The All Ordinaries Index (ASX: XAO) contains some 500 companies, and clearly not all of these ASX All Ords shares will outperform in the months ahead.
With history as our guide, we know that some stocks will lose ground (meaning your money), while others could see you book market-smashing profits.
With our eyes firmly on that second scenario, we take a look at two ASX All Ords shares that PAC Partners' James Nicolaou believes are well-placed to outperform (courtesy of The Bull).
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An ASX newcomer
First up, we have diversified services provider Symal Group Ltd (ASX: SYL).
Symal is a newcomer to the ASX, having listed last November.
"Symal provides diversified services to the infrastructure, power, defence and renewable sectors, among others," Nicolau explained.
Year to date, the ASX All Ords share is down 1.5%. Though that doesn't include the 5.9 cents per share in fully franked dividends Symal will pay eligible stockholders on 3 October.
As the stock traded ex-dividend on 4 September, we need to add that back into the current share price. In which case, the accumulated value of Symal shares bought on 2 January is up 3.5% in 2025.
Digging into his buy recommendation for Symal stock, Nicolau said:
Normalised net profit after tax of $45.7 million in fiscal year 2025 exceeded prospectus guidance of $41.6 million. It had estimated work in hand of $1.76 billion at June 30, 2025.
With execution beating prospectus guidance, margins expanding and the stock still trading at a discount to peers, we see a clear path to a re-rating.
Which brings us to…
ASX All Ords share on the growth path
The second ASX All Ords share PAC Partners' Nicolau expects to outperform is tourism and public transport company Kelsian Group Ltd (ASX: KLS).
"Kelsian is a global operator of bus, motorcoach and marine services," Nicolau explained. "Apart from Australia, it operates in the US, UK, Singapore and Channel Islands."
Kelsian shares have gained 31.9% so far in 2025, not including the 9.5 cents per share in fully franked dividend the company will pay eligible stockholders on 21 October.
Since Kelsian shares have also traded ex-dividend already, we'll also add this back into the current share price. And this sees the accumulated value of Kelsian shares, bought on 2 January, up 34.5%.
And it could keep charging higher into 2026.
According to Nicolau:
Revenue of $2.208 billion in fiscal year 2025 was up 9.5% on the prior corresponding period. Underlying EBITDA [earnings before interest, taxes, depreciation, and amortisation] of $285 million was up 7.4%.
And FY 2026 is forecast to deliver more growth.
"The board anticipates underlying EBITDA of between $297 million and $310 million in fiscal year 2026, which provides visibility," Nicolau said.
In summing up his buy recommendation for the ASX All Ords share, he concluded, "The company has a plan to potentially divest its tourism portfolio. In our view, efficiency gains and steady patronage provide a clear runway for a re-rating."
