Daily Market Reports | 10:00 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)
AAR AEL APZ (2) AUE AZJ BEN BRG BSL BWP CGF COH CSL DPM GPT HUB (2) IMD JBH JDO LRK MGR MM1 NAB PME RGN (2) RWC RXL SGM SGP SPZ SRG (2) STM TPW USL
AAR ASTRAL RESOURCES NL
Gold & Silver - Overnight Price: $0.17
Shaw and Partners rates ((AAR)) as Buy (1) -
Shaw and Partners maintains a Buy rating for Astral Resources with a $0.30 target price following recent high-grade Theia Deeps assay results and the execution of a Land Use Agreement with the Marlinyu Ghoorlie Native Title Claim Group.
The analyst highlights that these developments de-risk the Mandilla Definitive Feasibility Study, which remains on track for completion in the March quarter of 2027.
The broker's estimates reflect ongoing exploration and development phases as the company advances its cornerstone Mandilla Gold Project.
Management continues to benefit from a rebounding gold price environment alongside active exploration drilling programs across the Mandilla and Spargoville tenures.
This report was published on August 19, 2026.
Target price is $0.30 Current Price is $0.17 Difference: $0.125
If AAR meets the Shaw and Partners target it will return approximately 71% (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 175.00.
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 58.33.
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
AEL AMPLITUDE ENERGY LIMITED
Crude Oil - Overnight Price: $1.64
Jarden rates ((AEL)) as Overweight (2) -
Jarden maintains an Overweight rating for Amplitude Energy with its target price decreased to $1.85 from $1.95 following an underlying net profit after tax beat driven by cost control and exploration expenses taken below the line.
The analyst highlights that FY27 production guidance of 26.6PJe to 28.5PJe reflects continued strong performance at Orbost alongside higher-than-forecast capital expenditure guidance of $250m to $310m due to updated spending phasing.
The broker's estimates incorporate company guidance while treating production expectations conservatively.
Management approaches a critical three-month catalyst window as the Juliet prospect spuds, with a subsequent drilling decision for Nestor dependent on those results.
Commentary states the valuation is supported by strong operational delivery and upcoming exploration catalysts.
This report was published on August 19, 2026.
Target price is $1.85 Current Price is $1.64 Difference: $0.215
If AEL meets the Jarden target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $2.59, suggesting upside of 57.8%(ex-dividends)
Forecast for FY27:
Current consensus EPS estimate is 17.6, 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 9.3.
Forecast for FY28:
Current consensus EPS estimate is 24.7, implying annual growth of 40.3%.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 6.6.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
APZ ASPEN GROUP LIMITED
Real Estate - Overnight Price: $5.25
Jarden rates ((APZ)) as Overweight (2) -
Jarden maintains an Overweight rating for Aspen Group with its target price increased to $5.85 from $5.65 as the company continues to deliver strong levels of earnings and net asset value growth supported by a severe lack of supply in the affordable residential target market.
The analyst highlights that debt headwinds are not a concern given very strong levels of growth, while the balance sheet positions the group well for any potential market dislocation.
The broker's estimates note an attractive 12% three-year earnings per share compound annual growth rate alongside a roughly 10% three-year net asset value compound annual growth rate despite an elevated valuation premium to net asset value.
Management benefits from robust operational positioning within the affordable housing sector.
Jarden states the valuation is supported by solid multi-year growth trajectories and favourable market fundamentals.
This report was published on August 19, 2026.
Target price is $5.85 Current Price is $5.25 Difference: $0.6
If APZ meets the Jarden target it will return approximately 11% (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
Moelis rates ((APZ)) as Buy (1) -
Moelis maintains a Buy rating for Aspen Group with its target price increased to $6.15 from $5.98 following a strong FY26 operating result and a 4.4% upgrade to FY27 guidance.
The analyst highlights that organic rental growth, improved operating margins, and expanding development profits continue to drive performance within an undersupplied affordable residential market.
The broker adjusts FY27 to FY29 net profit after tax forecasts upward by 0.5%-6.5% to reflect growth from maturing projects including Ravenswood, Wallaroo, and Australind.
Management increased FY27 settlement guidance to 240 lots while maintaining a flexible balance sheet to support ongoing development pipelines.
The valuation is supported by defensive asset backing and strong medium-term earnings growth trajectories, the report concludes.
This report was published on August 19, 2026.
Target price is $6.15 Current Price is $5.25 Difference: $0.9
If APZ meets the Moelis target it will return approximately 17% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY27:
Moelis forecasts a full year FY27 dividend of 12.00 cents and EPS of 23.30 cents.
At the last closing share price the estimated dividend yield is 2.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.53.
Forecast for FY28:
Moelis forecasts a full year FY28 dividend of 13.60 cents and EPS of 27.30 cents.
At the last closing share price the estimated dividend yield is 2.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.23.
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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