Market Reports | 2:09 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)
AGN ALL APE ARB ARF ASK AV1 BMN BRE CIP CLW CQE CQR CXO DUR DXS FFM GPT HDN IAG INA INR IPH KAI KMD (2) LIC LIN LNW MGR MMI MQG NWH OBM (2) PEN QAL QUB RUL RXL SGLLV SHJ SVR TCG THL WPR
AGN ARGENICA THERAPEUTICS LIMITED
Pharmaceuticals & Biotech/Lifesciences - Overnight Price: $0.35
Petra Capital rates ((AGN)) as Buy (1) -
Petra Capital notes Argenica Therapeutics' phase 2 stroke trial results fell short of the lofty market expectation that it would benefit across the entire stroke patient population. The trial only showed meaningful benefits in a pre-specified high-risk subgroup.
The broker argues the result is still clinically meaningful and de-risks the drug's development. However, it also means delays to the development and commercial timelines.
The company will now do a full analysis of the data before the end of 2025, and the broker has included a phase 2b trial in the model, ahead of phase 3.
FY27-28 net profit forecasts downgraded, but FY29 upgraded, along with an upgrade to FY26.
Buy. Target cut to $0.63 from $1.24.
This report was published on September 8, 2025.
Target price is $0.63 Current Price is $0.35 Difference: $0.28
If AGN meets the Petra Capital target it will return approximately 80% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY26:
Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 3.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 10.00.
Forecast for FY27:
Petra Capital forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 6.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 5.30.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
ALL ARISTOCRAT LEISURE LIMITED
Gaming - Overnight Price: $69.97
Jarden rates ((ALL)) as Neutral (3) -
The Aristocrat Leisure business is benefitting from positive operating momentum, with Jarden citing US gaming growth, with premium titles such as Phoenix Link and Dragon Link gaining floor share.
Stronger casino replacement demand is also being supported by the new Baron cabinet, explains the broker.
Further, gains are being made in adjacent markets including Illinois Video Gaming Terminals (VGT), Historical Horse Racing (HHR), and Georgia Coin Operated Amusement Machines (COAM).
The broker notes iLottery sales remain strong with new contract wins, including Massachusetts from 2026, supporting NeoGames’ US$900m FY29 revenue ambition. The launch of NFL slots in social casino is also seen as a positive.
Jarden expects premium gaming operations to drive upside in 2H25 and underpin FY26 recurring earnings momentum. Strong free cash flow and an under-levered balance sheet also support ongoing buybacks beyond February 2026, in the analysts' view.
The broker lifts its target price to $69 from $64 on modest earnings upgrades and valuation roll-forward, while retaining a Neutral rating.
This report was published on September 4, 2025.
Target price is $69.00 Current Price is $69.97 Difference: minus $0.97 (current price is over target).
If ALL meets the Jarden target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $73.09, suggesting upside of 6.2%(ex-dividends)
The company's fiscal year ends in September.
Forecast for FY25:
Jarden forecasts a full year FY25 dividend of 95.00 cents and EPS of 251.70 cents.
At the last closing share price the estimated dividend yield is 1.36%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.80.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 245.1, implying annual growth of 19.7%.
Current consensus DPS estimate is 85.9, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 28.1.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 107.00 cents and EPS of 284.10 cents.
At the last closing share price the estimated dividend yield is 1.53%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.63.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 275.6, implying annual growth of 12.4%.
Current consensus DPS estimate is 94.7, implying a prospective dividend yield of 1.4%.
Current consensus EPS estimate suggests the PER is 25.0.
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
APE EAGERS AUTOMOTIVE LIMITED
Automobiles & Components - Overnight Price: $27.06
Canaccord Genuity rates ((APE)) as Buy (1) -
August vehicle sales rose 2.9% year-on-year once EV Council data are included, leaving sales down just -0.4% so far this year, notes Canaccord Genuity.
The broker views this as a strong outcome given 2024 was a record year with demand supported by an extended order backlog, and now sees the market as demand-driven rather than supply-driven.
