The best S&P/ASX 300 Index (ASX: XJO) shares to own over the next five years may be ones that are able to grow beyond Australia's shores.
Australia is a great country, but there are other markets that could help deliver stronger growth and/or have bigger total addressable markets.
We're going to look at two ASX 300 shares that excite the investment team from the listed investment company (LIC) WAM Research Ltd (ASX: WAX). These stocks are already delivering strong revenue growth, and there's potential for plenty more.
Tuas Ltd (ASX: TUA)
Wilson Asset Management describes Tuas as a Singaporean mobile network and telecommunications services provider.
The fund manager pointed out that on 11 August 2025, the company announced a transformative acquisition: the purchase of telecommunications company M1 from global asset management company Keppel for S$1.43 billion.
This deal, which is pending regulatory approval by November, positions Tuas as a full-service telecommunications provider with a projected combined revenue of S$949 million and operating profit (EBITDA) of S$256 million.
WAM said that management highlighted "significant cost efficiencies through shared infrastructure and capital expenditure discipline".
The fund manager believes the market is significantly underestimating the size of the synergies available for the ASX 300 share.
WAM also believes that the proven track record of chair David Teoh and the opportunity to capture increased market share "underpin the company's earnings upgrades over the medium term", and S&P/ASX 200 Index (ASX: XJO) inclusion is a "key near-term catalyst".
Lovisa Holdings Ltd (ASX: LOV)
The other ASX 300 share that WAM highlighted was Lovisa, an international specialist fast fashion and jewellery retailer operating more than 1,000 stores across 50 countries.
WAM highlighted the company's FY25 result, which showed revenue growth of 14.2% to $798.1 million with net profit after tax (NPAT) rising 4.8% to $86.3 million. The gross profit margin increased to 82%.
The fund manager said that store expansion remained the "primary driver" of revenue growth, with 162 stores opened during the period, including new markets in Africa and the Americas.
The experts noted that early FY26 trading showed a 5.6% increase in comparable sales for the ASX 300 share. WAM believes this strong start to the 2026 financial year signals momentum for the company over the next year.
The investment team also believe that the recently-appointed CEO of John Cheston is "well positioned to execute on an acceleration in global store rollout, supported by one of the strongest retail executive teams on the ASX."
