If you are looking for some new investment opportunities outside the status quo, then read on!
That's because Bell Potter has just put buy ratings on two ASX shares and believes they could deliver strong returns over the next 12 months.
Here's what the broker is tipping as buys:
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Aspen Group Ltd (ASX: APZ)
The first ASX share that Bell Potter is tipping as a buy is Aspen Group. It is a leading provider of quality affordable accommodation.
Bell Potter was pleased with its full year results, highlighting that "underlying operating EPS of 16.8c a small beat to BPe and upgraded guidance (+1%) and in line with Bloomberg consensus." It also notes that its earnings guidance for FY 2026 of 19 cents per share was in line with expectations.
In response, the broker has retained its buy rating on the company's shares with an improved price target of $4.85 (from $3.90). Based on its current share price, this implies potential upside of 12% for investors over the next 12 months. It also expects a ~2.5% dividend yield, boosting the total potential return to ~15%.
Commenting on its buy recommendation, the broker said:
APZ remains well placed in FY26 notwithstanding the watershed year FY25 proved. Balance sheet remains under-levered (13% pre-Adelaide settlement), valuations highlight still undemanding NTA basis, ASX300 inclusion is imminent (Sept '25) and while static valuation metrics look more fulsome, roll forward (PEG) highlights <2x underpinned by sector-high 3yr EPS CAGR of 11.7% today which we think has upside.
Bega Cheese Ltd (ASX: BGA)
Another ASX share that Bell Potter is bullish on is diversified food company Bega Cheese.
It was pleased with the Vegemite owner's full year results and believes that it is well-positioned to deliver on its FY 2028 EBITDA target of $250 million.
In light of this, the broker thinks its shares are being undervalued by the market right now. It has put a buy rating and $7.00 price target on the ASX share, which suggests that upside of approximately 25% is possible from current levels. A dividend yield of 2.1% is also expected in FY 2026.
Speaking about Bega Cheese's outlook and its recommendation, Bell Potter said:
Our Buy rating is unchanged. Following recent restructuring announcements with regard to the closure of Strathmerton and winding down of the PCA operations, there appears a clear pathway towards a $250-270m EBITDA target. If successful in generating this return and having consideration for the cash costs to achieve this target (c$85-100m), it would imply a share price of $8.00-9.00ps (at BGA's historical ~12x EBITDA multiple).
In effect BGA now has a clearly articulated strategy to generating >20%pa EPS growth to FY28e, with upside should it participate in the current wave of industry consolidation (i.e. Fonterra Australia).
