Welcome to this week’s edition of 18 Share Tips – our weekly selection of top ASX shares, chosen by leading analysts, that we think are worth considering.
This week Toby Grimm of Baker Young, Michael Gable of Fairmont Equities and Dylan Evans of Catapult Wealth share their ‘Buy’, ‘Hold’ and ‘Sell’ recommendations.
Please note these share tips are simply recommendations and are in no way intended as financial advice. These share tips are general advice and don’t take into account any individual’s financial situation. Investors are advised to seek professional financial advice before investing.
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Toby Grimm, Baker Young
BUY RECOMMENDATIONS
BUY – Dexus (DXS)
Dexus is an Australasian real estate group. It manages quality real estate and an infrastructure portfolio. The outlook for fiscal year 2026 looks brighter as potentially falling global interest rates and real asset price inflation combine to spark an office property recovery supported by stabilising occupancy trends. The stock was recently trading more than 10 per cent below net tangible asset backing. We see attractive value around current levels for capital growth and income given the expected near 5 per cent distribution yield.
BUY – South32 (S32)
Having underperformed the ASX 200 materials sector by almost 20 per cent over the past year, South32 looks relatively attractive, particularly given changes within the company’s strategic focus and project portfolio. The exit of legacy Illawarra coal assets has funded the repayment of debt amid investment in far more appealing projects, such as the Sierra Gorda copper mine in Chile and the Hermosa project suite of zinc, lead, battery grade manganese and copper in the US state of Arizona. Meanwhile, the Cannington mine offers meaningful exposure to record silver prices. Returns from its core alumina and aluminium business appear set to improve on the back of higher metal prices.
HOLD RECOMMENDATIONS
HOLD – Pilbara Minerals (PLS)
The lithium miner’s latest quarterly results highlight why we view PLS as our preferred lithium exposure. The company showed exceptional cost control. Mining costs fell 13 per cent at the same time as the average price it received rose by 20 per cent, driving a major boost in operating profit. Pilbara has already achieved highly competitive scale and has more than $1 billion in cash on the balance sheet to fund material output growth should an anticipated lithium recovery take shape in coming years.
HOLD – Sigma Healthcare (SIG)
While the stock continues to screen as expensive, we’re impressed with the company’s ability to drive cost savings. It announced an additional $40 million per annum in August, with scope for further upside. It delivered exceptional sales growth. It generated like-for-like sales growth of 14.7 per cent across Chemist Warehouse stores during the September quarter, up from 11.3 per cent in full year 2025. Clearly, Sigma’s offerings are resonating with customers, and we expect upgrades to future earnings forecasts should current trends continue.
SELL RECOMMENDATIONS
SELL – Codan (CDA)
Codan’s technologies include metal detection and communications. Exceptional management execution and exposure to increasing defence spending involving encrypted communications technology amid record gold prices driving metal detectors have combined to generate strong sales growth. However, recent share price gains far exceed profit growth rates. The shares have risen from $22.47 on August 5 to trade at $34.69 on November 6. We believe investors are becoming overly optimistic about the sustainability of recent trends, leaving them exposed to disappointment. We would be booking profits around current levels.
SELL – Newmont Corporation (NEM)
As much as the underlying drivers of record gold prices remain intact, including inflation, low interest rates and high levels of geopolitical tension, we view the recent spike as unsustainable in the longer term. We would be locking in part profits on gold producer Newmont following a recent mixed quarterly update. It delivered marginally better than predicted production, but also warned of higher than anticipated capital expenditure requirements that we expect will reduce free cash flow during fiscal year 2026.
Michael Gable, Fairmont Equities
BUY RECOMMENDATIONS
BUY – Betashares Global Uranium ETF (URNM)
URNM provides exposure to a portfolio of mining, exploration and development companies in the global uranium industry. This exchange traded fund continues to perform well as demand for uranium exceeds supply and, in our view, is likely to persist for several years. This puts upward pressure on uranium prices to the benefit of uranium mining companies. Recent announcements by the US Government to expand nuclear power capacity is poised to generate even more demand for uranium. This ETF has risen from $5.83 on April 9 to trade at $10.88 on November 6. But we believe the ETF offers value at these levels given its bright outlook.
BUY – Macquarie Group (MQG)
MQG shares are displaying technical characteristics which suggest the stock is about to rally to new highs. After bouncing off the April low of around $170, MQG climbed to a closing price of $229.02 on July 2, which was below a high of about $240 in January. Since late June, the stock has traded in a sideways range. Consolidating under the old high is a positive sign as it means new buyers are stepping up to meet the price of sellers. Once the selling pressure subsides, we expect MQG to rally strongly into calendar year 2026.
HOLD RECOMMENDATIONS
HOLD – Woodside Energy Group (WDS)
Crude oil prices were recently back near their lows in 2025 and well down from the peaks seen in 2022. We believe US crude oil production has hit a peak and strategic reserves having been substantially drawn down and supplies are much lower than many have anticipated. Woodside benefits when crude oil prices rise. The share price chart of Woodside indicates the stock has bottomed amid seeing signs of it starting to move higher again.
