If you are in the market for a bargain, then it could be worth hearing what Bell Potter is saying about the beaten-down ASX shares in this article.
Are they cheap buys? Let's find out:
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Austal Ltd (ASX: ASB)
This ASX share is down 46% over the past 12 months.
Unfortunately, Bell Potter isn't in a rush to buy the shipbuilder's shares after this decline. In response to its results, the broker has retained its hold rating with a trimmed price target of $4.70. It explains:
Hanwha's knowledge of recent onerous contracts prior to bid submission suggests a higher likelihood of the deal going ahead. We forecast FY27e sole Australasian EBIT (incl corp. costs) of $32m ($44m normalised in FY26e) implying current multiple of 10- 17x if bid goes ahead vs. global peer group at 16-24x. We believe ramp-up risks are heightened in the Australasian segment over the next 2 years with labour the key constraint. Retain Hold. TP lower on model roll forward.
Harvey Norman Holdings Ltd (ASX: HVN)
Bell Potter remains positive on retail giant Harvey Norman, which has seen its shares fall 43% since this time last year.
However, the broker has taken an axe to its valuation following a review of the company's FY 2026 results. A note reveals that it has retained its buy rating on the ASX share with a reduced price target of $5.00 (from $6.00). It commented:
In HVN's key Australian market, we see near term pressures with a further challenged operating environment and a period of high comps navigated through Sep-Nov. However, HVN has the second highest global exposure within our coverage, while trading at a 1-year forward P/E of ~14x (as per BPe). We view this as reasonable considering the CY27/28 outlook for the name with the growth opportunity in 8 global markets and as Australia's single largest owner in large format retail with a global portfolio of ~$4.8b.
Praemium Ltd (ASX: PPS)
This investment platform provider's shares are down 28% from their highs, and Bell Potter appears to believe this has created a buying opportunity.
According to the note, the broker has retained its buy rating on the company's shares with a trimmed price target of $1.10 (from $1.20). It said:
. We stay Buy rated. Derecognising assets is a setback. However, PPS has flagged an intention to migrate onto its new system over the coming 12-18 months. We see an untapped potential in superannuation and new client wins beginning to convert into revenue.
