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.
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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)
3DA BPT CWY FCL GDG HUB JHX KAR KMD LYC MQG MYE PDN (2) PEN (2) PPL PPS SFR SHV SKC STN STO SYR TAH TCG TLX WGX
3DA AMAERO INC CDI
Industrial Sector Contractors & Engineers - Overnight Price: $0.28
Research as a Service (RaaS) rates ((3DA)) as No Rating (-1) -
Amaero CDI has announced a $6.5m contract with the US Department of War to develop alternative refractory alloy powders. The contract is for 13 months and the program is scheduled for completion in August 2027.
The company expects 40% of the revenue to be recognised in the third and fourth quarters of 2026. The objective is to reduce the cost of refractory alloy powders while also reducing dependency on foreign sources for critical raw materials.
Research as a Service (RaaS) maintains forecasts, preferring to wait for audited accounts to update its modelling. Valuation is unchanged at 68c.
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 24, 2026.
Target price is $0.68 Current Price is $0.28 Difference: $0.405
If 3DA meets the Research as a Service (RaaS) target it will return approximately 147% (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 2.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 9.82.
Forecast for FY27:
Research as a Service (RaaS) forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 2.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 11.46.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
BPT BEACH ENERGY LIMITED
Crude Oil - Overnight Price: $0.91
Jarden rates ((BPT)) as Underweight (4) -
Jarden maintains an Underweight rating for Beach Energy with its target price reduced to $0.76 from $0.79 following a June quarter operational update impacted by ongoing teething issues at the Waitsia gas project.
An upward adjustment to the condensate conversion factor enabled the group to deliver production at the lower end of revised guidance.
Net debt performance beat expectations due to delayed restoration expenditure alongside restructured joint venture LNG balancing arrangements with Mitsui.
Scheduled maintenance at Waitsia during September delays evaluation of sustained nameplate production capacity until the December quarter.
The analyst expects an upcoming capital management framework review in August to pivot priority away from dividend distributions towards growth funding.
This report was published on July 23, 2026.
Target price is $0.76 Current Price is $0.91 Difference: minus $0.145 (current price is over target).
If BPT meets the Jarden target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $0.88, suggesting downside of -2.8%(ex-dividends)
Forecast for FY26:
Current consensus EPS estimate is 14.4, implying annual growth of N/A.
Current consensus DPS estimate is 2.8, implying a prospective dividend yield of 3.1%.
Current consensus EPS estimate suggests the PER is 6.3.
Forecast for FY27:
Current consensus EPS estimate is 16.0, implying annual growth of 11.1%.
Current consensus DPS estimate is 4.7, implying a prospective dividend yield of 5.2%.
Current consensus EPS estimate suggests the PER is 5.7.
Market Sentiment: -0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CWY CLEANAWAY WASTE MANAGEMENT LIMITED
Industrial Sector Contractors & Engineers - Overnight Price: $2.36
Jarden rates ((CWY)) as Buy (1) -
Jarden maintains a Buy rating for Cleanaway Waste Management with its target price increased to $3.25 from $3.10 following updated FY26 underlying EBIT guidance of $470m.
The revised underlying EBIT guidance falls at the mid-point of the company's $460m to $480m target range provided in April and sits slightly above market consensus forecasts of $467m.
While the updated operational guidance largely de-risks FY26 earnings expectations, the analyst notes ongoing investor focus surrounding overall earnings quality and the utilisation of non-recurring adjustments.
Commentary highlights demonstrating sustained improvement in free cash flow generation remains a critical secondary focus area for market participants.
Rolling forward the valuation model underpins the upgraded price target.
This report was published on July 23, 2026.
Target price is $3.25 Current Price is $2.36 Difference: $0.89
If CWY meets the Jarden target it will return approximately 38% (excluding dividends, fees and charges).
Current consensus price target is $2.95, suggesting upside of 25.1%(ex-dividends)
Forecast for FY26:
Current consensus EPS estimate is 10.1, implying annual growth of 43.7%.
Current consensus DPS estimate is 6.8, implying a prospective dividend yield of 2.9%.
Current consensus EPS estimate suggests the PER is 23.4.
Forecast for FY27:
Current consensus EPS estimate is 12.1, implying annual growth of 19.8%.
Current consensus DPS estimate is 8.2, implying a prospective dividend yield of 3.5%.
Current consensus EPS estimate suggests the PER is 19.5.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
FCL FINEOS CORPORATION HOLDINGS PLC
Cloud services - Overnight Price: $1.80
Moelis rates ((FCL)) as Buy (1) -
Moelis maintains its Buy rating for Fineos Corp with its target price unchanged at $3.20.
First-half free cash flow reached EUR9.9m, while full-year revenue guidance was reaffirmed between EUR147m and EUR152m.
Foreign exchange headwinds in the first half are expected to ease in the second half of 2026, assuming exchange rate stability.
The analyst considers recent share price weakness inconsistent with solid strategic progress, highlighting expanding recurring subscription revenues and key software implementations.
Modest downward adjustments were made to FY26 and FY27 earnings estimates due to higher capitalised R&D expenses and working capital adjustments.
This report was published on July 23, 2026.
Target price is $3.20 Current Price is $1.80 Difference: $1.395
If FCL meets the Moelis target it will return approximately 77% (excluding dividends, fees and charges).
The company's fiscal year ends in December.
Forecast for FY26:
Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 2.73 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 66.12.
Forecast for FY27:
Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 3.24 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 55.68.
This company reports in EUR. All estimates have been converted into AUD by FNArena at present FX values.
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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