Expert investors are always on the lookout for undervalued ASX share opportunities. We're going to look at two ASX blue-chip shares that Wilson Asset Management (WAM) highlighted within its WAM Leaders Ltd (ASX: WLE) portfolio.
WAM Leaders is a listed investment company (LIC) that targets large, quality businesses for its portfolio.
While BHP Group Ltd (ASX: BHP) and Commonwealth Bank of Australia (ASX: CBA) may be two of the biggest companies on the ASX, they're not necessarily the two that WAM is optimistic about. Let's look at two that WAM holds.
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Ampol Ltd (ASX: ALD)
WAM described Ampol as an integrated fuel and energy company with refining, distribution and retail operations across Australia and international markets.
The fund manager said that renewed tensions between the US and Iran during the month disrupted crude and refined oil supply, keeping the ASX blue-chip share's refining margins elevated.
WAM noted that Ampol recently gave the market a trading update which highlighted stronger earnings, supported by the heightened volatility over the period.
It was suggested by the investment team that the improved earnings outlook should support further debt reduction and a gradual strengthening of the balance sheet.
WAM said:
We remain constructive on the company's outlook given favourable trading conditions and following the recent acquisition of EG Group's Australian service station network (EG Australia), which significantly expands Ampol's convenience retail footprint?
Mirvac Group (ASX: MGR)
Another ASX blue-chip share that WAM likes is Mirvac, a diversified Australian property group with exposure to residential development, office and retail assets.
WAM noted that the Mirvac share price was supported in July following the inflation number for the three months to June 2026 being lower than expected. This reinforced the fund manager's view that Australian interest rates are likely near their peak.
This dynamic has lifted sentiment towards real estate investment trusts (REITs), given their high sensitivity to interest rate expectations.
The WAM Leaders team believe the Reserve Bank of Australia (RBA) will soon enter a rate-cutting cycle.
The fund manager notes that companies with residential exposure, including ASX blue-chip shares Mirvac and Stockland Corporation Ltd (ASX: SGP), continue to trade at discounts to their net tangible assets (NTA). This valuation gap is "expected to gradually close as sentiment toward the real estate sector recovers and underlying conditions in the housing market continue to improve".
