Daily Market Reports | 10:00 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.
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)
ASN CNB ERD FLT GLN MEI MYR PMT PNR REG SDR SGLLV SYA TLX VAU (3) VUL
ASN ANSON RESOURCES LIMITED
New Battery Elements - Overnight Price: $0.09
Petra Capital rates ((ASN)) as Buy (1) -
Petra Capital notes that over the past 12 weeks, flows into the lithium sector are up 25% y/y, driving a 16% increase in overall sector valuation
While hard-rock names have captured near-term trading momentum, the broker sees better medium-term risk/reward in brine (salty underground water) players with cost advantages and strategic US alignment.
Anson Resources is one of the broker's preferred exposures.
Target price 38c, which was upgraded from 31c on July 30 after the June quarter report as the broker factored in forex and commodity price revisions.
Buy retained.
This report was published on September 23, 2025.
Target price is $0.38 Current Price is $0.09 Difference: $0.292
If ASN meets the Petra Capital target it will return approximately 332% (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 0.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 44.00.
Forecast for FY27:
Petra Capital forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 0.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 44.00.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CNB CARNABY RESOURCES LIMITED
Mining - Overnight Price: $0.34
Moelis rates ((CNB)) as Buy (1) -
Strong grades from the first drill result for Carnaby Resources from Trek 1 at Trekelano confirm potential, assesses Moelis. The broker expects results will contribute to the next resource update.
The project is being prioritised for inclusion in economic studies, explains the analyst, with legacy infrastructure supporting its case as an early ore source.
The broker maintains a positive investment view, noting Duchess requires only modest capital to restart using existing facilities. Rising interest from larger miners in early-stage copper assets provides additional upside, suggests Moelis.
Buy. Target unchanged at 87c.
This report was published on September 22, 2025.
Target price is $0.87 Current Price is $0.34 Difference: $0.525
If CNB meets the Moelis target it will return approximately 152% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY25:
Moelis forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 3.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 9.08.
Forecast for FY26:
Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 6.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 5.39.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
ERD EROAD LIMITED
Transportation & Logistics - Overnight Price: $2.36
Moelis rates ((ERD)) as Initiation of coverage with Buy (1) -
Moelis initiates coverage on Eroad with a Buy rating and $3.00 target highlighting the company’s transformation into a multinational telematics platform with integrated fleet services and scalable growth opportunities.
Management's strategy is positioned around industry shifts toward electrification, connected vehicles, and sustainability, with offerings aimed at enhancing fleet efficiency and compliance, explains the broker.
The analyst points to three growth drivers: regulatory changes introducing road user charges as fuel excise declines, rising data demand from connected and autonomous vehicles, and fleet operators seeking emissions and safety management solutions.
Expansion opportunities include deeper penetration in A&NZ and North America, upselling to a full operations platform, and broadening into light commercial and passenger fleets, highlights Moelis.
The broker expects disciplined execution to deliver margin expansion and improved returns.
This report was published on September 22, 2025.
Target price is $3.00 Current Price is $2.36 Difference: $0.64
If ERD meets the Moelis target it will return approximately 27% (excluding dividends, fees and charges).
The company's fiscal year ends in March.
Forecast for FY26:
Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 3.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 76.18.
Forecast for FY27:
Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 5.56 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 42.45.
This company reports in NZD. 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
FLT FLIGHT CENTRE TRAVEL GROUP LIMITED
Travel, Leisure & Tourism - Overnight Price: $12.23
Jarden rates ((FLT)) as Buy (1) -
Globally, travel data continue to improve and Jarden expects sector EPS revisions to turn positive through 2026, creating a catalyst for re-rating.
The broker notes stronger local travel spend in September, according to Westpac ((WBC)) data and record August ticket sales in the US from the Airlines Reporting Corporation.
Jarden’s preferred order in the sector is Flight Centre, Web Travel ((WEB)), Webjet Group ((WJL)) and Helloworld Travel ((HLO)).
The broker awaits resolution of Corporate Travel Management's ((CTD)) accounting queries, which do not affect cash but raise some concern.
The Buy rating and $17.20 target are maintained for Flight Centre Travel. The remaining stocks mentioned above all have overweight ratings, midway between Buy and Neutral.
This report was published on September 22, 2025.
Target price is $17.20 Current Price is $12.23 Difference: $4.97
If FLT meets the Jarden target it will return approximately 41% (excluding dividends, fees and charges).
Current consensus price target is $15.15, suggesting upside of 23.9%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 58.00 cents and EPS of 106.50 cents.
At the last closing share price the estimated dividend yield is 4.74%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.48.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 102.5, implying annual growth of 106.5%.
Current consensus DPS estimate is 43.6, implying a prospective dividend yield of 3.6%.
Current consensus EPS estimate suggests the PER is 11.9.
Forecast for FY27:
Jarden forecasts a full year FY27 dividend of 78.00 cents and EPS of 135.10 cents.
At the last closing share price the estimated dividend yield is 6.38%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.05.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 118.4, implying annual growth of 15.5%.
Current consensus DPS estimate is 50.1, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 10.3.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
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