The team at Bell Potter just released updated guidance on three ASX shares after some key announcements and results.
The broker has listed two as a hold and tipped one to rise up to 72%.
Here's what the broker had to say.
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Champion Iron Ltd (ASX: CIA)
Champion Iron is an iron ore miner, explorer, and developer.
In a new report from Bell Potter, the broker listed these ASX shares as a hold.
The broker said iron ore prices were slightly higher in the June 2026 quarter but have since fallen.
Because prices are declining, freight costs remain high, and market expectations are weaker, Bell Potter expects Champion Iron to receive a lower average selling price.
The broker has lowered its 12 month price target to $4.40 (previously $4.80), which indicates a 13% upside from current levels.
While we expect iron content price premiums for this product, full value-in-use premiums are unlikely to be realised until longer-term offtake is secured. Free cash flow should improve from FY27 as capex rolls off, supporting debt servicing and ongoing dividends. On valuation, we retain our Hold recommendation.
Beach Energy Ltd (ASX: BPT)
Yesterday, Beach Energy released its FY26 Fourth Quarter Activities Report.
The company reported quarterly production of 4.9 million barrels of oil equivalent (MMboe) and total revenue of $400 million for the June quarter.
Following the results, Bell Potter lowered its price target on these ASX shares to $0.950 (previously $1.150).
This indicates just over 8% upside for these ASX shares.
The broker retained its hold recommendation, and said the company is in a production replacement cycle with respect to exploration and appraisal.
Production growth should return in FY27 and capex ease, enabling positive free cash flow to support balance sheet deleveraging and ongoing dividends. We are positive on BPT's exposure to Australian east coast gas markets (around half of sales volumes) and cautious with respect to global oil markets.
Regal Partners Ltd (ASX: RPL)
Yesterday, Regal Partners released preliminary H1 2026 results.
The company engages in the provision of investment management services.
According to the release, normalised NPAT is expected to double to at least $90 million and record net FUM inflows of over $1.3 billion for the half.
Following the result, Bell Potter said this guidance is just a minimum rather than a cap, suggesting there is potential for further upside.
The company also reported record quarterly net inflows of $911 million, supported by strong fundraising, while underlying inflows exceeded Bell Potter's expectations.
Although funds under management were slightly below forecasts due to distributions, buy-backs and weaker market movements, investment performance and client demand – particularly for hedge funds – were better than expected, supporting continued earnings growth.
Based on this guidance, the broker has retained its buy recommendation and price target of $4.80, which indicates an upside of 72%.
