Daily Market Reports | 11:00 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)
ADH (2) ARB ATG BGL BNZ BRI CDA CSL ERD FMG IMD KAR MGH NST OBM ORE PNI PSC SIG SXL TOR VAU WIA XRF
VAU VAULT MINERALS LIMITED
Gold & Silver - Overnight Price: $0.69
Moelis rates ((VAU)) as Buy (1) -
Vault Minerals' September quarter was stronger than forecast, with sales of 91.5koz, up 6% versus Moelis' forecast and all-in-sustaining cost of $2,613/oz, $109/oz better than anticipated..
Cash finished at $701m versus the broker’s $713–$723m estimate, reflecting buyback activity of $9.3m and working capital movements.
Quarterly cash flow of over $27m is expected to accelerate through FY26 as the hedge book rolls off, freeing around 97koz over the next year.
The broker highlights ongoing expansion at King of the Hills to materially lift capacity and extend mine life. Buy rated with 85c target.
This report was published on October 23, 2025.
Target price is $0.85 Current Price is $0.69 Difference: $0.16
If VAU meets the Moelis target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $0.92, suggesting upside of 32.9%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY26:
Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 4.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.33.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 4.9, implying annual growth of 40.8%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 14.1.
Forecast for FY27:
Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 7.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.20.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 10.1, implying annual growth of 106.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 6.8.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
WIA WIA GOLD LIMITED
Gold & Silver - Overnight Price: $0.33
Petra Capital rates ((WIA)) as Buy (1) -
Petra Capital notes WIA Gold delivered high-grade assay results at Kokoseb, including 27m at 3.31g/t Au from 474m, extending the Central Zone plunging shoot to around 550m strike and 200m depth.
The broker highlights underground potential from a 4Mt zone at around 4g/t Au, which could add 43–87kozpa and lift valuation by 15–30%.
Deep intercepts at over 800m confirm strong system continuity, with a maiden underground resource expected in SepQ26.
Petra Capital maintains its $0.45 target. Buy rating unchanged.
This report was published on October 23, 2025.
Target price is $0.45 Current Price is $0.33 Difference: $0.12
If WIA meets the Petra Capital target it will return approximately 36% (excluding dividends, fees and charges).
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
XRF XRF SCIENTIFIC LIMITED
Mining Sector Contracting - Overnight Price: $2.10
Canaccord Genuity rates ((XRF)) as Buy (1) -
Canaccord Genuity highlights XRF Scientific’s 1Q26 result showed strong revenue growth up 17% y/y to $15.3m and PBT of $3.4m up 6% y/y, though margins softened due to seasonality and a shift away from higher-margin Consumables.
The broker highlights higher platinum prices boosted revenue but reduced percentage margins, while lower Consumables sales are expected to normalise in 2Q26.
Capital Equipment sales and outlook remain positive, with the upcoming Orbis product cycle in North America expected to support demand.
The analyst's forecasts were marginally adjusted, with revenue lifted 1.7% for FY26 and net profit estimate unchanged at $11.7m.
No change to Buy rating. Target rises to $2.35 from $2.26.
This report was published on October 20, 2025.
Target price is $2.35 Current Price is $2.10 Difference: $0.25
If XRF meets the Canaccord Genuity target it will return approximately 12% (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 5.00 cents and EPS of 8.30 cents.
At the last closing share price the estimated dividend yield is 2.38%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.30.
Forecast for FY27:
Canaccord Genuity forecasts a full year FY27 dividend of 5.60 cents and EPS of 9.30 cents.
At the last closing share price the estimated dividend yield is 2.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.58.
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.