After a lot of volatility for the stock market, there are a large number of opportunities out there that look like very cheap ASX shares, in my opinion.
We can't control share prices, but we can control when we invest. When valuations are hitting, or close to, 52-week lows, I think there's a good chance to pick up a bargain.
I think the two stocks below are excellent opportunities today.
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Charter Hall Long WALE REIT (ASX: CLW)
The first business I want to highlight is a real estate investment trust (REIT) that's invested across a range of commercial properties in different sectors.
It provides exposure to industrial and logistics, data centres, social infrastructure, offices, hotels, service stations, and retail.
The prospect of even higher interest rates is acting as a headwind on the unit prices of REITs like Charter Hall Long WALE REIT. Over the past year, the Charter Hall Long WALE REIT unit price has dropped by 27%, making it much cheaper.
The business is generating almost as much rental income as possible from its portfolio. Its occupancy rate was 99.9% at the end of FY26, with 99% leased to reliable blue-chip tenants. Pleasingly, it has a weighted average lease expiry (WALE) of around nine years, which means a lot of rental income has already been locked in for the years ahead.
It's a lot cheaper, and it now looks very good value compared to its underlying balance sheet. It reported net tangible assets (NTA) of $4.71 as at June 2026, so it's trading at an appealing 31% discount to that NTA.
One of the main reasons why I think it's an obvious cheap ASX share pick is that it's projected to pay an annual distribution of 25.5 cents per security in FY27. That means it could pay a distribution yield of 7.9%! I think that's close to the best forward distribution yield investors could get from the REIT over the past decade.
Collins Foods Ltd (ASX: CKF)
Another ASX share that looks to me like it's trading far too cheaply is Collins Foods, a KFC franchisee operator with operations in Australia and Europe.
As a consumer-facing business, the company may be viewed by some investors as being exposed to a potential downturn. The Collins Foods share price has fallen by 27% over the past year, making it seem much cheaper.
But the company's financials don't seem to show any sign of a downturn.
At the start of September, the company announced a trading update for the first 17 weeks. Total company sales were up 6.6%, with 6.4% growth in Australia, 44% growth in Germany, and a 2.5% decline in the Netherlands.
Management is optimistic that initiatives in Australia and Germany can continue to deliver solid performance in those two important markets. For example, it is trialling breakfast in Gold Coast restaurants.
With plans to continue expanding its global restaurant network, I think the prospects for Collins Foods' revenue and earnings growth look promising, so the sell-off makes this look like a very cheap ASX share to me.
Based on the projection on CMC Invest, the Collins Foods share price is now trading at under 15 times FY27's estimated earnings.
These aren't the only two cheap ASX shares out there that look really good value to me, so I'd add other stocks to my watchlist, too.
