Daily Market Reports | 1:21 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.
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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)
29M BGL CIA CMM CYL DVP EDV EMR EVN FMG GGP GMD HGO KCN MIN MLX NIC NST OBM PNR PRU RMS SFR
29M 29METALS LIMITED
Copper - Overnight Price: $0.64
Canaccord Genuity rates ((29M)) as Sell (5) -
Canaccord Genuity notes base metals have continued to perform strongly, supported by global growth, with copper a standout due to tight supply, surging demand and zero TCRCs highlighting concentrate scarcity. TCRC stands for Treatment and Refining Charges.
The broker revised its base metals outlook, lifting near-term prices across all metals (except lead) and raising long-term assumptions for copper, aluminium, cobalt and tin. Copper’s long-term price forecast increased by 22% to US$5.50/lb to reflect a structural market shift.
At the December quarterly, 29Metals is expected to reveal a strong rebound in production after a weak September quarter. The broker notes the company requires record copper output to meet FY25 guidance.
Sell maintained. Target rises to 55c from 25c on commodity price revisions.
This report was published on January 12, 2026.
Target price is $0.55 Current Price is $0.64 Difference: minus $0.09 (current price is over target).
If 29M meets the Canaccord Genuity target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $0.40, suggesting downside of -37.0%(ex-dividends)
Forecast for FY25:
Current consensus EPS estimate is -1.6, 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 FY26:
Current consensus EPS estimate is 1.2, 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 53.3.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
BGL BELLEVUE GOLD LIMITED
Gold & Silver - Overnight Price: $1.68
Canaccord Genuity rates ((BGL)) as Speculative Buy (1) -
Canaccord Genuity lifted its long-term gold price forecast by 3.5% to US$4,909/oz from 2029 and raised medium-term estimates by 2.1% (2026-28). The broker's long-term forex forecasts are unchanged, leading to a 3.5% rise in gold price estimate in AUD terms to $7,013/oz.
The broker also increased the long-term silver price forecast by 36.6% to US$77.7/oz.
Price targets for senior and intermediate/junior producers lifted by an average 5% after factoring in revised forecasts.
Bellevue Gold produced 32koz of gold in the December quarter, broadly in line with consensus, with strong 96.1% recoveries and improving grades, while one-off operational issues deferred some production into January. FY26 guidance of 130-150koz was reaffirmed.
Speculative Buy. Target price $2.10.
This report was published on January 13, 2026.
Target price is $2.10 Current Price is $1.68 Difference: $0.42
If BGL meets the Canaccord Genuity target it will return approximately 25% (excluding dividends, fees and charges).
Current consensus price target is $1.65, suggesting upside of 1.3%(ex-dividends)
Forecast for FY26:
Current consensus EPS estimate is 12.1, 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 13.6.
Forecast for FY27:
Current consensus EPS estimate is 18.6, implying annual growth of 53.7%.
Current consensus DPS estimate is 3.0, implying a prospective dividend yield of 1.8%.
Current consensus EPS estimate suggests the PER is 8.9.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CIA CHAMPION IRON LIMITED
Iron Ore - Overnight Price: $6.50
Jarden rates ((CIA)) as Downgrade to Overweight from Buy (2) -
Jarden analysts note what they view as "surprising" the resilience in Chinese demand for seaborne iron ore imports in the face of soft steel demand which continues to underpin iron ore prices above US$100/t.
The analysts mark to market the Dec 2025 quarter 58% Fe price to around US$95/t and a long term assumption of US$64/t (real) by FY29 which is below consensus and is expected to remain above US$70/t through FY28.
Champion Iron is expected to report Dec qtr production of 3.6wmt and sales of 3.86m dmt which is flat on the prior quarter. Realised pricing is forecast at CA$116/dmt, down -9% q/q due to higher spot exposure and a compressed premium for P65 (Platts IODEX 65% iron ore price benchmark).
The broker forecasts earnings (EBITDA) to slip by -26% q/q which is below consensus by -12%. A rise in 65% iron ore assumptions lifts the analysts'net profit forecasts by 6%-11% for FY26-FY28.
Jarden prefers Champion over the other iron ore producers, trading a marginal premium to its valuation with target set at $5.70. Stock is downgraded to Overweight from Buy.
This report was published on January 15, 2026.
Target price is $5.70 Current Price is $6.50 Difference: minus $0.8 (current price is over target).
If CIA meets the Jarden target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).
The company's fiscal year ends in March.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 11.00 cents.
At the last closing share price the estimated dividend yield is 1.69%.
Forecast for FY27:
Jarden forecasts a full year FY27 dividend of 13.00 cents.
At the last closing share price the estimated dividend yield is 2.00%.
This company reports in CAD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
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