Daily Market Reports | 10:59 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)
A2M AAR AR1 AX1 BUB CBE COG CPU CSC DXS EDV FFM FLT GG8 GMD GTK KCN LMG MM1 MRT MYE NAB NEC NIC PNI PXA QAL SGLLV SIG SIQ STM TLC UNI VAU (3) VCX VNT WBC WRK
CBE COBRE LIMITED
Copper - Overnight Price: $0.22
Canaccord Genuity rates ((CBE)) as Speculative Buy (1) -
Canaccord Genuity maintains a Speculative Buy rating and an unchanged $0.25 target price for Cobre following a site visit to the recently acquired Sierra Atacama copper asset in Chile.
The broker notes positive impressions regarding the asset's condition despite historical undercapitalisation.
Cobre has initiated a US$28m work program to turn around the operation, targeting a production increase from roughly 4.8ktpa to 12ktpa through a series of 5% to 20% improvements across mining, infrastructure, and processing.
Key upgrades include reconnecting to mains power, installing active mine ventilation, refurbishing the cathode stripper, and optimising leach and crushing circuits to lift recoveries and lower unit costs.
The report highlights significant leverage to these cost reductions, estimating a 60% upside to the base case valuation if all-in sustaining costs can be lowered from the modelled US$4.00/lb to US$3.50/lb.
This report was published on May 5, 2026.
Target price is $0.25 Current Price is $0.22 Difference: $0.03
If CBE meets the Canaccord Genuity target it will return approximately 14% (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 0.00 cents.
Forecast for FY27:
Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.00.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
COG COG FINANCIAL SERVICES LIMITED
Business & Consumer Credit - Overnight Price: $1.54
Shaw and Partners rates ((COG)) as Buy (1) -
Shaw and Partners maintains a Buy rating and $2.45 target price for COG Financial Services following confirmation the Federal Government will extend the Fringe Benefit Tax (FBT) exemption on electric vehicles (EVs) until 2029.
The broker makes no material changes to earnings in this report, noting the company continues to screen as attractive while trading on a FY27 free cash flow yield of 17%.
For the leasing division, which represents 43% of group FY27 earnings, the broker assumes 12% volume growth supported by the recent EasiFleet acquisition and high EV demand.
The broking and aggregation division is expected to grow total assets financed by 5%, as small-to-medium enterprises rely more heavily on credit during tougher commercial environments.
Overall, the broker concludes the current share price does not yet reflect the significant value created through recent strategic acquisitions, which are projected to drive double-digit earnings growth through FY28.
This report was published on May 6, 2026.
Target price is $2.45 Current Price is $1.54 Difference: $0.91
If COG meets the Shaw and Partners target it will return approximately 59% (excluding dividends, fees and charges).
Current consensus price target is $2.10, suggesting upside of 36.1%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY26:
Shaw and Partners forecasts a full year FY26 dividend of 8.00 cents and EPS of 14.70 cents.
At the last closing share price the estimated dividend yield is 5.19%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.48.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 13.7, implying annual growth of 45.6%.
Current consensus DPS estimate is 7.2, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 11.2.
Forecast for FY27:
Shaw and Partners forecasts a full year FY27 dividend of 9.20 cents and EPS of 17.80 cents.
At the last closing share price the estimated dividend yield is 5.97%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.65.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 14.4, implying annual growth of 5.1%.
Current consensus DPS estimate is 8.3, implying a prospective dividend yield of 5.4%.
Current consensus EPS estimate suggests the PER is 10.7.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CPU COMPUTERSHARE LIMITED
Diversified Financials - Overnight Price: $31.45
Jarden rates ((CPU)) as Neutral (3) -
Jarden retains a Neutral rating for Computershare and lowers the target price to $30.40 from $31.00 following a modestly disappointing second-half trading update.
The broker lifted Margin Income guidance to roughly US$740m on the back of higher client balances reaching US$31.3bn, although average yield expectations remained flat at 2.37% despite higher short-end interest rates.
Stronger Corporate Trust volumes and expanding Employee Share Plans revenues provided some operational offset, but a lack of meaningful near-term upside in Issuer Services signals a delayed revenue benefit from recovering capital markets.
Earnings per share forecasts increase slightly to US146.4c from US146.3c in FY26, to US152.9c from US152.4c in FY27, and to US161.3c from US158.4c in FY28, largely driven by favourable foreign exchange translation assumptions.
The target price reduction reflects updated AUD/USD currency metrics impacting valuation models, keeping the broker cautious amid unresolved structural concerns around tokenisation.
This report was published on May 6, 2026.
Current Price is $31.45. Target price not assessed.
Current consensus price target is $34.84, suggesting upside of 10.7%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 117.90 cents and EPS of 218.70 cents.
At the last closing share price the estimated dividend yield is 3.75%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.38.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 200.0, implying annual growth of N/A.
Current consensus DPS estimate is 116.0, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 15.7.
Forecast for FY27:
Jarden forecasts a full year FY27 dividend of 123.10 cents and EPS of 228.41 cents.
At the last closing share price the estimated dividend yield is 3.91%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.77.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 203.7, implying annual growth of 1.8%.
Current consensus DPS estimate is 115.5, implying a prospective dividend yield of 3.7%.
Current consensus EPS estimate suggests the PER is 15.5.
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
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