Daily Market Reports | 10:30 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)
A1M (2) ACW AMI BCI BNZ CAT CUP HGO HZR MRT RMD RRL VYS
A1M AIC MINES LIMITED
Gold & Silver - Overnight Price: $0.66
Moelis rates ((A1M)) as Buy (1) -
Moelis maintains a Buy rating for AIC Mines with its target price reduced to $0.77 from $0.88 following weaker fourth-quarter production and an updated three-year operational outlook.
June quarter copper output of 3.1kt and gold production of 1.7koz missed estimates on lower head grades and throughput, driving all-in sustaining costs up to $6.15/lb.
Management released FY27 copper production guidance of 17.5kt to 18.5kt alongside longer-term targets reaching 25kt to 27kt in FY29 as the 1.5Mtpa processing plant expansion is pulled forward.
Higher near-term operating costs are highlighted whilst sustaining capital expenditure weighs on near-term cash flow projections, prompting the target price reduction.
The report concludes long-term growth optionality remains strong as higher copper prices enable accelerated underground development and plant capacity expansions.
This report was published on July 21, 2026.
Target price is $0.77 Current Price is $0.66 Difference: $0.11
If A1M meets the Moelis target it will return approximately 17% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY26:
Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 5.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.45.
Forecast for FY27:
Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 8.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.86.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Shaw and Partners rates ((A1M)) as Buy (1) -
Shaw and Partners maintains a Buy rating for AIC Mines with a $1.10 target price following the release of three-year operational targets for the combined Eloise-Jericho asset.
Management confirmed an acceleration of the Stage 2 Eloise processing plant expansion to 1.5mtpa by two years to the December quarter of 2028, with the modest $15m capital expenditure funded via internal cash flow.
Production guidance for FY27 and FY28 aligns with existing expectations, while FY29 projections sit materially ahead as Jericho becomes the majority tonnage source.
The analyst notes an expanded prepayment facility with Trafigura provides an additional US$20m undrawn buffer during mill commissioning.
Forecasts and valuation metrics remain in place ahead of full FY26 financial results, with self-funded volume expansion underpinning the long-term thesis.
This report was published on July 21, 2026.
Target price is $1.10 Current Price is $0.66 Difference: $0.44
If A1M meets the Shaw and Partners target it will return approximately 67% (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 8.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.15.
Forecast for FY27:
Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of 14.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.62.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
ACW ACTINOGEN MEDICAL LIMITED
Pharmaceuticals & Biotech/Lifesciences - Overnight Price: $0.04
Canaccord Genuity rates ((ACW)) as Speculative Buy (1) -
Canaccord Genuity maintains a Speculative Buy rating for Actinogen Medical with a $0.08 target price following the publication of results from the Phase 2 proof-of-concept XanaCIDD trial evaluating Xanamem in depression.
Whilst the trial missed its primary cognitive endpoint amid an unexpectedly large placebo response, daily 10mg doses of Xanamem proved well-tolerated and demonstrated a positive delayed effect on mood for patients with persistent depression.
The analyst views this delayed antidepressant signal as a compelling finding worth developing in a larger, mood-focused trial designed to adequately control for placebo effects.
Furthermore, cognitive impairment in depressed patients stems from various non-neurodegenerative factors, indicating the recent trial outcome should not be over-extrapolated to the ongoing XanaMIA Phase 2b/3 Alzheimer's disease trial.
Top-line results for the biomarker-enriched XanaMIA study are anticipated in November 2026.
This report was published on July 21, 2026.
Target price is $0.08 Current Price is $0.04 Difference: $0.039
If ACW meets the Canaccord Genuity target it will return approximately 95% (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 0.00 cents.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
AMI AURELIA METALS LIMITED
Gold & Silver - Overnight Price: $0.33
Moelis rates ((AMI)) as Buy (1) -
Moelis maintains a Buy rating for Aurelia Metals with its target price increased to $0.45 from $0.43 following solid June quarter production performance and higher cash generation.
Fourth quarter gold production reached 15.4koz, comfortably beating expectations, alongside copper output of 1.0kt.
Operating cash flow improved to $53.1m for the quarter, lifting closing cash balances to $143.9m despite an uptick in operating costs.
The analyst attributes the target price increase primarily to model roll-forward benefits and an improved balance sheet position.
Long-term growth projects remain on track to expand overall volume output and pivot operations toward copper production.
This report was published on July 21, 2026.
Target price is $0.45 Current Price is $0.33 Difference: $0.12
If AMI meets the Moelis target it will return approximately 36% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY26:
Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 4.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.02.
Forecast for FY27:
Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 5.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.35.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
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