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
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The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)
AIA ALQ AQI BXB EBR ELD GGP GNP GTK IMR NEU OBM (2) ORE SDR SX2 SYL TNE TOR
SX2 SOUTHERN CROSS GOLD CONSOLIDATED LIMITED CHEES DEPOSITORY INTEREST REPR 1
Gold & Silver - Overnight Price: $9.45
Shaw and Partners rates ((SX2)) as Buy (1) -
Shaw and Partners retains a Buy rating for Southern Cross Gold with its price target increased to $14.40 from $6.03 following the transfer of company coverage to a new senior analyst.
Valuation methodologies have shifted to a discounted cash flow approach, which, commentary suggests, highlights substantial project upside potential at the flagship Sunday Creek asset.
Ongoing drilling results and geological extension potential could extend the overall mine life or facilitate a larger mining capacity.
Exceptional site grades averaging 9g/t gold equivalent are expected to supercharge future project expansion returns.
Earnings per share projections are revised to -0.6c for FY26 and -0.2c for FY27, with a maiden mineral resource estimate anticipated in early 2027.
This report was published on May 19, 2026.
Target price is $14.40 Current Price is $9.45 Difference: $4.95
If SX2 meets the Shaw and Partners target it will return approximately 52% (excluding dividends, fees and charges).
The company's fiscal year ends in May.
Forecast for FY26:
Shaw and Partners forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 1575.00.
Forecast for FY27:
Shaw and Partners forecasts a full year FY27 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 4725.00.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
SYL SYMAL GROUP LIMITED
Industrial Sector Contractors & Engineers - Overnight Price: $2.46
Canaccord Genuity rates ((SYL)) as Buy (1) -
Canaccord Genuity retains a Buy rating for Symal Group with an unchanged target price of $3.50 following a detailed investor day.
The broker reports management demonstrated a proactive pivot away from slowing Victorian government infrastructure spending toward structural growth anchors including data centres, defence, and the energy transition.
The interstate opportunity pipeline builds significantly toward calendar year 2027, driven by a $30bn defence package in South Australia and Olympics-related infrastructure procurement in Queensland.
Emerging in-house electrical capabilities through the Searo division are expected to deepen customer wallet share across a $122bn grid-scale renewable investment market.
Canaccord Genuity concludes the valuation remains compelling at 6.5x FY27 enterprise value to earnings ratios against a median industry multiple of 10x.
This report was published on May 20, 2026.
Target price is $3.50 Current Price is $2.46 Difference: $1.04
If SYL meets the Canaccord Genuity target it will return approximately 42% (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 8.50 cents and EPS of 21.10 cents.
At the last closing share price the estimated dividend yield is 3.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.66.
Forecast for FY27:
Canaccord Genuity forecasts a full year FY27 dividend of 9.40 cents and EPS of 23.10 cents.
At the last closing share price the estimated dividend yield is 3.82%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.65.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
TNE TECHNOLOGY ONE LIMITED
IT & Support - Overnight Price: $29.84
Jarden rates ((TNE)) as Upgrade to Overweight from Neutral (2) -
Jarden upgrades TechnologyOne to an Overweight rating from Neutral with its target price increased to $31.00 from $30.00 following the release of half-year results.
First-half revenue grew 12% to $318m, missing consensus estimates by -4% due to the timing of contract wins.
Earnings before interest, tax, depreciation and amortisation met expectations, rising 12% to $131m, alongside a 9% increase in profit before tax to $89m.
Full-year guidance was maintained in anticipation of a strong second-half skew, leaving FY26 earnings per share estimates virtually unchanged.
The broker expects profit before tax growth could accelerate from the guided 18% to 20% range in FY26 to approximately 30% in FY27, underpinning the rating upgrade.
This report was published on May 20, 2026.
Target price is $31.00 Current Price is $29.84 Difference: $1.16
If TNE meets the Jarden target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $31.46, suggesting upside of 5.4%(ex-dividends)
Forecast for FY26:
Current consensus EPS estimate is 49.8, implying annual growth of 18.2%.
Current consensus DPS estimate is 33.6, implying a prospective dividend yield of 1.1%.
Current consensus EPS estimate suggests the PER is 59.9.
Forecast for FY27:
Current consensus EPS estimate is 59.5, implying annual growth of 19.5%.
Current consensus DPS estimate is 39.3, implying a prospective dividend yield of 1.3%.
Current consensus EPS estimate suggests the PER is 50.2.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
TOR TORQUE METALS LIMITED
Gold & Silver - Overnight Price: $0.35
Canaccord Genuity rates ((TOR)) as Speculative Buy (1) -
Canaccord Genuity maintains a Speculative Buy rating for Torque Metals with a target price of $0.55 following an update on the Paris Gold Project.
Drilling at the Paris deposit returned multiple high-grade intercepts, confirming the down-plunge extension of the multi-lode gold system up to 350m beyond the current resource boundary.
Commentary suggests shallow drill results at the Strauss prospect highlight accelerating exploration momentum along the associated fault line.
The broker anticipates a material increase in resource scale and confidence in the upcoming mineral resource estimate, targeting an expansion toward 500koz.
Canaccord concludes Torque Metals' valuation remains anchored to a median enterprise value per resource metric, with ongoing geological studies supported by a newly integrated management team.
This report was published on May 18, 2026.
Target price is $0.55 Current Price is $0.35 Difference: $0.195
If TOR meets the Canaccord Genuity target it will return approximately 55% (excluding dividends, fees and charges).
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Disclaimer:
The content of this information does in no way reflect the opinions of FNArena, or of its journalists. In fact we don't have any opinion about the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe and comment on. By doing so we believe we provide experienced, intelligent investors with a valuable tool that helps them in making up their own minds, reading market trends and getting a feel for what is happening beneath the surface.
This document is provided for informational purposes only. It does not constitute an offer to sell or a solicitation to buy any security or other financial instrument. FNArena employs very experienced journalists who base their work on information believed to be reliable and accurate, though no guarantee is given that the daily report is accurate or complete. Investors should contact their personal adviser before making any investment decision.