If you're looking for ASX shares to buy, then it could be worth checking out three on Bell Potter's latest Australian Equities Panel.
Each offers a unique growth profile—ranging from cutting-edge defence tech to high-demand battery metals to world-class healthcare innovation. And all are backed by strong fundamentals and forward-looking catalysts.
Let's take a closer look at why these three shares could be among the best buys on the ASX right now.
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DroneShield Ltd (ASX: DRO)
Few companies are as well-positioned to benefit from rising geopolitical tensions and defence spending as DroneShield.
Bell Potter has high conviction in DroneShield's outlook, particularly following the largest contract wins in its history and a global uplift in military budgets. With the NATO alliance expanding its defence spending and governments around the world prioritising counter-drone capabilities, DroneShield is in a sweet spot. It said:
DRO provides an end-to-end counter-drone solution that integrates proprietary artificial intelligence software with a suite of hardware products utilised to detect, identify and defeat aerial, ground and maritime threats. The company's products are largely in-house technology and include handheld, vehicular and fixed installations. DRO's customers primarily include military and intelligence, as well as law enforcement, critical infrastructure and commercial parties globally.
Nickel Industries Ltd (ASX: NIC)
At a time when decarbonisation, EVs, and grid-scale storage are driving a surge in demand for battery materials, Nickel Industries gives investors a front-row seat at a compelling valuation according to Bell Potter.
With operations in Indonesia, Nickel Industries is one of the lowest-cost producers globally. It has demonstrated it can generate positive free cash flow even in a soft nickel market—an essential trait during commodity cycles. Commenting on the company, it said:
NIC is the only material ASX way to gain exposure to the nickel price, has a growth story, and is diversifying earnings to span Type 1 and Type 2 nickel. NIC continues to generate positive cash flows in a tough nickel market and is set to deliver major growth milestones in CY25 across its highest margin nickel operations. All up, given the forecast high production growth and potential for a very large free cash flow uplift in the next 2 years or so, NIC presents a compelling story and appears cheap at current valuation.
CSL Ltd (ASX: CSL)
CSL is a global leader in plasma therapies and biopharmaceuticals.
Bell Potter believes it is in the midst of a margin recovery cycle that should drive above-market earnings growth over the coming years. Importantly, this comes at a time when CSL trades on a forward P/E of 21.2x, which is well below its 10-year historical average of 31x.
Commenting on the ASX share, the broker said:
CSL presents an attractive buying opportunity as we expect the margin recovery phase for CSL to drive above-market earnings growth over the next few years. CSL trades at a 12-month forward PE of ~21x, representing a discount to its 10- year average of ~31x. Furthermore, the company will continue to deleverage the balance sheet over the next few years. Given the company's proven quality and growth prospects, we believe significant upside remains.
