18 Share Tips – 20th October 2025

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 Philippe Bui of Medallion Financial Group, John Athanasiou of Red Leaf Securities and Jabin Hallihan of Family Financial Solutions 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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Philippe Bui, Medallion Financial Group

BUY RECOMMENDATIONS

BUY – Nexsen (NXN)

This nano-biotechnology company is developing an innovative point-of-care diagnostic platform. NXN listed on the ASX on October 14, 2025, after raising $8 million in capital and issuing shares in the initial public offering at 20 cents each. The shares closed at 28 cents on October 14 and were trading at 30 cents on October 16. NXN is a first mover in rapid, lab quality diagnostics. Nexsen’s most advanced product is the GBS Rapid Sensor for the detection of Group B Streptococcus in expectant mothers. The company’s nanotech platform provides scale as it can be expanded across multiple diseases. On a path to commercialisation, Nexsen offers rare early stage exposure to a genuine medical innovation story.

BUY – Unico Silver (USL)

Unico Silver is our high conviction choice for silver exposure on the ASX. With a silver equivalent resource of more than 160 million ounces at its Cerro Leon and Joaquin projects in Argentina amid   undertaking a major new drilling campaign, the company is primed for rapid resource growth and offers re-rating potential. Demand for silver is soaring on the back of solar, electrification and green technology trends, giving USL appealing leverage to a rising commodity. USL is well funded and managed and operates in a proven mining district. Unico combines scale, exploration momentum and strategic upside. At current levels, it offers attractive exposure to further movements in silver markets.

HOLD RECOMMENDATIONS

HOLD – CSL (CSL)

CSL remains one of Australia’s premier global healthcare companies, combining scale, innovation and strong recurring revenue. Its leadership in plasma therapies and vaccines provide defensive earnings and steady growth, supported by robust margins and a healthy balance sheet. CSL recently announced a restructuring plan. The planned demerger of the Seqirus influenza vaccines business introduced short term uncertainty, but the strategy should streamline operations and unlock long term efficiency gains. Recently trading at the lowest levels in years, CSL offers stability rather than outsized upside at current levels. Long term investors should maintain exposure for its quality, resilience and global footprint.

HOLD – Embark Early Education (EVO)

EVO is a dependable small market capitalisation childcare operator delivering consistent cash flow and attractive income. Recently trading on a price/earnings ratio of around 10 times and a fully franked dividend yield above 6.5 per cent, EVO provides investors with solid defensive returns in a steady regulated sector. Occupancy rates remain strong, and management continues to focus on margin discipline and debt reduction. However, in our view, near term earnings growth is expected to be modest as wage pressures and regulatory costs weigh on expansion. At current levels, the valuation appears cheap, as investors wait for a possible re-rating.

SELL RECOMMENDATIONS

SELL – Wesfarmers (WES)

Wesfarmers is a high quality conglomerate with leading brands, including Bunnings, Kmart and Officeworks, but its share price now looks fully valued after a strong multi-year run. Recently trading on a lofty price/earnings ratio of about 34 times and a modest dividend yield below 3 per cent, the stock commands a premium multiple that’s difficult to justify given subdued retail sales, rising cost pressures and softer consumer sentiment. While Bunnings continues to perform, discretionary divisions like Kmart and Target face tighter household budgets and margin headwinds. The balance sheet remains strong, but near term growth catalysts are limited.

SELL – Commonwealth Bank of Australia (CBA)

CBA is Australia’s strongest major bank, boasting market leadership, exceptional profitability and a rock solid balance sheet, but its valuation has run ahead of fundamentals. Given a recent price/earnings ratio of about 27 times, the stock trades at a significant premium to peers, such as National Australia Bank and ANZ. We expect earnings momentum to subside as loan growth moderates and net interest margins peak.

John Athanasiou, Red Leaf Securities

BUY RECOMMENDATIONS

BUY – Excite Technology Services (EXT)

EXT offers cybersecurity services, including threat prevention. We like its outlook in response to strategic acquisitions, improving financial performance and growth prospects. It achieved record monthly sales of $7.14 million in September 2025. The stock appears undervalued relative to its growth potential. With an expanding product suite and broader market reach, EXT is well-positioned for scalable growth, making it an appealing opportunity for investors seeking exposure to the cybersecurity and technology sector.

BUY – FirstWave Cloud Technology (FCT)

FCT is a global software company. The company’s recent capital raising of $2.85 million is aimed at accelerating its shift to artificial intelligence-powered compliance management, leveraging its user base of more than 150,000 to unlock potential annual recurring revenue. On top of the capital raising, the company secured a $2.5 million loan facility, which further enhances financial flexibility amid supporting initiatives. Recently, trading below book value, FirstWave combines value and growth potential. The stock was trading at 1.2 cents on October 16. The stock suits investors, who have an appetite for risk and are seeking exposure to innovative cybersecurity solutions. Our company was involved in the capital raising.

