It is fair to say that during the first half of 2025, it was a great idea to buy the dip.
Fears over global tariffs — sparked by comments from U.S. President Donald Trump — triggered a sell-off in global markets, including the ASX. But when Trump softened his stance, stocks bounced back, handing handsome gains to those who bought the dip.
This means that many of the best ASX shares are no longer cheap and could be classed as fair value or even fully valued now.
But that's not the case for all of them.
Some quality shares remain well below their highs — and could offer fresh opportunities for investors looking to repeat the success of the last rebound.
Here are three ASX shares that may be well positioned for just that.
CSL Ltd (ASX: CSL)
Biotech giant CSL has long been one of the ASX's highest-quality businesses. Its core plasma collection and immunoglobulin therapies generate consistent earnings, and the company is investing heavily in next-gen treatments for rare diseases and gene therapy via CSL Behring and CSL Vifor.
Despite its world-class operations and strong long-term growth profile, CSL shares are down materially from their 52-week high.
So much so, the CSL share price is now trading at around 22 times forward earnings. This is well below its 10-year average of ~31 times.
Bell Potter thinks that this severely undervalues the company. Especially given its belief that double-digit annual earnings growth will be achieved over the medium term.
The broker has a buy rating and $335.00 price target on its shares. This implies potential upside of 40% from current levels.
Endeavour Group Ltd (ASX: EDV)
It has been a tough 12 months for Endeavour Group, with the company's share price falling 27% from its 52-week high. Investor sentiment has been hurt by slower retail spending, cost-of-living pressures, and executive changes at the company.
But under the surface, the fundamentals remain sound. Endeavour owns a powerful portfolio of alcohol retail and hospitality assets. This includes Dan Murphy's, BWS, and ALH Hotels. Together, these brands make it the clear market leader in Australian alcohol and licensed venue operations.
Morgan Stanley believes the sell-off has gone too far and recently put an overweight rating and $5.30 price target on its shares. With Endeavour currently trading at $4.02, that suggests potential upside of 32%.
Web Travel Group Ltd (ASX: WEB)
Web Travel has seen its share price slide 50% over the past year. The sharp drop was triggered by an unexpected deterioration in the performance of its WebBeds business, particularly on the margin front.
However, the worst appears to be behind it. Operationally, WebBeds is improving again, and trading updates suggest a steady return to profitable growth. This positions Web Travel for a strong rebound in FY 2026, especially as global travel volumes continue to recover and corporate demand strengthens.
Analysts at Macquarie are bullish. The broker has an overweight rating and $6.19 price target on its shares. This implies potential upside of around 25% from its current share price.
