Daily Market Reports | 11:00 AM
An additional news report on the recommendation, valuation, forecast and opinion changes and updates for ASX-listed equities.
By Rudi Filapek-Vandyck
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)
3DA ADH (2) BVS BWN CMA COG CVV CWP DPM DUR EDV EVT JIN LGP LNW MAF MSB ORE PC2 PNR RMD SK1 SLX USL VMM
3DA AMAERO INC CDI
Industrial Sector Contractors & Engineers - Overnight Price: $0.32
Research as a Service (RaaS) rates ((3DA)) as No Rating (-1) -
Research as a Service (RaaS) notes Amaero CDI has resumed titanium powder production following a six-week shutdown caused by safety incidents. There were no customer order cancellations or employee departures during the pause.
The analyst also highlights a new US$344,000 production contract from Bechtel Plant Machinery to manufacture piping for the US submarine industrial base.
FY27 and FY28 revenue forecasts are reduced and earnings (EBITDA) loss estimates increased to reflect a more gradual production ramp-up. The valuation is lowered to $0.68 from $0.72 after reducing its discount rate.
Research as a Service doesn't carry any ratings or targets. Investors can draw conclusions from valuations and commentary.
This report was published on July 10, 2026.
Target price is $0.68 Current Price is $0.32 Difference: $0.365
If 3DA meets the Research as a Service (RaaS) target it will return approximately 116% (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 2.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 10.86.
Forecast for FY27:
Research as a Service (RaaS) forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 1.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 18.53.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
ADH ADAIRS LIMITED
Furniture & Renovation - Overnight Price: $1.49
Canaccord Genuity rates ((ADH)) as Buy (1) -
Canaccord Genuity maintains a Buy rating for Adairs with its target price increased to $2.20 following a strong preliminary trading update.
The analyst notes positive momentum across the core Adairs and Mocka brands, which combined to deliver 17% underlying EBIT growth over the previous year despite highly promotional consumer environments.
Both divisions achieved 70 to 80 basis points of EBIT margin expansion, further supported by improved inventory controls and a -$15m reduction in group net debt.
The solid operational execution provides an effective offset to the underperforming Focus on Furniture division, which suffered a -68.3% collapse in underlying EBIT alongside a -$62m to -$68m non-cash goodwill impairment.
The investment thesis remains anchored to undemanding forward valuation multiples and ongoing margin recovery heading into FY27.
This report was published on July 10, 2026.
Target price is $2.20 Current Price is $1.49 Difference: $0.71
If ADH meets the Canaccord Genuity target it will return approximately 48% (excluding dividends, fees and charges).
Current consensus price target is $1.56, suggesting upside of 4.9%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY26:
Canaccord Genuity forecasts a full year FY26 EPS of 18.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.10.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 17.4, implying annual growth of 19.1%.
Current consensus DPS estimate is 10.0, implying a prospective dividend yield of 6.7%.
Current consensus EPS estimate suggests the PER is 8.6.
Forecast for FY27:
Canaccord Genuity forecasts a full year FY27 EPS of 21.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.10.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 18.9, implying annual growth of 8.6%.
Current consensus DPS estimate is 11.0, implying a prospective dividend yield of 7.4%.
Current consensus EPS estimate suggests the PER is 7.9.
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Jarden rates ((ADH)) as Overweight (2) -
Jarden maintains an Overweight rating for Adairs with a $1.90 target price following a recent trading and earnings update.
The analyst highlights better sales and margins within the core Adairs brand, offsetting a second-half EBIT loss of -$2m in the underperforming Focus division.
Group revenue growth slowed to approximately 0% during the March-to-June period compared to a 6% increase across January and February.
Profitability into FY27 is expected to face macroeconomic headwinds, though gross margin expansion and the exit of loss-making New Zealand operations provide structural tailwinds, commentary suggests.
The investment thesis centres on attractive valuation entry points at the bottom of the consumer cycle.
This report was published on July 8, 2026.
Target price is $1.90 Current Price is $1.49 Difference: $0.41
If ADH meets the Jarden target it will return approximately 28% (excluding dividends, fees and charges).
Current consensus price target is $1.56, suggesting upside of 4.9%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 9.40 cents and EPS of 19.10 cents.
At the last closing share price the estimated dividend yield is 6.31%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.80.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 17.4, implying annual growth of 19.1%.
Current consensus DPS estimate is 10.0, implying a prospective dividend yield of 6.7%.
Current consensus EPS estimate suggests the PER is 8.6.
Forecast for FY27:
Jarden forecasts a full year FY27 dividend of 9.70 cents and EPS of 16.00 cents.
At the last closing share price the estimated dividend yield is 6.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.31.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 18.9, implying annual growth of 8.6%.
Current consensus DPS estimate is 11.0, implying a prospective dividend yield of 7.4%.
Current consensus EPS estimate suggests the PER is 7.9.
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
BVS BRAVURA SOLUTIONS LIMITED
Wealth Management & Investments - Overnight Price: $2.36
Canaccord Genuity rates ((BVS)) as Buy (1) -
Canaccord Genuity maintains a Buy rating for Bravura Solutions with a $2.73 target price following an upgraded cash EBITDA expectation to $77m for FY26 from prior guidance of $69m to $73m.
Revenue guidance of $280m to $285m is reiterated, and the analyst notes the upgrade is driven by improved cost management and tightly managed headcount rather than capex deferrals.
Based on an additional $8m of 2H26 EBITDA, projected FY26 NPAT reaches $55m to $57m.
Commentary concludes strict cost control positions the company well entering FY27 despite prospective lower project revenue following completion of super fund mergers.
This report was published on July 9, 2026.
Target price is $2.73 Current Price is $2.36 Difference: $0.37
If BVS meets the Canaccord Genuity target it will return approximately 16% (excluding dividends, fees and charges).
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
BWN BHAGWAN MARINE LIMITED
Industrial Sector Contractors & Engineers - Overnight Price: $0.32
Shaw and Partners rates ((BWN)) as Buy (1) -
Shaw and Partners maintains a Buy rating for Bhagwan Marine with a $0.60 target price following a site visit to the company's Queensland operations.
Management hosted investors at two core Brisbane River facilities, highlighting strong market positions across both the industrial sands and marine solutions divisions.
The report points out the industrial sands business is the largest construction sand supplier within 30km of the Brisbane central business district, benefiting from a substantial resource life estimated at 100 years.
Synergies between the operations provide opportunities to expand distribution capabilities along the East Coast utilising the largest diverse marine fleet nationwide.
The analyst highlights unique asset moats, rational industry pricing, and long-term volume exposure linked to infrastructure spending as key positive drivers.
This report was published on July 9, 2026.
Target price is $0.60 Current Price is $0.32 Difference: $0.285
If BWN meets the Shaw and Partners target it will return approximately 90% (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 1.00 cents and EPS of 1.40 cents.
At the last closing share price the estimated dividend yield is 3.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.50.
Forecast for FY27:
Shaw and Partners forecasts a full year FY27 dividend of 1.50 cents and EPS of 3.60 cents.
At the last closing share price the estimated dividend yield is 4.76%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.75.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
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