HOLD – New Hope Corporation (NHC)
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We believe global demand for coal will remain elevated. As a commodity, prices are also heavily influenced by global supply. We can’t see sufficient coal supplies emerging to meet demand in the absence of new investments due to environmental, social and governance concerns. When coal prices start rising again, existing producers, as opposed to explorers and developers, stand to benefit from the lack of new supply. We expect the NHC share price to move higher from here driven by increasing demand.
SELL RECOMMENDATIONS
SELL – Coles Group (COL)
The supermarket giant recently announced a sales update for the first quarter of fiscal year 2026, which was generally in line with what analysts expected. Supermarket revenue rose, but liquor revenue fell. Total group sales revenue of $10.963 billion was up 3.9 per cent on the prior corresponding period. The shares have risen from $18.47 on March 19 to trade at $22.13 on November 6. We can’t identify sufficient catalysts to justify the share price. We believe the recent uptrend is at risk of reversing, partially driven by persistent high cost of living conditions in a subdued economy. We would be inclined to cash in some gains.
SELL – CSL (CSL)
CSL’s share price has been slashed following downgrades amid announcing a company restructure at its full year results in August. The share price plunged from $271.32 on August 18 to trade at $178 on November 6. This biopharmaceutical giant recently cut revenue and profit growth forecasts for fiscal year 2026. In our view, CSL is at risk of seeing its premium rating diminish further until investors are confident the company can reliably deliver consistent earnings growth. From a charting perspective, CSL has broken below a few major support levels, suggesting the company may be entering a downtrend phase.
Dylan Evans, Catapult Wealth
BUY RECOMMENDATIONS
BUY – South32 (S32)
Spun out of BHP just over a decade ago, South32 has a diversified range of mining operations, including aluminium, copper, zinc, lead, manganese and silver. The company’s earnings are volatile, but the commodity mix provides diversification across price cycles. S32’s long life mine assets are high quality and low on the cost curve. Overall, we’re attracted to the company’s commodity mix during the energy transition and electrification. S32 holds a net cash position created by the sale of its coal division in 2024.
BUY – Transurban Group (TCL)
Transurban operates toll roads across Australia and North America. It remains one of the few listed quality infrastructure assets available to Australian investors. Average daily traffic across the group increased by 2.7 per cent in the September quarter, with an average of 2.6 million trips a day. Proportional toll revenue of $3.732 billion in fiscal year 2025 was up 5.6 per cent on the prior corresponding period. Proportional operating costs of $947 million were flat. Some key projects are nearing completion, which is positive as they begin contributing to earnings and overall traffic volumes.
HOLD RECOMMENDATIONS
HOLD – NextDC (NXT)
NXT operates a network of data centres. Demand for data centres remains strong, as artificial intelligence ramps up. Meeting demand requires significant capital expenditure in the short term, but this investment should pay off over the long term, with earnings expected to grow strongly in future years. We can’t see cloud software adoption or data demand slowing, which supports NextDC.
HOLD – Sonic Healthcare (SHL)
Sonic is a global pathology services provider. The company’s share price has been significantly sold off since SHL released its full year 2025 results in August. Net profit of $514 million in fiscal year 2025 was up 7 per cent on the prior corresponding period. Revenue of $9.645 billion was up 8 per cent. The company has taken time to recover from the post COVID-19 hangover, but we see the sell off as an opportunity. Sonic trades on a modest multiple for a growing healthcare company, has a solid balance sheet and is supported by demand from an ageing worldwide population.
SELL RECOMMENDATIONS
SELL – REA Group (REA)
REA Group operates the dominant online real estate listing site in Australia. REA has been an impressive performer for several decades, and is now positioned with dominant market share and margins above 50 per cent. The challenge for REA will be increasing competition from its main rival Domain, potentially putting those high margins at risk. Domain Holdings Australia was recently acquired by CoStar Group, a global operator of online property listing websites. CoStar Group has the financial capability, experience and expertise to fund and support the Domain platform back into contention with REA Group.
SELL – Treasury Wine Estates (TWE)
There are some bright spots for Treasury, particularly its ability to grow and market premium wine brands in Asia. However, this is more than offset by significant headwinds, such as a consistent oversupply of wine in Australian and United States markets. This is compounded by what appears to be a decline in alcohol consumption among younger generations. In October, TWE withdrew group earnings before interest and tax growth guidance in fiscal year 2026 due to an uncertain outlook in relation to Penfolds and Treasury Americas. The company also paused its on-market share buy-back until there’s more clarity around trading conditions and expectations.
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The above recommendations are general advice and don’t take into account any individual’s objectives, financial situation or needs. Investors are advised to seek their own professional advice before investing. Please note that TheBull.com.au simply publishes broker recommendations on this page. The publication of these recommendations does not in any way constitute a recommendation on the part of TheBull.com.au. You should seek professional advice before making any investment decisions.
