The ASX share market and global stock market have risen in response to the US winding back its tariffs on countries, including China. Plenty of shares have soared more than 20% from the low in April 2025. But, I'm still seeing a few names that stand out as appealing ideas.
It's vital to be aware that just because something has gone up doesn't mean it's not still a good buy. Is its share price never going to rise again? Have operational profits peaked for the rest of time? Probably not. Good businesses tend to continue winning.
Having said that, I think the two ASX shares I'll talk about are trading far below their underlying value. Let's get into it, and I'll point out why they still seem cheap to me.
Centuria Industrial REIT (ASX: CIP)
This is one of the most compelling real estate investment trusts (REITs), in my view, particularly with the prospect of further RBA interest rate cuts over the next 12 months.
A lower interest rate could help boost the value of its industrial properties, help support the Centuria Industrial REIT's share price and also reduce the cost of debt (which has been hampering rental profits).
Even if interest rates don't fall, I think this is a very compelling REIT. It's trading at a large discount to its net asset value (NAV) of $3.89 at 31 December 2024. The size of that discount is currently 22%, which I think is too big to ignore for value investors.
Additionally, the rental potential of its properties is quickly growing thanks to various tailwinds such as a rising Australian population, increasing adoption of online shopping, more demand for refrigerated space (food and medicine) and data centres. The limited amount of well-located space in our capital cities is also helping drive the rental potential.
I think this ASX share has a good chance of being a market-beater in the medium-term. As a bonus, it has a FY25 distribution yield of 5.4%.
GQG Partners Inc (ASX: GQG)
I believe the market is consistently undervaluing GQG shares because of the level of its earnings growth.
It's common for a funds management business to trade at a (forward) price/earnings (P/E) ratio of 10 or less because they're not seen as defensive during market volatility, and funds under management (FUM) can flow out of the business. Low-cost exchange-traded fund (ETFs) are adding to the competitive environment. I think GQG's earnings growth is better than most of its peers.
GQG charges clients low fees, including very little in terms of performance fees. That's despite the fact that GQG's core investment strategies have outperformed their benchmarks over the long-term.
The combination of low fees and strong investment performance is helping the ASX share grow its profit. In the month of April, GQG saw net inflows of US$1.4 billion and in 2025 to April 2025 it saw net inflows of US$6 billion, taking its total FUM to $6 billion.
According to the forecasts from Macquarie, it's trading at 9x FY25's estimated earnings with a possible dividend yield of 10%. I think that earnings multiple is too cheap considering the ongoing growth of FUM (and earnings) of the business.
