I'm always on the lookout for great ASX share investments that could deliver strong long-term returns and outperform the S&P/ASX 200 Index (ASX: XJO).
I like to look at businesses that can grow earnings significantly over the next five to ten years because I think that's where the market may be undervaluing the business.
Below are two of the ASX shares that I'm very excited about.
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Tuas Ltd (ASX: TUA)
Tuas is a fast-growing, Singapore-based telecommunications business. It has offered customers great value with a mobile offering and this has resonated.
The company has reported significant growth year after year. In the FY26 half-year result, it grew its mobile subscriber base by 21.7% year over year to 1.41 million. This helped drive revenue higher by 26% and underlying operating profit (EBITDA) grew 27% to $42.1 million.
I think any business that's growing revenue and EBITDA organically by more than 20% per year is worth looking at. If the underlying EBITDA margin is rising then it's even more appealing.
The ASX share is steadily growing its market share and this is helping its operating leverage strength.
There are two things that could help it significantly in the coming years. Firstly, it's acquiring a Singapore competitor called M1, which will help diversify Tuas' earnings base and significantly increase its bottom line.
I'm particularly hopeful the ASX share could generate strong returns if it can meaningfully expand into other Asian countries because of how that would considerably increase its addressable market. Countries like Indonesia and Malaysia have much larger populations than Singapore.
VanEck Morningstar Wide Moat ETF (ASX: MOAT)
I like investing in exchange-traded funds (ETFs) that give me exposure to growing businesses that I can't buy directly on the ASX.
Over the longer-term, I think it's the businesses with strong economic moats – meaning competitive advantages – that can deliver above-average returns.
The MOAT ETF is looking for businesses with particularly attractive economic moats – ones where analysts believe certain businesses' competitive advantages will likely last for 20 years or more.
Having advantages like that will hopefully translate into pleasing long-term profit growth and capital growth. It has certainly worked for the MOAT ETF because the fund has returned an average of 13.9% per year over the past decade to 30 April 2026.
Another element to the investment strategy is the fact that the MOAT ETF only invests when these great businesses are trading at a compelling price to what Morningstar analysts think the business is actually worth.
I like how this fund is able to provide investors with a diversified portfolio and good returns, while not heavily focusing on tech shares. Other industries are also capable of being great businesses. I think this ASX ETF would work very well with a portfolio of compelling ASX shares.