HOLD RECOMMENDATIONS

HOLD – ARB Corporation (ARB)

ARB makes and supplies 4-wheel drive (4WD) accessories to Australian and international markets. Its Australian operations continue to benefit from a familiar brand, high quality 4WD accessories and loyal customer demand. However, ARB’s expansion in the United States faces a more price-sensitive market, which may limit traction. Tariffs and operational complexities add further uncertainty. While the Australian business provides a stable foundation, the challenges of international growth amid fierce competition suggest holding the stock is prudent until the company demonstrates increasing success overseas.

HOLD – HUB24 (HUB)

HUB24 operates an investment and superannuation platform. The platform has achieved strong net flows and growth in advisers. Analysts note that this surge reflects earnings growth and expansion. HUB is well positioned in the wealth management platform space. However, competition is intensifying. Given the current elevated valuation and the challenges of sustaining momentum, we believe holding the stock, rather than buying it, is the prudent option at this stage of the cycle.

SELL RECOMMENDATIONS

SELL – Endeavour Group (EDV)

Endeavour operates liquor outlets, hotels and gaming facilities. Group sales of $12.1 billion in full year 2025 were down 0.3 per cent on the prior corresponding period. Net profit after tax of $426 million was down 15.8 per cent. Subdued consumer spending in retail liquor and the impact of supply chain disruption contributed to the weaker result. The company faces persistent operational challenges and possible guidance downgrades as leadership assesses the business and implements changes. The shares remain under pressure. We suggest investors consider selling some stock until a clearer picture of a recovery emerges in the business.

SELL – SGH Limited (SGH)

This diversified company has businesses across industrial services, energy and media. It has a strong management team. Revenue of $10.7 billion in fiscal year 2025 was up 1 per cent on the prior corresponding period. Net profit after tax of $924 million was up 9 per cent. While operational execution is solid, the stock has traded up to a level where analysts see better opportunities elsewhere. Parts of the business are cyclical, which can be positively or negatively influenced by economic and business conditions. In our view, the company’s high valuation presents an opportunity for investors to consider taking some profits. The shares have risen from $26.78 on October 16, 2023, to trade at $48.48 on October 16, 2025.

Jabin Hallihan, Family Financial Solutions

BUY RECOMMENDATIONS

BUY – Treasury Wine Estates (TWE)

This global wine giant continues to attract institutional support, with analysts reiterating buy ratings. The shares recently plunged after the company 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. In our view, the stock offers long term growth potential, driven by premium brand positioning and global distribution. At current levels, we believe the stock offers an attractive entry point for long term accumulation.

BUY – The a2 Milk Company (A2M)

This infant formula company remains an accumulation story. The company generated record sales of $1.9 billion in fiscal year 2025, with revenue up 13.5 per cent. China and other segment sales were up 13.9 per cent. The company recently completed the acquisition of an integrated nutritional manufacturing facility located at Pokeno in New Zealand. The acquisition enables A2M to gain strategic control over two Chinese label registrations. The Pokeno facility supports long term growth. We believe the current share price offers value.

HOLD RECOMMENDATIONS

HOLD – Transurban Group (TCL)

Transurban remains a core infrastructure holding, offering exposure to toll road assets across Australia and North America. Group average daily traffic grew by 2.1 per cent in the September quarter of 2025, averaging 2.6 million trips a day. The company generated growth across all markets. Long term fundamentals remain intact, so we suggest existing holders maintain exposure while monitoring asset-level performance and regulatory developments.

HOLD – GQG Partners Inc. (GQG)

GQG Partners is a global fund manager. For the month of September 2025, GQG experienced net outflows of $US1.7 billion. The company experienced net outflows of $US4.8 billion for the quarter ending September 30, 2025. In our view, the outflows reflect investor rotation and sentiment shifts across global equities. The business remains vulnerable to headline-driven redemptions. Fundamentals are stable, but we see limited catalysts for a re-rating in the near term. Existing shareholders should consider staying invested, but potential new entrants should wait for clearer signs of inflow recovery.

SELL RECOMMENDATIONS

SELL – HUB24 (HUB)

This investment and superannuation platform provider has established a strong record of performance. Total funds under administration of $134.6 billion in fiscal year 2025 were up 30 per cent on the prior corresponding period. The company posted statutory net profit after tax of $79.5 million, an increase of 68 per cent. The company’s performance has been reflected in a share price that rose from $56.76 on April 7 to close at $112.46 on August 25. The shares were trading at $111.03 on October 16. We see limited upside, with valuation risk outweighing reward after the company set a high benchmark. We recommend reducing exposure or locking in gains at current levels.

SELL – JB Hi-Fi (JBH)

The share price of this consumer electronics giant has defied the expectations of many market watchers for the past two years. The shares rose from $44.48 on October 16, 2023, to close at $121 on August 20, 2025. JBH was trading at $113.86 on October 16, 2025. The company posted a strong full year result in fiscal year 2025. Total group sales of $10.6 billion were up 10 per cent on the prior corresponding period. Group earnings before interest and tax of $694.1 million were up 7.3 per cent. With discretionary spending under pressure, we believe it’s prudent to lock in some gains. JB Hi-Fi’s strong operational performance is priced in, so risks outweigh rewards at these levels.

Don’t Buy Just Yet

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