It's interesting when one analyst thinks an ASX share is a buy, however it could be a compelling buy signal if numerous experts are calling that ASX share a buy.
Share prices are changing all the time, giving investors the opportunity to buy at good value if they appear undervalued.
While analyst predictions aren't necessarily going to be precisely correct, I think it could be very worthwhile to look at which businesses are expected to deliver big returns and underrated earnings.
Let's take a look at two ASX shares that are highly rated today.
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ALS Ltd (ASX: ALQ)
According to the collation of analyst ratings by Commsec, there are currently nine buy recommendations on this company, which is a substantial number.
UBS describes ALS as a leading analytical and testing services business with operations spanning the mining, natural resources, environmental, food, pharmaceutical, industrial and inspection sectors. It provides testing, sampling and remote monitoring to those sectors.
UBS is one of the brokers that rates the business as a buy, with a price target of $20.87.
The broker notes that the company's FY26 first half result was solid, with net profit 3% of what the market was expecting thanks to stronger performances from both the life sciences and commodities divisions.
Operating profit (EBIT) growth of 15% was driven by organic revenue growth of 7%. The commodities division achieved 12% organic revenue growth, while geochemistry revenue grew 14%.
Mineral sample volumes were up in the low double-digits, thanks to supportive commodity prices for gold and copper, as well as demand from onshoring and mineral security trends. Geochemistry demand continues to come from major miners.
UBS notes that ALS' guidance means the company expects organic revenue growth of between 6% to 8%, up from between 5% to 7%, with commodities growth upgraded to between 12% to 14%, up from 5% to 7%.
The broker suggests ALS' view on its profit margins is "conservative".
UBS is optimistic on this ASX share because of the view that the record gold price "should drive a recovery in exploration activity", supporting a compound annual growth rate (CAGR) of 10% for earnings per share (EPS) over the next three years.
GQG Partners Inc (ASX: GQG)
GQG is a funds management business that gives clients the option to invest in different strategies such as US shares, international (excluding US) shares, global shares and emerging market shares.
According to the Commsec collation of analyst opinions, there are currently seven buy ratings on the ASX share. UBS is one of the brokers that rates GQG shares as a buy.
After a period of fund underperformance because of the defensive setting of GQG portfolios due to high AI-related valuations, the month of November saw GQG outperform.
UBS said the fund manager delivered 360 basis points (3.60%) of "alpha validating GQG's defensive posture amid increasing scepticism around the AI buildout".
The broker noted that the business reached US$166.1 billion of funds under management (FUM) in November 2025, a rise of 1.5% month over month, with client FUM net flows contributing negative 1.5% and investment returns contributing 3%.
When the GQG share price was trading at $1.73, UBS noted it's trading at a price/earnings (P/E) ratio of less than 8 and the dividend yield was around 12%.
UBS said its team continues "to see value appeal as a market-hedge with the dividend underpinned by relatively resilient FUM trends."
The broker also believes that recent outflows have been "resilient", considering the depth of GQG's recent underperformance. But, in early December, UBS saw that there are indications the net flows for December 2025 could show signs of improvement, with trackable flows in positive territory in-line with the first half of 2025 monthly experience.
UBS has a price target of $2.10 on the business, which assumes the business will trade at a P/E ratio of 10.
