Daily Market Reports | 11:36 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.
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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)
A2M AMI (2) ATH B4P COH CSL DVP GGP (2) GHM KAR MMI MVF MYG ORI PNR RMD RWC SLS SNZ VUL
A2M A2 MILK COMPANY LIMITED
Dairy - Overnight Price: $7.13
Jarden rates ((A2M)) as Underweight (4) -
Jarden maintains an Underweight rating for a2 Milk Co with an unchanged target price of $9.20 as new legally binding testing requirements for China infant formula exports introduce near-term supply chain risks.
The New Zealand regulator recently implemented mandatory cereulide toxin testing for all infant formula batches destined for the Chinese market, requiring adherence to strict quantification limits of 0.1 micrograms per kilogram.
Commentary indicates the transition to these new standards is currently extending quality assurance release times and impacting product availability despite strong in-market execution.
While international peers switched arachidonic acid (ARA) suppliers to mitigate risk, the broker suggests a2 Milk faces a significant backlog of unfilled orders from its manufacturing partner Synlait Milk ((SM1)).
No changes were made to earnings forecasts in this update, leaving the projected financial year 2026 earnings per share at 28.1 cents.
This report was published on April 28, 2026.
Target price is $9.20 Current Price is $7.13 Difference: $2.07
If A2M meets the Jarden target it will return approximately 29% (excluding dividends, fees and charges).
Current consensus price target is $8.93, suggesting upside of 27.4%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 19.35 cents and EPS of 24.72 cents.
At the last closing share price the estimated dividend yield is 2.71%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.85.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 24.2, implying annual growth of N/A.
Current consensus DPS estimate is 17.8, implying a prospective dividend yield of 2.5%.
Current consensus EPS estimate suggests the PER is 29.0.
Forecast for FY27:
Jarden forecasts a full year FY27 dividend of 60.08 cents and EPS of 29.38 cents.
At the last closing share price the estimated dividend yield is 8.43%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.27.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 28.8, implying annual growth of 19.0%.
Current consensus DPS estimate is 43.6, implying a prospective dividend yield of 6.2%.
Current consensus EPS estimate suggests the PER is 24.3.
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
AMI AURELIA METALS LIMITED
Gold & Silver - Overnight Price: $0.30
Moelis rates ((AMI)) as Buy (1) -
Moelis maintains a Buy rating for Aurelia Metals and reduces its target price to $0.42 from $0.44 after the March quarter production report demonstrated a strategic prioritisation of higher-value gold stopes.
Management subsequently upgraded FY26 gold guidance to a range of 45-50koz while reducing copper expectations to reflect individual commodity output and prevailing metal prices.
The report highlights record plant throughput alongside improving recoveries for both zinc and gold, supported by strong operational momentum at the Federation mine where mining rates reached an annualised 400ktpa.
The executing of a new $150m senior secured financing package and a $94.7m unrestricted cash balance are viewed as providing the flexibiity needed to fund the Peak plant expansion program and Great Cobar development.
The broker slightly increased cost assumptions to reflect the trajectory of actuals, resulting in minor downward revisions to near-term earnings estimates.
This report was published on April 28, 2026.
Target price is $0.42 Current Price is $0.30 Difference: $0.115
If AMI meets the Moelis target it will return approximately 38% (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 4.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.63.
Forecast for FY27:
Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 5.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.35.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Shaw and Partners rates ((AMI)) as Buy (1) -
Shaw and Partners maintains a Buy rating for Aurelia Metals and lifts its target price to $0.50 from $0.42 following record gold production for the March quarter.
Operations delivered 13koz of gold, prompting management to upgrade full-year gold production guidance to a range of 45-50koz as higher-grade stopes at the Peak mine are prioritised.
The report notes free cash flow growth lifted unrestricted cash to $94.7m, while a new $150m senior secured financing package further fortifies the balance sheet ahead of critical FY27 growth phases.
The analysts significantly upgraded FY26 earnings per share forecasts by 40% to reflect revised gold price assumptions and the outperformance of the Federation mine.
Completion of the Peak processing plant expansion remains a key catalyst, with the transition toward a 1.2mtpa throughput capacity expected to structurally enhance profitability and lower unit operating costs.
This report was published on April 29, 2026.
Target price is $0.50 Current Price is $0.30 Difference: $0.195
If AMI meets the Shaw and Partners target it will return approximately 64% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY26:
Shaw and Partners forecasts a full year FY26 dividend of 0.00 cents and EPS of 6.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.55.
Forecast for FY27:
Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of 8.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.51.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
ATH ALTERITY THERAPEUTICS LIMITED
Pharmaceuticals & Biotech/Lifesciences - Overnight Price: $0.01
Canaccord Genuity rates ((ATH)) as Speculative Buy (1) -
Canaccord Genuity highlights recent positive developments for Alterity Therapeutics. The FDA has confirmed no major changes are required to the company's chemistry, manufacturing and control (CMC) plans for ATH434.
ATH434 is an oral small molecule designed to treat multiple system atrophy.
The FDA confirmation is seen as supporting timelines for an end-of-Phase II meeting in mid-2026, with manufacturing scale-up progressing in parallel.
The broker also notes encouraging data presented at the American Academy of Neurology, supporting ATH434's treatment effect.
Commentary suggests development of the MuSyCA outcome measure may provide more robust clinical endpoints, reinforcing confidence in the drug's potential.
Canaccord retains a Speculative Buy rating and target of 1.6c.
This report was published on April 29, 2026.
Target price is $0.02 Current Price is $0.01 Difference: $0.006
If ATH meets the Canaccord Genuity target it will return approximately 60% (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 0.00 cents and EPS of minus 0.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 5.00.
Forecast for FY27:
Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 0.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 3.33.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three source
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