Three ASX shares have received fresh buy ratings from the team at Bell Potter following earnings results.
In good news for prospective investors, price targets now indicate almost 50% upside.
Here is what the broker had to say.
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Cedar Woods Properties Ltd (ASX: CWP)
The Australian property development company reported its full-year results yesterday.
Overall, the broker believes Cedar Woods delivered a stronger-than-expected FY26, with NPAT growth of 36%, ahead of its 30% to 35% guidance.
Management guided to 15% NPAT growth in FY27, well above Bell Potter's prior 7.3% forecast and consensus at 7.9%.
CWP is well placed to weather a weaker residential sales environment with FY27 and FY28 revenues 90% and c. 40% (BPe) de-risked, as well as modest gearing (18%). Beyond FY27, we see +5.9% NPAT growth in FY28 as settlement volumes continue to grow and margins remain broadly steady.
Based on this guidance, Bell Potter retained its buy recommendation and increased its price target to $9.80 (previously $9.30).
From current levels, this indicates an upside potential of roughly 27% for these ASX shares.
GenusPlus Group Ltd (ASX: GNP)
GenusPlus Group is an Australian infrastructure services provider specialising in the end-to-end design, construction, and maintenance of electrical transmission networks, substations, battery energy storage systems, and telecommunications infrastructure.
The company released full-year results yesterday, which included record revenue of $1.281 billion, surging 70.5% year on year, and normalised EBITDA of $100.8 million, up by nearly 50%.
The team at Bell Potter viewed the result as largely positive, with recurring revenue set to rise sharply to $764 million, a $2.2 billion orderbook, and $3.6 billion tender pipeline, while the balance sheet strengthened significantly to $380 million net cash.
GNP enters FY27 with a materially higher tender pipeline of $3.6b (vs $2.6b at 31December 2025) across the transmission, BESS, rail and wind development markets. GNP's FY27 PE of 17.9x is undemanding; we see potential for a re-rate towards 20-22x in the short-term, a justified premium to the peer group average.
The broker retained its buy recommendation on these ASX shares, and has a $12.80 price target, indicating 47% upside from current levels.
Propel Funeral Partners Ltd (ASX: PFP)
Propel Funeral Partners also reported full-year results yesterday.
The company posted FY26 revenue of $226.6 million, and declared a fully-franked final dividend of 6.9 cents per share.
Bell Potter said this came in at the mid-point of the guidance.
The broker has retained its buy recommendation, and now has a $3.70 price target on these ASX shares.
This indicates 16% upside from current levels.
