Daily Market Reports | 10:45 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 AKA AWJ AZY BET BTL GMD ILA MM1 NWL (2) SNT SNZ TLS TOR WAF
A2M A2 MILK COMPANY LIMITED
Dairy - Overnight Price: $7.22
Jarden rates ((A2M)) as Neutral (3) -
Jarden maintains a Neutral rating for a2 Milk Co with its target price increased to NZ$9.55 from NZ$7.36 following an updated corporate supply chain and trading update.
Group operating revenue reached NZ$1.97bn with an EBITDA margin landing at the upper end of guidance at 14% to 14.5%, alongside a stronger-than-projected cash conversion rate of 70%.
The analyst notes China label infant milk formula sales decreased 14% on the prior corresponding period due to temporary customs and freight backlogs, whereas English label alternatives performed strongly.
In-market product delivery flows have now substantially improved with distributor inventory levels successfully returning to target baselines.
Commentary points out rebuilding regional sales momentum through targeted new user recruitment initiatives remains the core near-term focus before execution shifts to own manufacture at Pokeno.
This report was published on July 7, 2026.
Current Price is $7.22. Target price not assessed.
Current consensus price target is $7.94, suggesting upside of 10.0%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 18.90 cents and EPS of 24.40 cents.
At the last closing share price the estimated dividend yield is 2.62%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.59.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 23.3, implying annual growth of N/A.
Current consensus DPS estimate is 42.5, implying a prospective dividend yield of 5.9%.
Current consensus EPS estimate suggests the PER is 31.0.
Forecast for FY27:
Jarden forecasts a full year FY27 dividend of 57.82 cents and EPS of 26.98 cents.
At the last closing share price the estimated dividend yield is 8.01%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.76.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 26.7, implying annual growth of 14.6%.
Current consensus DPS estimate is 20.9, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 27.0.
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
AWJ AURIC MINING LIMITED
Gold & Silver - Overnight Price: $0.23
Research as a Service (RaaS) rates ((AWJ)) as No Rating (-1) -
Research as a Service (RaaS) initiates coverage of Auric Mining, which is considered well positioned to transition from campaign mining to a standalone gold producer. This follows the acquisition of the Burbanks project in 2025.
The analyst expects Burbanks to become a central processing hub from 2028, supported by ore from its key gold projects in Western Australia Munda and Lindsay's, with forecast production of 25kozpa–30kozpa.
It is noted Auric held approximately $42m in net cash at March 2026, providing funding for exploration, acquisitions, further toll treatment campaigns and a meaningful contribution towards Burbanks' redevelopment.
Research as a Service values the shares at $0.499 on a fully diluted sum-of-the-parts basis.
RaaS research doesn't carry any targets, ratings or recommendations. Investors can draw conclusions from valuations and commentary.
This report was published on July 7, 2026.
Target price is $0.50 Current Price is $0.23 Difference: $0.269
If AWJ meets the Research as a Service (RaaS) target it will return approximately 117% (excluding dividends, fees and charges).
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
AZY ANTIPA MINERALS LIMITED
Mining - Overnight Price: $0.58
Canaccord Genuity rates ((AZY)) as Speculative Buy (1) -
Canaccord Genuity maintains a Speculative Buy rating for Antipa Minerals with a $1.00 target price following positive metallurgical testwork outcomes from the Minyari dome.
Recent data confirm a conventional gold CIL processing route while proving the viability of generating a commercial-grade copper concentrate via flotation.
The analyst highlights gold recoveries reached up to 98% with rapid leach kinetics, while primary sulphide testwork successfully produced a copper concentrate grading 22% copper with low arsenic impurities.
Incorporated steeper pit slope assumptions further support deeper open-pit mining potential, which may optimise project economics by reducing strip ratios and lowering reliance on complex underground operations.
Proximity to established regional infrastructure, including the nearby Telfer operation, provides additional strategic flexibility and highlights the asset's broader relevance across the Paterson district, the broker points out.
This report was published on July 8, 2026.
Target price is $1.00 Current Price is $0.58 Difference: $0.42
If AZY meets the Canaccord Genuity target it will return approximately 72% (excluding dividends, fees and charges).
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
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