Investing in ASX penny stocks doesn't come without risk.
After all, just because a stock is trading cheaply does not mean it is a bargain.
But for investors looking to add some high-potential options to their watchlist, here are two with fresh guidance from Bell Potter that could have upside.
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Oneview Healthcare PLC (ASX: ONE)
ONE's Care Experience Platform (CXP) is a unified set of digital tools in a single bedside solution that connects patients, families, and care teams with services, education, and information during hospital stays.
The system is fully automated, integrated, and personalised, which streamlines nursing workflows and positively impacts safe and timely hospital discharges.
Bell Potter has recently raised its valuation on this penny stock thanks to improving cash flows and a key contract win.
The broker noted that the company reported an operating cash outflow of approximately €1.4m, supported by €3.5m in cash receipts, resulting in a cash balance of €4.6m at the end of the period.
The result shows a clear improvement both quarter on quarter and year on year, marking the second consecutive quarter of improving cash performance.
Bell Potter also noted the recent contract win as a positive for this ASX penny stock.
ONE has secured access to a top ten US health system / GPO (name not disclosed) that covers 85 hospitals and 15,000 beds, which is similar in scale to ONE's current onboarded beds. Access to the GPO is via an amendment to Baxter's existing arrangement and enables hospitals to purchase ONE's products.
The broker has raised its price target on Oneview Healthcare to $0.50 (previously $0.25).
We have rolled forward our DCF valuation and lowered our WACC from 12.5% (after allowing for adjusting our RFR to 4.5%) to 10.1% to reflect improving confidence and cadence of new customer wins.
Based on yesterday's closing price of $0.40, this indicates an upside of 25%.
Alcidion Group Ltd (ASX: ALC)
Alcidion is a provider of intelligent informatics software for the healthcare sector.
Its share price has risen 25% already in 2025.
Bell Potter pointed out in a recent report that FY26 contracted revenue is already above FY25.
FY26 contracted revenue is currently $43.1m (including both sold & renewals), an increase of +$6.8m from $36.3m at the prior quarter and already 6% above FY25 full-year revenue.
Alcidion Group also upgraded its FY26 guidance, lifting EBITDA and operating cash flow from simply "positive" to at least in line with FY25, with potential upside tied to the successful completion of the UHSx contract and the ongoing conversion of new revenue opportunities.
This implies EBITDA >$4.8m and operating cash flow >$5.8m, which Bell Potter views as readily achievable.
Based on this guidance, Bell Potter maintains a buy recommendation on this ASX penny stock along with a price target of $0.17 (previously $0.15).
Based on yesterday's closing price, this indicates an upside of 36%.
