Daily Market Reports | 11:15 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.
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.
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COMPANIES DISCUSSED IN THIS ISSUE
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The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)
BOE CYL EBR GDG HDN HGO HRZ IFT ILU IMM KCN LTR MAQ MP1 MTS MYR OBM PLS SPK SSM SYR TTM VNT
CYL CATALYST METALS LIMITED
Gold & Silver - Overnight Price: $7.80
Canaccord Genuity rates ((CYL)) as Buy (1) -
Catalyst Metals has lifted reserves at the Plutonic Belt to 1.54moz, supporting plans to reach circa 200kozpa by FY29 at costs (AISC) of around -$2,000/oz, Canaccord Genuity notes.
FY26 production guidance of 100-110koz is -13-16% below the broker's forecasts, with production weighted to the second half.
The analysts highlight higher capex of -$93m and exploration of -$90m for FY26, with 14 rigs drilling to grow reserves to around 2moz.
Catalyst ended FY25 with $230m cash and bullion and no debt.
Canaccord raises its target price to $10.45 from $8.75, now forecasting FY29-30 production of 196kozpa, up 13%. The broker also raises its FY29-35 average production outlook to circa 160kozpa from 95kozpa previously. Buy rating maintained.
This report was published on September 11, 2025.
Target price is $10.45 Current Price is $7.80 Difference: $2.65
If CYL meets the Canaccord Genuity target it will return approximately 34% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY26:
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 69.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.30.
Forecast for FY27:
Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 97.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.04.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
EBR EBR SYSTEMS INC
Medical Equipment & Devices - Overnight Price: $1.17
Wilsons rates ((EBR)) as Overweight (1) -
Wilsons notes EBR Systems' confirmed first 3 commercial implants of its Wise-CRT device and expects a modest uptick from next month when reimbursement incentives kick in. The target net average selling price of US$45k is well supported in the broker's view.
The broker's forecast for FY26 is for the sale of 436 systems based on an average of one case/week across 16 implanting centres. Expectation is for migration from inpatient to outpatient procedures to drive medium-term volume acceleration.
The broker will watch for clinical research and peer-reviewed studies for signs of broader electrophysiologist-driven adoption.
Overweight. Target unchanged at $3.
This report was published on September 11, 2025.
Target price is $3.00 Current Price is $1.17 Difference: $1.83
If EBR meets the Wilsons target it will return approximately 156% (excluding dividends, fees and charges).
The company's fiscal year ends in December.
Forecast for FY25:
Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 19.23 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 6.08.
Forecast for FY26:
Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 18.15 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 6.45.
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
GDG GENERATION DEVELOPMENT GROUP LIMITED
Wealth Management & Investments - Overnight Price: $6.84
Petra Capital rates ((GDG)) as Upgrade to Buy from Hold (1) -
Petra Capital upgrades its rating for Generation Development to Buy from Hold as the market is now more comfortable with the bedding-down of the Evidentia acquisition. The broker's $7.17 target is unchanged.
Annuities are seen as a potential growth driver, supported by the Retirement Income Covenant, highlights the broker.
Currently, less than 2% of superannuation assets are in annuities, highlights Petra Capital, leaving significant scope for growth given retirees face longevity, investment, and inflation risks under account-based pensions.
Ord Minnett notes the company has a strong track record as a challenger brand, gaining share in investment bonds and positioning for annuity market disruption.
This report was published on September 15, 2025.
Target price is $7.17 Current Price is $6.84 Difference: $0.33
If GDG meets the Petra Capital target it will return approximately 5% (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 3.30 cents and EPS of 11.20 cents.
At the last closing share price the estimated dividend yield is 0.48%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 61.07.
Forecast for FY27:
Petra Capital forecasts a full year FY27 dividend of 4.90 cents and EPS of 13.90 cents.
At the last closing share price the estimated dividend yield is 0.72%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 49.21.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
HDN HOMECO DAILY NEEDS REIT
REITs - Overnight Price: $1.41
Moelis rates ((HDN)) as Downgrade to Hold from Buy (3) -
Last month, HomeCo Daily Needs REIT delivered FY25 funds from operations (FFO) of 8.8cpu and distribution of 8.5cpu, in line with guidance.
Moelis highlights like-for-like net operating income (NOI) growth of 4%, ahead of peers, with weighted average rent reviews (WARR) of 3.5% and leasing spreads of 6%.
The broker notes net tangible assets (NTA) rose around 1% to $1.47 in six months, as portfolio capitalisation rates compressed -6bps to 5.56%.
Gearing eased to 35.2% from 36% as the trust recycled capital, with -$310m in acquisitions and developments offset by $250m in divestments, explains the analyst.
Management guided to FY26 FFO of 9cpu and distribution of 8.6cpu, implying a payout ratio of 95.6%. The broker highlights rebased hedging at around 50% allows earnings to benefit from falling interest rates, while capital recycling and developments remain accretive.
Moelis raises its target price to $1.44 from $1.36 but downgrades to Hold from Buy on valuation grounds.
This report was published on September 15, 2025.
Target price is $1.44 Current Price is $1.41 Difference: $0.035
If HDN meets the Moelis target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $1.37, suggesting downside of -2.3%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY26:
Moelis forecasts a full year FY26 dividend of 8.60 cents and EPS of 9.00 cents.
At the last closing share price the estimated dividend yield is 6.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.61.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 9.0, implying annual growth of -25.1%.
Current consensus DPS estimate is 8.7, implying a prospective dividend yield of 6.2%.
Current consensus EPS estimate suggests the PER is 15.6.
Forecast for FY27:
Moelis forecasts a full year FY27 dividend of 8.90 cents and EPS of 9.40 cents.
At the last closing share price the estimated dividend yield is 6.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.95.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 9.1, implying annual growth of 1.1%.
Current consensus DPS estimate is 9.0, implying a prospective dividend yield of 6.4%.
Current consensus EPS estimate suggests the PER is 15.4.
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
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