Share prices are changing all the time, giving investors the opportunity to buy (and sell). When ASX shares are trading near 52-week lows, they could be particularly attractive buys.
Of course, there's a danger they could fall even further from here. But, even if they do, the two ASX shares I want to highlight look like they could materially climb over the next two or three years.
I'm bullish on the two stocks below and optimistic they can bounce back.
Image source: Getty Images
ARB Corporation Ltd (ASX: ARB)
The business claims to be Australia's largest manufacturer and distributor of 4WD accessories which are made to perform in harsh environments. It distributes its products to more than 100 countries.
A significant portion of the company's products are manufactured in Thailand, where costs are denominated in the Thai baht. The weaker Australian dollar hurt margins in the FY26 first half and this is part of what has sent the ARB share price down by more than 50% since August 2025.
I believe this decline could be a great time to invest. As Warren Buffett once said, be fearful when others are greedy and greedy when others are fearful.
The company believes there a number of elements that could help the company's long-term success. That includes the expansion of the Australian and New Zealand aftermarket, with new and upgraded retail stores and stockists, and the launch of the new e-commerce sites.
Next, the company highlighted developments in both distribution and product dedicated to the USA market.
ARB also noted increased distribution and manufacturing capacity to accommodate future growth. It also highlighted a pipeline of new product developments and releases.
According to the projection on Commsec, the ARB share price is valued at 17x FY26's estimated earnings and 15x FY27's estimated earnings.
Tuas Ltd (ASX: TUA)
Another ASX share that I think looks very undervalued in my opinion is the Singapore-based ASX telco share.
At the time of writing, it has writing more than 60% since mid-May. Ouch. It's close to its 52-week low.
The Infocomm Media Development Authority of Singapore (IMDA) said it had learned that Simba may have been using radio frequency bands it was not authorised to use. This led to the termination of the M1 acquisition, leaving Tuas with a lot more shares (and a large cash balance) compared to before the attempted acquisition.
I don't think this will stop the business operating in Singapore and it hopefully won't slow the company's growth in Singapore too much. The Tuas share price looks undervalued for how much regular profit it's generating, plus it can grow in other ways with that cash pile, such as expanding internationally.
In the FY26 first half, the company reported revenue growth of 26% and underlying operating (EBITDA) rose 27%. It grew revenue at a strong pace and the profit margin increased.
The business is making progress expanding its mobile and broadband user base, which is helping its top line and bottom line. It's already very profitable on a cash flow basis – HY26 operating cash flow was $50.1 million. This can be used to improve the business in the coming periods.
Despite the setback, I think this ASX share can bounce back from near its 52-week lows.
