Daily Market Reports | 10:57 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)
A4N AEU AUE BGL BM1 BMN BOT BPT BTL CAT DUR EOS GGP GMD HGO HUB IGO LAM LGI LMG LYC MLX MXI PC2 PEN PPS PSC RHC RRL SFR SS1 STN SX2 TCG VAU WGX WZR
A4N ALPHA HPA LIMITED
Aluminium, Bauxite & Alumina - Overnight Price: $0.50
Canaccord Genuity rates ((A4N)) as Speculative Buy (1) -
Canaccord Genuity maintains a Speculative Buy rating for Alpha HPA with a $1.20 target price following a fourth-quarter update confirming Stage 2 construction and capital expenditure guidance remain on track at $699m.
Stage 2 nameplate capacity increased 17% to 12,230tpa based on Stage 1 performance, driving a 14% lift in steady-state revenue.
Non-binding letters of intent now exceed 12,000 tonnes as semiconductor demand accelerates, lifting long-term steady-state FY32 EBITDA forecasts 13% to $314m.
The analyst views debt accessibility and unchanged capex guidance as key catalysts reducing market concerns while providing operating leverage at full plant run rate.
This report was published on July 23, 2026.
Target price is $1.20 Current Price is $0.50 Difference: $0.7
If A4N meets the Canaccord Genuity target it will return approximately 140% (excluding dividends, fees and charges).
Current consensus price target is $1.15, suggesting upside of 130.0%(ex-dividends)
Forecast for FY26:
Current consensus EPS estimate is -4.3, 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 1.7, 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 29.4.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
AEU ATOMIC EAGLE LIMITED
Uranium - Overnight Price: $0.40
Shaw and Partners rates ((AEU)) as Buy (1) -
Shaw and Partners maintains a Buy rating for Atomic Eagle with a $1.70 target price following the release of the June quarter 2026 operational update.
The report observes encouraging early exploration results reported at the flagship Muntanga uranium project in Zambia, where a 30,000m drilling campaign aims to double the existing 58.8mlb resource base to support an expanded 4-5mlbpa development scenario.
Environmental and social impact approvals for Muntanga were secured during the period, significantly de-risking the project development pathway post-exploration.
Commentary also highlights discussions with the government of Niger regarding a new mining convention for the Madaouela uranium project progressed constructively, offering material upside option value beyond current zero valuation assumptions.
The analyst bases the valuation on a discounted cash flow model for Muntanga, highlighting substantial scale potential across the Zambian tenure.
This report was published on July 29, 2026.
Target price is $1.70 Current Price is $0.40 Difference: $1.3
If AEU meets the Shaw and Partners target it will return approximately 325% (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 3.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 10.26.
Forecast for FY27:
Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 4.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 10.00.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
AUE AURUM RESOURCES LIMITED
Gold & Silver - Overnight Price: $0.46
Canaccord Genuity rates ((AUE)) as Speculative Buy (1) -
Canaccord Genuity maintains a Speculative Buy rating for Aurum Resources with a $1.40 target price following encouraging final drilling results from the BDT2 deposit at the Boundiali gold project in Cote d'Ivoire.
Infill and step-out drilling intersected deeper high-grade intercepts, including 6.54m at 13.36g/t gold from 272m, extending mineralisation beyond current resource limits ahead of an update scheduled for the September quarter of 2026.
Although BDT2 represents 32% of total mine inventory tonnes, it currently carries the lowest grade in the mine plan at 0.6g/t gold compared to the overall reserve average of 0.9g/t gold.
Commentary points out that incorporating recent higher-grade intercepts offers potential to deliver a disproportionate uplift to overall project grade and contained ounces.
The analyst considers the ongoing exploration success crucial for enhancing project economics ahead of a Definitive Feasibility Study scheduled for late 2026, which remains fully funded by $55m in cash reserves.
This report was published on July 29, 2026.
Target price is $1.40 Current Price is $0.46 Difference: $0.945
If AUE meets the Canaccord Genuity target it will return approximately 208% (excluding dividends, fees and charges).
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: $1.26
Jarden rates ((BGL)) as Upgrade to Overweight from Neutral (2) -
Jarden upgrades to an Overweight rating for Bellevue Gold with a $1.35 target price following preliminary expectations for FY26 operational results.
Full-year FY26 metrics project revenue of $576m, EBITDA of $238m, and net profit after tax of $6m, alongside an estimated net debt position of -$135m when including lease liabilities.
Management's FY27 production guidance of 160koz to 170koz appears conservative to the analyst relative to house estimates of 170koz and market consensus of 165koz.
All-in sustaining cost guidance for FY27 ranges between $2,800/oz and $3,100/oz, representing a 4% increase year-on-year towards the lower end of sector guidance.
The analyst highlights compelling free cash flow yields of 7%-19% across FY27 through FY30, supported by an enterprise value to EBITDA multiple below 4.5x, strong exploration potential, and corporate appeal.
This report was published on July 29, 2026.
Target price is $1.35 Current Price is $1.26 Difference: $0.085
If BGL meets the Jarden target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $1.77, suggesting upside of 41.3%(ex-dividends)
Forecast for FY26:
Current consensus EPS estimate is -0.4, 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 20.6, implying annual growth of N/A.
Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 1.6%.
Current consensus EPS estimate suggests the PER is 6.1.
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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