Reporting season is finishing and investors have received a great insight into the performance of ASX shares.
Following the FY26 numbers and comments on the outlook, share prices moved, and now investors have to decide whether these businesses are opportunities.
Let's look at two ASX shares that are heavily backed by multiple analysts, suggesting they could be opportunities.
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Qantas Airways Ltd (ASX: QAN)
Qantas is the largest Australian airline business. It also operates Jetstar, a freight business, and Qantas loyalty.
Despite difficult trading conditions amid the negative effects of the Middle East conflict, fuel cost impacts, and so on, Qantas was still able to generate a good level of earnings.
Its FY26 underlying profit before tax declined $330 million to $2.06 billion. The statutory net profit dropped $316 million to $1.29 billion. Qantas said the net impact of the Middle East was reportedly $420 million during FY27.
Despite the challenges, Qantas' customer net promoter score (NPS) improved by 7 points, and Jetstar's NPS rose by 1 point.
In terms of the outlook, Qantas said that travel demand remains resilient as customers continue to prioritise travel. Airfares are expected to increase, though jet fuel prices are also expected to remain elevated.
Qantas loyalty is expected to grow underlying operating profit (EBIT) by between 5% to 7% in FY27. By FY30, it's aiming for between $800 million and $1 billion of underlying EBIT.
Qantas is looking to reduce costs by approximately $475 million to help offset inflation.
According to CMC Invest, there have been 11 ratings on the ASX share in the last three months, all of which were buy ratings. Analysts are very positive on the airline right now.
Generation Development Group Ltd (ASX: GDG)
The financial business is involved in a number of areas. Generation Life is a market leader in investment bonds and lifetime annuities. Lonsec Research and Ratings is one of Australia's leading qualitative financial research houses. Evidentia is one of Australia's leading companies in the managed account sector.
Generation Development saw strong growth in FY26. Group funds under management (FUM) rose 37% to $46.5 billion, with net inflows of $9.7 billion (up 19%).
Within FUM, investment bonds FUM rose 35% to $5.95 billion and managed accounts FUM increased 37% to $40.5 billion.
Total revenue grew 23% to $178.7 million, and underlying net profit rose 21% to $40.7 million.
Generation Development said that its FY27 is supported by favourable long-term growth trends and remains "well positioned to benefit from ongoing adviser adoption and structural growth across retirement, managed accounts, independent investment research and investment governance solutions".
It expects strong growth in FUM, supported by ongoing adviser adoption and market penetration.
According to CommSec, there are currently nine analyst buy ratings on the business.
These two ASX shares could be appealing opportunities, among other potential buys.
