Daily Market Reports | 11:30 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
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)
ARF BC8 BOQ CAR CEN CQR DXC FCL GHM HRN IMD IMR JHX NCK OML RMD TWE WBC
GHM GOLDEN HORSE MINERALS LIMITED
Gold & Silver - Overnight Price: $0.53
Shaw and Partners rates ((GHM)) as Buy (1) -
Shaw and Partners maintains a Buy rating for Golden Horse Minerals with a $1.25 target price ahead of the company's inaugural JORC Mineral Resource Estimate for Hopes Hill.
With over 100,000m drilled across a confirmed 3km corridor since 2025, the upcoming resource update is anticipated for release by the first quarter of 2027.
The broker's estimates project a maiden resource of 1Moz of contained gold at 1.6g/t to 1.8g/t, featuring at least 40% in the Indicated category.
The analyst considers this 1Moz figure a base case rather than a ceiling, explicitly excluding further depth extensions below 400m and regional targets such as Greenmount.
Supported by $30.6m in cash reserves to fund ongoing programs, the suggestion is that the explorer continues building scale well beyond current market capitalisation implications.
This report was published on August 11, 2026.
Target price is $1.25 Current Price is $0.53 Difference: $0.72
If GHM meets the Shaw and Partners target it will return approximately 136% (excluding dividends, fees and charges).
The company's fiscal year ends in December.
Forecast for FY26:
Shaw and Partners forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 26.50.
Forecast for FY27:
Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 1.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 35.33.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
HRN HORIZON GOLD LIMITED
Overnight Price: $1.02
Moelis rates ((HRN)) as Buy (1) -
Moelis maintains a Buy rating for Horizon Gold with its target price decreased to $2.35 from $2.40 following the release of a feasibility study for the Gum Creek project.
The study outlines a 2.4mtpa conventional gold processing plant averaging 88koz of annual production over a 10-year mine life, generating a pre-tax net present value of $1,307m.
The broker's estimates incorporate higher assumed operating expenditures driven by elevated mining and overhead unit rates, slightly pressuring the valuation model despite largely unchanged physical production profiles.
Ongoing exploration across the region continues revealing extensions to known resources, including recent deeper intercepts at the Kingfisher deposit, suggesting strong potential to add mineable inventory prior to commissioning.
The analyst views the company as materially undervalued, noting the current share price trades at a steep discount to intrinsic value while capturing residual permitting and funding risks.
This report was published on August 11, 2026.
Target price is $2.35 Current Price is $1.02 Difference: $1.325
If HRN meets the Moelis target it will return approximately 129% (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 minus 1.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 73.21.
Forecast for FY27:
Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 4.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 24.40.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
IMD IMDEX LIMITED
Mining Sector Contracting - Overnight Price: $3.99
Jarden rates ((IMD)) as Upgrade to Underweight from Sell (4) -
Jarden upgrades Imdex to an Underweight rating with its target price increased to $3.80 from $3.60 ahead of the upcoming FY26 financial results release.
The analyst notes fourth-quarter revenue growth must reach 24% to meet market consensus expectations.
The broker's estimates lift FY27 earnings per share by 3% and FY28 by 2%, remaining well below consensus forecasts.
Watch points for the result include second-half EBITDA margin expansion despite foreign exchange headwinds and the organic versus inorganic earnings split following recent acquisitions.
The suggestion is current valuation multiples appear stretched versus historical levels, with constructive market conditions largely priced into the stock.
This report was published on August 11, 2026.
Target price is $3.80 Current Price is $3.99 Difference: minus $0.19 (current price is over target).
If IMD meets the Jarden target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.84, suggesting upside of 20.9%(ex-dividends)
The company's fiscal year ends in June.
Forecast for FY26:
Jarden forecasts a full year FY26 dividend of 2.80 cents and EPS of 10.20 cents.
At the last closing share price the estimated dividend yield is 0.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 39.12.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 12.3, implying annual growth of 14.1%.
Current consensus DPS estimate is 3.6, implying a prospective dividend yield of 0.9%.
Current consensus EPS estimate suggests the PER is 32.5.
Forecast for FY27:
Jarden forecasts a full year FY27 dividend of 3.40 cents and EPS of 11.80 cents.
At the last closing share price the estimated dividend yield is 0.85%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.81.How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 14.5, implying annual growth of 17.9%.
Current consensus DPS estimate is 6.0, implying a prospective dividend yield of 1.5%.
Current consensus EPS estimate suggests the PER is 27.6.
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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