18 Share Tips – 8th December 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 Jabin Hallihan of Family Financial Solutions, Ben Faulkner of Sanlam Private Wealth and Blake Halligan 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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Jabin Hallihan, Family Financial Solutions

BUY RECOMMENDATIONS

BUY – Tyro Payments (TYR)

Tyro provides electronic payment solutions and banking services to Australian businesses. The company reaffirmed fiscal 2026 guidance for normalised gross profit of between $230 million and $240 million and an EBITDA margin of between 28.5 per cent and 30 per cent. Tyro is launching a new banking platform to boost merchant adoption. Tyro’s modern technology and strong performance support growth. Shares remain below our fair value estimate of $1.30, so we recommend accumulating the stock. The shares were trading at $1.037 on December 4.

BUY – Ramsay Health Care (RHC)

Ramsay is one of Australia’s largest private hospital operators. Strong fundamentals and margin recovery support long term growth. In Australia, RHC reported revenue growth of 6.5 per cent in the first quarter of 2026 compared to the prior corresponding period. Earnings before interest and tax rose 5.8 per cent. RHC expects EBIT growth in full year 2026. Ramsay’s shares remain undervalued relative to our fair value estimate of $54, as we expect profitability to improve through higher indexation, digital efficiencies and easing wage pressures. The shares were trading at $37.23 on December 4. 

HOLD RECOMMENDATIONS

HOLD – Seek (SEK)

Seek operates Australia’s largest online job marketplace. The company has guided for net revenue to range between $1.15 billion and $1.25 billion in fiscal year 2026. It expects EBITDA of between $510 million and $550 million for fiscal 2026. Net revenue and EBITDA guidance represent growth, which we believe is linked to product innovation. We suggest holding, while monitoring progress on digital transformation and product development.

HOLD – Bendigo and Adelaide Bank (BEN)

Bendigo and Adelaide Bank is one of Australia’s largest regional banks. Recently, an independent report highlighted weaknesses in the bank’s anti-money laundering and counter terrorism financing controls. The shares plunged on the news. The bank is committed to undertaking the necessary enhancements to systems, frameworks and processes to ensure full compliance with its obligations under the Anti-Money Laundering and Counter Terrorism Financing Act 2006. The shares on December 4 were trading below our $11 target. We suggest holding the stock, but investors should monitor regulatory developments and the bank’s remediation plan.

SELL RECOMMENDATIONS

SELL – QBE Insurance Group (QBE)

This insurance giant reaffirmed guidance for full year 2025, with a combined operating ratio of about 92.5 per cent. However, group premium rate increases of about 1.5 per cent in the nine months to September 30 were modestly below the first half result in 2025, driven mostly by commercial lines. Shares on December 4 were trading at a premium to our fair value estimate of $16.50, despite falling from its June highs. In our view, the company faces margin pressure from pricing competition, so we recommend investors reduce holdings, while monitoring claims trends and premium rates.

SELL – Harvey Norman Holdings (HVN)

The Australian retailer operates a mix of company-owned stores and franchises. It also operates in New Zealand, Singapore, Malaysia and Europe. Aggregates sales revenue, excluding Australian franchisees, rose 9.1 per cent between July 1 and November 20 when compared to the prior corresponding period. Our issue is valuation. While Harvey Norman benefits from a solid balance sheet and property assets, its shares on December 4 were trading above our fair value estimate of $5.50 after a 12 per cent upgrade. The shares look expensive relative to fundamentals. We believe competition will limit margin expansion.

Although Jabin Hallihan has listed Harvey Normal Holdings as a ‘Sell’, Blake Halligan has listed it as a ‘Buy’. Each analyst’s views are their own and they will not always agree. 

Ben Faulkner, Sanlam Private Wealth

BUY RECOMMENDATIONS

BUY – Castile Resources (CST)

The company’s flagship Rover 1 project, located near Tennant Creek in the Northern Territory, spans more than 1000 square kilometres and hosts copper, gold, cobalt, silver, zinc, lead and bismuth. It was awarded major project status by the Northern Territory Government in 2024. Rover 1 is one of the highest grade gold and copper projects in the Northern Territory and, in our view, offers compelling value for exposure to precious metals and critical minerals. A speculative buy for investors with an appetite for risk. The shares were trading at 11 cents on December 4.

