Australian Broker Call *Extra* Edition – January 28, 2026

Daily market reports | 11:00 am

Additional news about changes and updates to recommendations, valuations, forecasts and opinions for ASX-listed equities.

In addition to the Australian Broker Call Report, which is published and updated daily (Monday-Friday), Funarina has now added the Australian Broker Call *Extra* Edition, which includes additional sources of research and insight on ASX-listed stocks, expanding the number of stocks that make up the Funarina universe.

An important difference is that the *supplementary* edition will not be updated daily, but merely “regularly” depending on the availability of content of suitable quality. As such, the *Extra* edition tries to build a bridge between daily updates via the Australian Broker Call Report and ad hoc news stories, which are not always timely for investors hungry for the next information update.

Investors using the *Additional* edition as input for their share market research should note that the information may not be up-to-date after publication, or are still awaiting further updates by Frena’s team of journalists.

Like the Australian Broker Call Report, this *supplementary* edition contains comprehensive but limited reviews of recently published research by stockbrokers and other experts, which should be considered as information on market behavior rather than advice on the securities in question. 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 produced independently from de-identified sources. Readers should check the full text of the recommendations and consult a licensed advisor before making any investment decisions.

Copyright of this report is owned by the publisher. Readers may not copy, forward or distribute this report to any other person. For more important information about the sources involved, see the bottom of this report.

The companies discussed the issue

Click a symbol for quick access.
The number next to the symbol represents the number of brokers covered for this report – (if more than 1)

29m A2M ARB BGL BPT (2) CEH EVN FBU FMG FPR GDG GNE GNE GNE GNP KAR LNW LNW LYC NST (2) NWL (2) PDN PEN PNR PNR PPS RRL RSG RXL SFR

FPR FLEET PARTNERS GROUP LIMITED

Vehicle Lease and Salary Packaging – Overnight Price: 82 2.82

Canaccord Genuity Rate ((FPR)) viz buy (1) –

A subdued start to FY26 has left Fleet Partners Group looking for a catalyst, despite solid underlying revenue drivers in Concorde Genevity’s view.

New business written fell -13% to $185m in 1Q26, although assets under administration or finance (AUMOF) remained steady at b2.4bn, which the broker highlights as a key driver of near-term earnings stability.

Management guided for stable AUMOF, core revenue and lease revenue termination, as well as marginal new business write growth in FY26, supported by cost discipline and strong cash flow.

A buy rating and a price target of 60 3.60 are maintained.

This report was published on January 22, 2026.

is the target price 60 3.60 is the current price 82 2.82 difference: 78 0.78
If FPR Canaccord Genuity meets the target it will almost return 28% (excluding interest, fees and charges).
The current consensus price target is 45 3.45suggesting the opposite 22.5%(ex-interest)
The company’s financial year ends in September.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY 26 Profit of 0.00 St. and EPS 38.90 St
is the ratio of the stock’s earnings to the closing share price (per). 7.25.

How do these forecasts compare to market consensus estimates?

The current consensus is the EPS estimate 34.7mean annual growth 3.4%.
The current consensus DPS estimate is 24.8means its potential profit yield 8.8%.
The current consensus EPS estimate suggests that the PER is 8.1.

Forecast for FY27:

The current consensus is the EPS estimate 33.7mean annual growth -2.9%.
The current consensus DPS estimate is 23.2means its potential profit yield 8.2%.
The current consensus EPS estimate suggests that the PER is 8.4.

Market Sentiment: 1.0
All consensus data is updated by tomorrow. Fanarina’s consensus calculation requires at least three sources

GDG GENERATION DEVELOPMENT GROUP LIMITED

Wealth Management and Investments – Overnight Price: $5.65

Molise Rate ((GDG)) As buy (1) –

Stronger-than-expected investment bond flows offset softer managed account momentum at Generation Development Group, Moyles noted.

Net inflows of bond investment expectations of $330M, due to continued performance in bond returns, while the flow of account arrangements was soft due to mandate timing.

The broker notes that client wins represented around $3.4bn in FUA during the quarter, with a turnaround expected to support flows over time and a strong 2H expected.

FY26 group EPS estimates remain largely unchanged, with strong bond performance slightly dampened by lower managed account revenue assumptions. .4 Rank with a target of 8.46.

This report was published on January 22, 2026.

is the target price .4 8.46 is the current price $5.65 difference: 81 2.81
If GDG Meets Moyles’ goal it will almost certainly return 50% (excluding interest, fees and charges).
The current consensus price target is $7.52suggesting the opposite 33.2%(ex-interest)
The company’s financial year ends in June.

Forecast for FY26:

Molise predicts a full year FY 26 Profit of 2.00 p.m St. and EPS 10.20 St
The latter is the estimated dividend yield on the closing share price 0.35%.
is the ratio of the stock’s earnings to the closing share price (per). 55.39.

How do these forecasts compare to market consensus estimates?

The current consensus is the EPS estimate 10.8mean annual growth -7.1%.
The current consensus DPS estimate is 2.5means its potential profit yield 0.4%.
The current consensus EPS estimate suggests that the PER is 52.3.

Forecast for FY27:

Molise predicts a full year FY 27 Profit of 2.00 p.m St. and EPS 14.70 St
The latter is the estimated dividend yield on the closing share price 0.35%.
is the ratio of the stock’s earnings to the closing share price (per). 38.44.

How do these forecasts compare to market consensus estimates?

The current consensus is the EPS estimate 15.1mean annual growth 39.8%.
The current consensus DPS estimate is 3.7means its potential profit yield 0.7%.
The current consensus EPS estimate suggests that the PER is 37.4.

Market Sentiment: 1.0
All consensus data is updated by tomorrow. Fanarina’s consensus calculation requires at least three sources

GNE GENES ENERGY LIMITED

Infrastructure and Utilities – Overnight Price: 10 2.10

Jordan rate ((GNE)) as buy (1) –

Genesis Energy delivered 2Q26 earnings (EBITDA) of NZ$119M, down Y/Y, reflecting materially lower wholesale prices and deliberate reductions in thermal dispatch under improved hydrological conditions.

For 1H26, Ebitda increased from NZ$217M to around NZ$296M, indicating an upgrade to NZ$490–520M in NZ$490–520M from NZ$455–485m in NZ, with all other guidance unchanged.

Jordan attributed the upgrade to improved margin quality from portfolio optimization, partially offset by higher operating costs associated with the GEN35 program.

Hydro generation increased by 17% in 1H26 while thermal generation fell by 45% as lake storage improved to an average of 122% through December. Jordan maintains Buy rating and NZ$3.01 target.

This report was published on January 22, 2026.

is the current price 10 2.10. The target price was not evaluated.

This company reported NZD. All estimates are converted to AUD by Fanarena at current FX values.
Market Sentiment: -0.5
All consensus data is updated by tomorrow. Fanarina’s consensus calculation requires at least three sources