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)
ALL CKF DUG FPR GHM HRZ ILA LTR LYC MAQ MLX MM8 MTM PFP PV1 RIC TLX TOR TTM VBC WGX
FPR FLEETPARTNERS GROUP LIMITED
Vehicle Leasing & Salary Packaging - Overnight Price: $2.62
Canaccord Genuity rates ((FPR)) as Buy (1) -
FleetPartners Group will undertake a buyback for up to $20m, a little less than 4% at current prices, which Canaccord Genuity considers significant, given the company had changed its capital management plans from primarily buybacks to primarily dividends.
The broker believes the decision is a sign of conviction in the current performance and the trading multiple of the stock. It should also provide a "smoother" transition from one strategy to the other.
Canaccord Genuity considers the stock attractive at current levels. Buy rating and $3.60 target price are retained.
This report was published on March 10, 2026.
Target price is $3.60 Current Price is $2.62 Difference: $0.98
If FPR meets the Canaccord Genuity target it will return approximately 37% (excluding dividends, fees and charges).
Current consensus price target is $3.45, suggesting upside of 31.8%(ex-dividends)
The company's fiscal year ends in September.
Forecast for FY26:
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 38.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.74.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 34.7, implying annual growth of 3.4%.
Current consensus DPS estimate is 24.8, implying a prospective dividend yield of 9.5%.
Current consensus EPS estimate suggests the PER is 7.6.
Forecast for FY27:
Current consensus EPS estimate is 33.7, implying annual growth of -2.9%.
Current consensus DPS estimate is 23.2, implying a prospective dividend yield of 8.9%.
Current consensus EPS estimate suggests the PER is 7.8.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
GHM GOLDEN HORSE MINERALS LIMITED
Gold & Silver - Overnight Price: $0.56
Shaw and Partners rates ((GHM)) as Buy (1) -
Golden Horse Minerals will start metallurgical studies in the second quarter at Hopes Hill. Shaw and Partners notes, supported by a large drilling campaign and extensive landholding, the business is strategically positioned to benefit from strong gold prices and a looming maiden resource estimate.
The company has confirmed recent analysis of core samples from Hopes Hill have indicated gold is free milling, existing a separate grains within fractured quartz rather than being trapped inside other minerals. This suggests it can be easily extracted.
Buy, High Risk rating and $1.50 target are maintained.
This report was published on March 17, 2026.
Target price is $1.50 Current Price is $0.56 Difference: $0.945
If GHM meets the Shaw and Partners target it will return approximately 170% (excluding dividends, fees and charges).
The company's fiscal year ends in December.
Forecast for FY25:
Shaw and Partners forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 3.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 15.86.
Forecast for FY26:
Shaw and Partners forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 2.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 26.43.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
HRZ HORIZON MINERALS LIMITED
Gold & Silver - Overnight Price: $0.92
Research as a Service (RaaS) rates ((HRZ)) as No Rating (-1) -
Horizon Minerals has updated on the Phillips Find joint venture, having received a cash distribution of $10m. A final distribution is expected in April from the processing of a low-grade stockpile, another 30,000t.
The outcome from the JV has beaten Research as a Service (RaaS) estimates in terms of both output and higher realised gold prices. The valuation, as a result of cash distribution, implied expenditure and marking to market investment holdings, edges down to $2.978 from $2.988.
Research as a Service (RaaS) research doesn't carry any targets, ratings or recommendations. Investors can draw conclusions from valuations and commentary.
This report was published on March 13, 2026.
Target price is $2.98 Current Price is $0.92 Difference: $2.058
If HRZ meets the Research as a Service (RaaS) target it will return approximately 224% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY26:
Research as a Service (RaaS) forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 1.26 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 73.02.
Forecast for FY27:
Research as a Service (RaaS) forecasts a full year FY27 dividend of 0.00 cents and EPS of 7.76 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.86.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
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