Daily Market Reports | Feb 02 2026
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)
A1M ASX BC8 BCI BNZ BOE BOQ DOW ELV EMR FCL GGP GMD MLX OBM SYR WDS
A1M AIC MINES LIMITED
Gold & Silver - Overnight Price: $0.64
Moelis rates ((A1M)) as Buy (1) -
AIC Mines' 2Q26 update met Moelis' expectations.
Copper production of 3.2kt was in line with forecasts, while higher costs and delayed concentrate shipments weighed on sales and cashflow, creating a temporary working capital build.
Stronger copper prices materially improve the cashflow outlook, leading the analyst to include a potential second plant expansion to 1.5mtpa alongside faster development at Jericho.
The broker also lifted medium-term production assumptions and earnings, with FY26 net profit after tax forecast upgraded by 18% on higher prices and throughput.
Buy rating reiterated with a higher target of 71c.
This report was published on January 29, 2026.
Target price is $0.71 Current Price is $0.64 Difference: $0.07
If A1M meets the Moelis target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $0.76, suggesting upside of 22.0%(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 6.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.49.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 3.2, implying annual growth of 23.1%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 19.4.
Forecast for FY27:
Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 7.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.42.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 7.0, implying annual growth of 118.7%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
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
ASX ASX LIMITED
Wealth Management & Investments - Overnight Price: $51.44
Jarden rates ((ASX)) as Neutral (3) -
Jarden notes the ASX achieved stronger-than-expected revenue performance in 1H26 but FY26 total cost growth guidance has been lifted again to 20–23% by management, around 500bps higher at the midpoint.
The rise reflects higher operating expenses and ASIC inquiry costs, with further clarity on FY27 costs not due until the June investor day.
Pre-released 1H26 underlying net profit after tax at $263.6m beat the analyst and consensus by 5–7%, respectively prompting the broker to marginally lift FY26–27 earnings forecasts.
The stock trades at a -23% discount to its 10-year average valuation, but Jarden sees downside risks dominating given the challenge of balancing technology execution, regulatory remediation and shareholder returns.
Neutral retained with the target lifted to $58.00 from $57.65.
This report was published on January 28, 2026.
Target price is $58.00 Current Price is $51.44 Difference: $6.56
If ASX meets the Jarden target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $55.02, suggesting upside of 5.0%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 195.50 cents and EPS of 259.20 cents.
At the last closing share price the estimated dividend yield is 3.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.85.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 259.2, implying annual growth of 0.0%.
Current consensus DPS estimate is 194.4, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 20.2.
Forecast for FY27:
Jarden forecasts a full year FY27 dividend of 208.50 cents and EPS of 271.30 cents.
At the last closing share price the estimated dividend yield is 4.05%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.96.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 264.2, implying annual growth of 1.9%.
Current consensus DPS estimate is 206.2, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 19.8.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
BC8 BLACK CAT SYNDICATE LIMITED
Gold & Silver - Overnight Price: $1.40
Moelis rates ((BC8)) as Buy (1) -
Moelis reiterates a Buy rating and maintains its $1.80 target on Black Cat Syndicate, pointing December to a more complex 2Q26 update than headline numbers suggest, arguing this should not distract from a much cleaner FY27 outlook.
Production of 25.5koz included significant third-party material. The analyst estimates underlying gold sales attributable to Black Cat were closer to 17.5koz, with a similar outcome likely in the March quarter due to legacy toll treatment arrangements.
The broker stresses this complexity is short-lived, with most agreements set to unwind by June and the business expected to transition to a conventional, wholly owned mining and processing structure from July.
Cash was steady at $54m after completing the remaining $25m Lakewood acquisition payment, which Moelis views as a strong signal of balance sheet strength.
This report was published on January 30, 2026.
Target price is $1.80 Current Price is $1.40 Difference: $0.4
If BC8 meets the Moelis target it will return approximately 29% (excluding dividends, fees and charges).
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 20.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.97.
Forecast for FY27:
Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 32.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.36.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
BCI BCI MINERALS LIMITED
Mining - Overnight Price: $0.42
Canaccord Genuity rates ((BCI)) as Speculative Buy (1) -
Canaccord Genuity says progress at Mardie remains on track despite a slower December quarter for construction, with momentum expected to lift materially through the March and June quarters.
Pond densities continue to rise as planned, supported by high utilisation rates, keeping the project on schedule for first salt shipments late in calendar 2026.
Cumulative spend has now reached $1.30bn, the broker notes funding headroom remains comfortable relative to remaining build costs.
Market conditions for salt are viewed as broadly supportive outside China, where recent pricing weakness is expected to be temporary.
Speculative Buy and a $0.50 target are retained.
This report was published on January 29, 2026.
Target price is $0.50 Current Price is $0.42 Difference: $0.08
If BCI meets the Canaccord Genuity target it will return approximately 19% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
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