Daily Market Reports | 10:30 AM
An additional news report on the recommendation, valuation, forecast and opinion changes and updates for ASX-listed equities.
By Rudi Filapek-Vandyck, Editor
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)
AAR AL3 ALK BGL BM1 BMN CCR CNB FDC HGO MYR PLT PNI SNL
AAR ASTRAL RESOURCES NL
Gold & Silver - Overnight Price: $0.13
Shaw and Partners rates ((AAR)) as Buy (1) -
Shaw and Partners maintains a Buy rating for Astral Resources with its target price reduced to $0.30 from $0.45 following the release of the June quarter activities report.
An updated mineral resource estimate for the Mandilla gold project lifted total resources to 53.5mt at 1.0g/t gold for 1.74moz, underpinned by the cornerstone Theia deposit.
Deep drilling at Theia confirmed mineralisation extending up to 350m below the base of the planned pit shell, while technical workstreams advance the Definitive Feasibility Study towards target completion in Q1 2027.
Land access and approval pathways were simplified via the $850,000 acquisition of the nearby Mandilla Homestead, leaving a cash balance of $65m as at 30 June.
The analyst notes the target price adjustment reflects lower near-term gold price assumptions, maintaining conviction in the project's development potential.
This report was published on July 28, 2026.
Target price is $0.30 Current Price is $0.13 Difference: $0.17
If AAR meets the Shaw and Partners target it will return approximately 131% (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 minus 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 130.00.
Forecast for FY27:
Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 0.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 43.33.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
AL3 AML3D LIMITED
Commercial Services & Supplies - Overnight Price: $0.10
Shaw and Partners rates ((AL3)) as Buy (1) -
Shaw and Partners maintains a Buy rating for AML3D with its target price reduced to $0.30 from $0.40 following the June quarter Appendix 4C update.
FY26 customer receipts reached $10m, representing a 197% increase on the prior corresponding period, while operating cash flow approached break-even in the June quarter.
Open FY27 orders stand at $16.8m within a global sales pipeline of $78m, supported by expanding wire additive manufacturing contracts across US, UK, and Australian naval defence sectors.
The analyst adopts more conservative revenue assumptions, lowering FY27 revenue forecasts to $19.6m as the $9.9m Newport News contract is structured as a lease recognised over two years through FY29.
Discounted cash flow valuation models now project $100m in revenue by FY32, while US reshoring initiatives and key partnerships with Boeing and the US Navy position the business for long-term growth.
This report was published on July 28, 2026.
Target price is $0.30 Current Price is $0.10 Difference: $0.195
If AL3 meets the Shaw and Partners target it will return approximately 186% (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 minus 1.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 8.75.
Forecast for FY27:
Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 0.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 17.50.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
ALK ALKANE RESOURCES LIMITED
Gold & Silver - Overnight Price: $1.30
Moelis rates ((ALK)) as Buy (1) -
Moelis maintains a Buy rating for Alkane Resources with its target price reduced to $1.70 from $2.20 following the June quarter production report detailing a $104m quarterly cash build to $432m.
Fourth-quarter gold-equivalent production reached 42.5koz at an all-in sustaining cost of $3,011/oz, supported by a $20m security bond refund and lower capital outlays.
Management outlined a flat FY27 production outlook alongside elevated capital expenditure forecasts of $343m for FY27 and $186m for FY28.
The analyst reduces the valuation multiple to 5.0x adjusted cash flow reflecting a diminished free cash flow outlook, while incorporating a 2.0c per share annual dividend.
Sound valuation support underpins the rating despite clearer growth catalysts identified across alternative gold coverage.
This report was published on July 28, 2026.
Target price is $1.70 Current Price is $1.30 Difference: $0.395
If ALK meets the Moelis target it will return approximately 30% (excluding dividends, fees and charges).
Current consensus price target is $1.90, suggesting upside of 45.0%(ex-dividends)
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 19.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.87.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 18.4, implying annual growth of 237.0%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 7.1.
Forecast for FY27:
Moelis forecasts a full year FY27 dividend of 2.00 cents and EPS of 20.60 cents.
At the last closing share price the estimated dividend yield is 1.53%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.33.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 22.9, implying annual growth of 24.5%.
Current consensus DPS estimate is 1.3, implying a prospective dividend yield of 1.0%.
Current consensus EPS estimate suggests the PER is 5.7.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
BGL BELLEVUE GOLD LIMITED
Gold & Silver - Overnight Price: $1.34
Moelis rates ((BGL)) as Buy (1) -
Moelis maintains a Buy rating for Bellevue Gold with a $2.10 target price following the release of June quarter 2026 results.
Fourth-quarter gold production reached 41.4koz, taking FY26 total production to 143.5koz, which sits well within full-year guidance of 130-150koz.
FY27 guidance is set at 150-170koz at AISC of $2,800-$3,100/oz, higher than prior estimates due to growth capital reallocations into sustaining capital.
The analyst notes surface stockpiles provide operational contingency during the ongoing contractor transition, while the balance sheet remains strong with $204.0m in cash and bullion.
With hedge obligations set to conclude by the end of 2026, the analyst views the company as increasingly well-positioned for cash flow generation.
This report was published on July 28, 2026.
Target price is $2.10 Current Price is $1.34 Difference: $0.755
If BGL meets the Moelis target it will return approximately 56% (excluding dividends, fees and charges).
Current consensus price target is $1.87, suggesting upside of 38.3%(ex-dividends)
Forecast for FY26:
Current consensus EPS estimate is -0.1, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A.
Forecast for FY27:
Current consensus EPS estimate is 22.8, implying annual growth of N/A.
Current consensus DPS estimate is 3.0, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 5.9.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three source
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