There are always ASX share opportunities to be found given how share prices and earnings are regularly changing. Experts recently called two particular businesses a buy after considering their latest developments and updates.
When experts call a business a buy, it's worth taking note because of the positive outlook that the analysts have identified for the business(es).
The two stocks I'm going to highlight are both from outside the tech industry. Accordingly, they could have clearer growth outlooks than others because they're not as exposed to possible AI impacts. Let's take a look at why the ASX shares are buy-rated by UBS.
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GQG Partners Inc (ASX: GQG)
UBS describes GQG as a boutique active asset manager that specialises in managing global shares. The business has a track record of strong performance over most of its life and it also provides funds for a relatively low cost.
The broker said that the month of February 2026 saw a record high funds under management (FUM) which was a 4.3% month-over-month increase, driven by investment returns. However, it continued to experience elevated net outflows of US$3.2 billion, though lower than UBS was expecting of US$3.7 billion.
There was an improvement in US equity outflows, with that strategy experiencing a sharp improvement in performance in US equities flows. This suggests that this rebound could lead to a relatively quick turnaround in outflows.
However, the emerging market strategy, where underperformance has been deepest, continues to be a headwind with outflows for the ASX share.
Pleasingly, early March has seen outperformance by GQG's strategies. UBS then explained why it rates GQG as a buy with a price target of $2:
We continue to see GQG as an attractive market-hedge, and a relative performance beneficiary of the current backdrop given its defensive portfolio tilts.
Orica Ltd (ASX: ORI)
UBS describes Orica as the world's largest supplier of commercial explosives and blasting systems servicing both the mining and infrastructure sectors. The broker also noted that the business manufactures ammonium nitrate (AN) from its plants in Australia, North America and Indonesia.
UBS recently released a note highlighting that the ASX share released a trading update which included expectations that the FY26 first half operating profit (EBIT) will be slightly higher than the prior corresponding period of A$493 million. That expectation is "broadly consistent" with the average forecast of market analysts (consensus) of A$493 million.
However, Orica expects blasting solutions EBIT to be lower year over year because of foreign exchange rates and lower Indonesian coal demand. Digital solutions and specialty mining chemicals are supposedly on track to deliver EBIT growth of 20% and 15%, respectively, year-over-year thanks to strong gold and copper exploration and production demand.
UBS is forecasting that Orica's FY26 EBIT could grow by 2% despite the foreign exchange and Indonesian demand headwinds. The broker said:
We retain our Buy rating with the stock offering a 3yr EPS CAGR of 8% (FY25-28E) linked to resilient global mine production activity, and supportive AN prices given potentially tightening global supply. UBS rates Orica as a buy with a price target of $27.
