If you are looking for some new additions to your investment portfolio in 2025, it could pay to hear what Bell Potter is saying about the three ASX 200 shares listed below.
These shares have been named as top picks for the year ahead and come from different corners of the market. Let's see what the broker is saying about them:
Brickworks Ltd (ASX: BKW)
The first ASX 200 share that could be a top buy according to Bell Potter is building materials and property development company Brickworks.
The broker likes Brickworks due to its belief that the company is well-positioned to benefit from interest rate cuts in 2025. It said:
We see BKW as a high delta exposure to interest rate cuts and by extension a stock to own as we edge closer to the cycle pivot point (Bell Potter's base case for our first cut is 1H CY25). Specifically, we see a scenario unfolding where BKW could realise double digit mark-to-market NTA growth p.a. quite comfortably in coming years through positive revals (i.e. cap rate reversal), ongoing property development and rent reversion (BKW remains ~28% underrented and 50% short-WALE), as well as continued SOL outperformance. This is a growth story we think few ASX-200 industrials can currently match.
Its analysts have a buy rating and $32.00 price target on its shares.
CSL Ltd (ASX: CSL)
Another ASX 200 share that could be a buy in 2025 is biotechnology giant CSL.
Bell Potter thinks that CSL is positioned to deliver on its medium term earnings growth guidance. This is thanks to strong demand for immunoglobulins and margin expansion in the key CSL Behring business.
As a result, it believes that its shares are trading on attractive multiples at current levels. It said:
We expect CSL will achieve guidance of "annual double-digit earnings growth" over the mid-term driven largely by the legacy plasma business, Behring, particularly its immunoglobulin sales. While CSL's Seqirus and Vifor business units do face near-term headwinds (reduced flu market demand and generic iron competition), these two units combined only contribute less than a third of total earnings.
CSL continues to be a high quality, global operator with a multi-year gross margin recovery well underway to drive earnings expansion. The stock is currently trading at a 12m forward PE 27% and 19% below 5- and 10-year averages, respectively.
Bell Potter currently has a buy rating and $345.00 price target CSL's shares.
Light & Wonder Inc. (ASX: LNW)
A third ASX 200 share that Bell Potter is bullish on is Light & Wonder. It is gaming technology company with a collection of popular poker machines and iGaming products.
The broker believes that recent weakness has created an opportunity for investors to buy into a high quality company. It explains:
Light & Wonder is a leading cross-platform games company that develops and manufactures slot machines, creates free-to-play social casino games for mobile platforms, and produces online real-money gaming content for online casinos. […]
We anticipate 8-11% annual EBITDA growth rates over CY24-26, driven by further R&D investment that enhances game performance and results in market share gains across the North American premium leased market, global outright game sales markets, and online gaming markets. Additionally, we view the recent turmoil surrounding the Dragon Train preliminary injunction as an attractive entry point.
Bell Potter has a buy rating and $180.00 price target on its shares.
