There is a wide range of ASX shares that could deliver market-beating returns in the coming months and years. We don't have to go with the most well-known blue chips, tech shares or exchange-traded funds (ETFs) to achieve the desired return.
Analysts are always on the lookout for businesses that seem undervalued relative to their prospects, which could happen to be the case with any company in the S&P/ASX 300 Index (ASX: XKO).
While the ASX shares below may not be the most popular investment ideas, analysts think they're buys and could rise from here.
News Corp (ASX: NWS)
News Corp is the business behind a number of newspapers, including The Wall Street Journal, The Australian, Herald Sun, The Daily Telegraph, The Times, and The Sun. It also owns News.com.au, HarperCollinsPublishers, MarketWatch, and Dow Jones, as well as stakes in REA Group Ltd (ASX: REA) and Realtor.com.
Broker UBS currently has a buy rating on News Corp, with a price target of $64.50, implying a solid rise over the next 12 months. The broker said the ASX share's FY26 first quarter was "good" with revenue and operating profit (EBITDA) slightly ahead of expectations, with "notable outperformance from Move and News Media", reflecting healthy operating conditions going into FY26.
In UBS' view, Dow Jones remains "the key to a meaningful NWS stub re-rate, more so than other segments like Move". The broker explained:
Key catalysts we are waiting for include: 1) acceleration in both rev and EBITDA growth at Move as we start to see first signs of green shoots, with further US rate cuts likely to support adjacency products and leads uptake; and 2) announcement of further AI deals.
We reiterate our Buy rating; with short- and medium-term drivers intact, we view NWS's fwd EBITDA of 12x and PE of 28x as attractive vs the past five-year average.
UBS predicts the company could generate US$1.08 of earnings per share (EPS) in FY26 and then $1.29 in FY27.
Insurance Australia Group Ltd (ASX: IAG)
IAG is one of Australia's largest insurance businesses with brands like NRMA, SGIO, SGIC, ROLLiN', and NZI.
UBS has a buy rating on the business, with a price target of $9.10. That also implies a rise of more than 10% in the next 12 months.
The broker noted that the ASX share has fully integrated its recently acquired RACQ Insurance business into its group reinsurance cover, confirming this will support targeted reinsurance synergies.
IAG's whole of account quota share has been expanded by 2.5% to 35% of gross earned premium (GEP) – IAG expects this to further reduce earnings volatility by sharing premiums and losses with reinsurers.
UBS predicts that the business could generate $1 billion of net profit in FY26.
Judo Capital Holdings Ltd (ASX: JDO)
Judo is a financial institution focused on providing loans to small and medium businesses. It also offers term deposits as a form of funding its loans.
UBS rates Judo as a buy, with a price target of $2.20, implying a strong return over the next year if the market agrees with the broker's optimism.
The broker thinks the ASX share is well placed to meet FY26 targets.
Judo's net interest margin (NIM) – the profit it makes on its lending in percentage terms – guidance of over 3% is based on funding mix improvements, mainly relating to its deposit offering. The business is offering more term deposit durations, including five, seven, and eight-month terms.
UBS also noted that new business origination "looks strong" for the company, with agriculture and regional lending doing a lot of the heavy lifting for its growth.
Judo is expecting operating leverage to be a "multiplier" as it continues to scale with capacity.
The broker forecasts that the ASX share could make a net profit of $131 million in FY26 and $166 million in FY27.
