Daily Market Reports | 11:45 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
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The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)
AD8 APE ARB ASL ATA AZY BAP BNZ CAY CTD CY5 FLT IMM PNR STK TLX
AD8 AUDINATE GROUP LIMITED
Hardware & Equipment - Overnight Price: $4.40
Canaccord Genuity rates ((AD8)) as Buy (1) -
Audinate Group launched IRIS Studio, a cloud SaaS for remote camera/AV control, acquired in June for US$28m. It expands the company from hardware/audio networking into distributed, AI-enabled production and a much larger addressable market.
Canaccord Genuity highlights target markets include sports broadcast, education, enterprise/government and remote events. Benefits include lower labour costs, easy interoperability, strong UX, and first-mover integrations with 14 PTZ (Pan-Tilt-Zoom) camera OEMs (original equipment manufacturers).
The broker notes IRIS is expected to generate over US$1m in 2H26 and could become a material FY27 revenue driver, especially if integrated across Audinate's large Dante installed base.
Buy retained and target unchanged at $8.50. The broker believes an estimated FY26 EV/Revenue multiple of 4x undervalues the company, given its market-leading position and newly launched product lines.
This report was published on December 5, 2025.
Target price is $8.50 Current Price is $4.40 Difference: $4.1
If AD8 meets the Canaccord Genuity target it will return approximately 93% (excluding dividends, fees and charges).
Current consensus price target is $5.33, suggesting upside of 19.4%(ex-dividends)
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 minus 10.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 40.37.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is -19.9, 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 N/A.
Forecast for FY27:
Canaccord Genuity forecasts a full year FY27 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 68.75.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is -17.1, 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 N/A.
Market Sentiment: 0.0
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: $25.71
Canaccord Genuity rates ((APE)) as Buy (1) -
November new vehicle sales dipped slightly versus both last year and October, but at about 99.9k they’re still strong in absolute terms, Canaccord Genuity highlights. 2025 is expected to match, not meaningfully exceed, the 2024 record.
The broker reckons Eagers Automotive's performance over the last two years has been far more about margin and sales mix than pure vehicle volumes, and the latest data don’t capture those drivers.
Still, it shows sharp brand divergence between the brands it supports, commentary posits.
In the near term, the broker expects the company's likely inclusion into the ASX100 in December to cause short-term, technical share-price pressure and modest underperformance.
The suggestion made to long-term holders is this could be a buying (more) opportunity.
Buy. Target unchanged at $33.60.
This report was published on December 3, 2025.
Target price is $33.60 Current Price is $25.71 Difference: $7.89
If APE meets the Canaccord Genuity target it will return approximately 31% (excluding dividends, fees and charges).
Current consensus price target is $31.76, suggesting upside of 23.4%(ex-dividends)
The company's fiscal year ends in December.
Forecast for FY25:
Canaccord Genuity forecasts a full year FY25 dividend of 76.00 cents and EPS of 104.80 cents.
At the last closing share price the estimated dividend yield is 2.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.53.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 100.3, implying annual growth of 27.8%.
Current consensus DPS estimate is 74.1, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 25.7.
Forecast for FY26:
Canaccord Genuity forecasts a full year FY26 dividend of 95.00 cents and EPS of 140.70 cents.
At the last closing share price the estimated dividend yield is 3.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.27.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 123.2, implying annual growth of 22.8%.
Current consensus DPS estimate is 82.9, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 20.9.
Market Sentiment: 0.5
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: $31.88
Canaccord Genuity rates ((ARB)) as Hold (3) -
Canaccord Genuity had previously flagged sales of ARB Corp's Top 11 Index (ARB-supported vehicles) would fall into negative territory in November, but the headline fall was bigger than expected.
However, this decline is worse than the underlying trend as the Toyota Prado started comparing against its first months of new-model sales.
Other key models remain highly volatile, the broker notes, so near-term sales growth in Australia will need to come from store expansion, new products, bigger basket sizes, and some price rises rather than higher vehicle volumes.
This volatility may also signal model fragmentation, with ARB’s Class A list likely to broaden over time.
Hold. Target unchanged at $35.60.
This report was published on December 3, 2025.
Target price is $35.60 Current Price is $31.88 Difference: $3.72
If ARB meets the Canaccord Genuity target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $42.90, suggesting upside of 33.0%(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 2.16%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.92.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 123.6, implying annual growth of 5.0%.
Current consensus DPS estimate is 70.4, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 26.1.
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 2.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.10.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 142.4, implying annual growth of 15.2%.
Current consensus DPS estimate is 80.9, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 22.7.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
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