If you are looking for new investment ideas this month, then it could pay to listen to what Bell Potter is saying.
That's because the broker has just released its latest top Australian picks from the smaller side of the market. These are its panel of favoured small-cap ASX shares that it believes offer attractive returns over the long term.
Two that make the list in March are named below. Here's why it is bullish on them:
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Cogstate Ltd (ASX: CGS)
Bell Potter has added Cogstate to its best ideas list in March. It is a healthcare technology company specialising in digital cognitive assessments. These are primarily for biopharma clinical trials across central nervous system indications including Alzheimer's disease, rare diseases, and broader CNS conditions.
The broker believes there are a number of tailwinds that should be supportive of the strong pipeline momentum it reported in the first half. The broker explains:
We add Cogstate (CGS) as a high-quality healthcare service provider in the clinical trials industry. We see several positive thematics likely to maintain the strong pipeline momentum seen in 1H26, including: 1) ongoing industry R&D in Alzheimer's disease where CGS has clear expertise and leadership, 2) continued diversification beyond Alzheimer's into a broader range of indications, and 3) expanded customer access via channel partners such as Medidata.
The stock is trading at ~11x forward EV/EBITDA which looks very undemanding relative to local small cap healthcare peers (>30x avg) and large global peers (~13x avg with lower growth). The company has an impressive NAPT margin of 19% in FY25 and is well poised for leverage off the back of its second-best ever half of new sales in 1H26 which grew revenue backlog up to US$92m.
Praemium Ltd (ASX: PPS)
Another ASX share that Bell Potter is recommending to clients is Praemium. It is a financial technology company that operates an investment platform offering alongside a branded online portfolio administration service. It currently manages over $60 billion in custodial and non-custodial FUA.
Bell Potter believes that Praemium's shares are undervalued, especially compared to its peers. But the broker doesn't expect it to stay that way for long. It explains:
While Praemium has demonstrated commercial momentum, strong growth capacity, and a leading technology offering, its valuation continues to lag key peers. This stock looks very attractive at a 12MF PE of ~15.9x, and we expect the market to catch on as the company executes on further market share gains and FUA growth.