Volumes remain solid, in the analyst's view, despite industry margin pressure. August sales growth is consistent with a run-rate above 1.2m vehicles for 2025. Canaccord considers this outcome probable and highlights resilience in demand despite cost-of-living pressures.
The Buy rating and $28 target are maintained.
This report was published on September 8, 2025.
Target price is $28.00 Current Price is $27.06 Difference: $0.94
If APE meets the Canaccord Genuity target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $22.95, suggesting downside of -13.2%(ex-dividends)
The company's fiscal year ends in December.
Forecast for FY25:
Canaccord Genuity forecasts a full year FY25 dividend of 79.00 cents and EPS of 109.00 cents.
At the last closing share price the estimated dividend yield is 2.92%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.83.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 103.6, implying annual growth of 29.1%.
Current consensus DPS estimate is 74.8, implying a prospective dividend yield of 2.8%.
Current consensus EPS estimate suggests the PER is 25.5.
Forecast for FY26:
Canaccord Genuity forecasts a full year FY26 dividend of 83.00 cents and EPS of 124.00 cents.
At the last closing share price the estimated dividend yield is 3.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.82.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 113.5, implying annual growth of 9.6%.
Current consensus DPS estimate is 76.5, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 23.3.
Market Sentiment: 0.2
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: $39.09
Canaccord Genuity rates ((ARB)) as Hold (3) -
Canaccord Genuity notes sales of ARB Corp-linked top 11 vehicles models rose 4.1% y/y in August, slowing from a peak of 15.2% in June and below 8.7% in July.
Growth remains Prado-led, with the new model still delivering strong sales, and because the comparison is with zero base last year, the growth contribution is exaggerated. Excluding this, the other 10 models fell y/y, underscoring the lack of broad-based strength.
If the current run-rate sustains, the broker reckons Prado growth will turn negative y/y from November, pushing the 11 portfolio into decline unless other models show material improvement.
Hold. Target unchanged at $35.60.
This report was published on September 3, 2025.
Target price is $35.60 Current Price is $39.09 Difference: minus $3.49 (current price is over target).
If ARB meets the Canaccord Genuity target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $43.36, suggesting upside of 9.8%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY26:
Canaccord Genuity forecasts a full year FY26 dividend of 69.00 cents and EPS of 123.00 cents.
At the last closing share price the estimated dividend yield is 1.77%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.78.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 31.6.
Forecast for FY27:
Canaccord Genuity forecasts a full year FY27 dividend of 78.00 cents and EPS of 138.00 cents.
At the last closing share price the estimated dividend yield is 2.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.33.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 27.7.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
ARF ARENA REIT
REITs - Overnight Price: $3.98
Jarden rates ((ARF)) as Buy (1) -
Jarden notes REIT stocks outperformed in August, up 6.2%, with the performance supported by the sector exceeding elevated expectations during the result season.
Macro tailwinds like rate cuts, cap rate compression and limited supply support rental/price growth and asset values. Balance sheets are healthy, enabling capital deployment and potential consolidation-driven upside.
Among key risks in the broker's view are elevated rates vs past cycles, regulatory headwinds, and a wide gap between underlying and cash-backed earnings.
The broker believes Arena REIT provides an attractive yield (4.8%) despite trading at a 17% premium to updated NTA.
Buy. Target rises to $4.75 from $4.60.
This report was published on September 3, 2025.
Target price is $4.75 Current Price is $3.98 Difference: $0.77
If ARF meets the Jarden target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $4.22, suggesting upside of 5.2%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 19.30 cents and EPS of 19.50 cents.
At the last closing share price the estimated dividend yield is 4.85%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.41.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 19.7, implying annual growth of -5.7%.
Current consensus DPS estimate is 19.2, implying a prospective dividend yield of 4.8%.
Current consensus EPS estimate suggests the PER is 20.4.
Forecast for FY27:
Jarden forecasts a full year FY27 dividend of 20.50 cents and EPS of 20.80 cents.
At the last closing share price the estimated dividend yield is 5.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.13.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 20.3, implying annual growth of 3.0%.
Current consensus DPS estimate is 20.1, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 19.8.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
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