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)
AZY BTL (2) BVS KCN (2) LMG MYG OBM PNR RXL STM YRL
BVS BRAVURA SOLUTIONS LIMITED
Wealth Management & Investments - Overnight Price: $2.40
Canaccord Genuity rates ((BVS)) as Buy (1) -
Canaccord Genuity maintains a Buy rating for Bravura Solutions with its target price increased to $3.05.
The analyst highlights that cost management is the primary driver of the current earnings upgrade cycle, with improved efficiency expectations now expected to be recognised over 2H26 across both staff and general administrative expenses.
While revenue guidance was reiterated at $280m to $285m, Canaccord comments the earnings run-rate remains strong entering FY27.
Management sees the business benefiting from recent client wins and partnerships, including the M&G Wealth retention, as it positions itself to annualise cost benefits through FY27.
The analyst notes limited material new project assumptions in current forecasts, suggesting potential upside exists if client activity exceeds current expectations.
This report was published on July 13, 2026.
Target price is $3.05 Current Price is $2.40 Difference: $0.65
If BVS meets the Canaccord Genuity target it will return approximately 27% (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
KCN KINGSGATE CONSOLIDATED LIMITED
Gold & Silver - Overnight Price: $3.65
Canaccord Genuity rates ((KCN)) as Buy (1) -
Canaccord Genuity maintains a Buy rating for Kingsgate Consolidated while lowering its target price to $8.10 from $8.35.
Operations at the Chatree Gold Mine have been interrupted by a ball mill trunnion bearing failure at Plant 1, leading to a controlled shutdown of that facility.
While Plant 2 remains fully operational, the analyst assumes Plant 1 will be offline for 3 months, resulting in a -10% reduction to forecast FY27 gold production to 94koz.
The company achieved FY26 guidance at the lower end with 86koz, although preliminary production for the June quarter was slightly below expectations.
The analyst views the current sell-off as a buying opportunity given healthy operating margins, prospective free cash flow, and potential value from a Nueva Esperanza spin-out.
This report was published on July 13, 2026.
Target price is $8.10 Current Price is $3.65 Difference: $4.45
If KCN meets the Canaccord Genuity target it will return approximately 122% (excluding dividends, fees and charges).
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Moelis rates ((KCN)) as Hold (3) -
Moelis maintains a Hold rating for Kingsgate Consolidated with a $6.45 target price following preliminary production figures for the June quarter.
The analyst notes production came in below expectations at 20.2koz of gold and 220koz of silver due to a ball mill trunnion bearing failure which forced a controlled shutdown of Plant 1 at the Chatree Gold Mine.
Despite mechanical headwinds, the company achieved FY26 guidance at the lower end by producing 86.1koz of gold.
The investment thesis suggests near-term upside may remain capped until management provides further clarity regarding the Plant 1 disruption, cash reconciliations, and FY27 guidance.
This report was published on July 13, 2026.
Target price is $6.45 Current Price is $3.65 Difference: $2.8
If KCN meets the Moelis target it will return approximately 77% (excluding dividends, fees and charges).
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
LMG LATROBE MAGNESIUM LIMITED
Industrial Metals - Overnight Price: $0.01
Shaw and Partners rates ((LMG)) as Buy (1) -
Shaw and Partners maintains a Buy rating for Latrobe Magnesium with a $0.06 target price following the execution of a binding placement agreement with critical minerals investor Long State Investment.
The structured equity package secures up to $16m in total funding distributed across four discrete stages to deliver a capital solution during a vital development phase.
Initial tranches will be deployed directly to fund commissioning milestones for the magnesium metal circuit, with subsequent options drawable at company discretion to expand the demonstration plant footprint.
The analyst indicates that the complex transaction framework provides near-term cash security while shielding against single-day market volatility through long-dated volume-weighted price structures.
The report highlights the producer's advanced technical positioning as it edges toward becoming one of the sole operating magnesium metal extraction hubs situated outside of major non-Western manufacturing jurisdictions.
This report was published on July 14, 2026.
Target price is $0.06 Current Price is $0.01 Difference: $0.045
If LMG meets the Shaw and Partners target it will return approximately 300% (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 0.00 cents.
Forecast for FY27:
Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of 0.00 cents.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three source
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