BUY – Golden Dragon Mining (GDR)

GDR recently listed on the ASX after raising $5 million. It’s fully funded for aggressive gold and critical mineral exploration in the well endowed Cue and Murchison goldfield region for the next two years. Golden Dragon’s Cue project is adjacent to million ounce producers. Recent consolidation in the region is likely to leave GDR as a possible takeover target once resources are proven. Western Australia is highly regarded globally for mining investment. Gold exploration attracts attention in volatile markets. Disclosure: Sanlam Private Wealth acted as lead manager and earned fees during the initial public offering. GDR listed on the ASX on October 29, 2025. My clients and I own shares in GDR.

HOLD RECOMMENDATIONS

HOLD – WiseTech Global (WTC)

WiseTech is a global leader in logistics software. It offers market dominance, high margins and long term growth potential. The recent acquisition of e2open offers upside. Recent corporate matters and board changes have discounted the stock to a level where it offers compelling long term value, in our view. The shares have fallen from $120.23 on July 23 to trade at $73.65 on December 4. WiseTech’s flagship platform CargoWise is used by 24 of the top 25 largest freight forwarders and 46 of the top 50 logistics providers worldwide.

HOLD – Life360 Inc. (360)

Life360 offers exposure to a fast growing family safety and location services platform, with strong recurring revenues and global expansion potential. The recent sell-off was overdone, with the shares falling from $55.44 on October 3 to trade at $37.87 on December 4. The company continues to under promise and over deliver. Total revenue of $124.5 million in the third quarter of fiscal year 2025 was up 34 per cent on the prior corresponding period. Subscription revenue of $96.3 million was also up 34 per cent.

SELL RECOMMENDATIONS

SELL – Qantas Airways (QAN)

The share price has run ahead of fundamentals, making it vulnerable to any possible downgrades, in our view. We believe the outlook for earnings growth is modest compared to the recent past. Fleet renewal plans and sustainability investments require substantial capital, which could potentially mute shareholder returns moving forward. The shares have risen from $8.02 on April 9 to trade at $9.74 on December 4, so investors may want to consider cashing in some gains.

SELL – QBE Insurance Group (QBE)

Net profit after tax of $US1.022 billion in the first half of fiscal year 2025 was up 27 per cent on the prior corresponding period. Gross written premiums grew by 6 per cent. However, we expect future premium rate increases to slow in response to increasing competition. Sustaining strong results moving forward may be a challenge. Favourable investment returns in the third quarter of fiscal year 2025 may have peaked.The shares have fallen from $21.51 on October 16 to trade at $18.93 on December 4.

Blake Halligan, Catapult Wealth

BUY RECOMMENDATIONS

BUY – Harvey Norman Holdings (HVN)

Improving consumer sentiment favours this retail giant leading into the usually strong Christmas trading period. Electronics and furniture are expected to perform well, particularly in artificial intelligence-related products amid strong interest in the latest iPhone. HVN’s franchising operations are enjoying robust pre-tax margins as costs remain well contained compared to last year. Aggregate sales for Australian franchisees increased 6.5 per cent between July 1 and November 20, 2025, when compared to the prior corresponding period.

Although Blake Halligan has listed Harvey Normal Holdings as a ‘Buy’, Jabin Hallihan has listed it as a ‘Sell’. Each analyst’s views are their own and they will not always agree. 

BUY – Xero (XRO)

XRO is a global accounting software provider. Average revenue per user was up 15 per cent in the first half of 2026 when compared to the prior corresponding period. EBITDA was up 21 per cent. Rolling out bank feed connections in the United States will be a tail wind moving forward. In our view, the recent fall in the share price reflects a short-sighted assessment of revenue and subscriber growth rates. The US payments opportunity is significant, and any signs of successful execution and acceleration in growth will drive a meaningful re-rate.

HOLD RECOMMENDATIONS

HOLD – National Storage REIT (NSR)

This self storage provider has received an unsolicited, non-binding takeover proposal from Brookfield and GIC Investments (Australia) at $2.86 cash a share. Any potential transaction, if entered into by NSR, would be subject to regulatory approvals. In the absence of a transaction, NSR is worth holding. Debt is moderate, the dividend yield was recently above 4 per cent and the company offers reasonable growth expectations. It added 20 centres to total 274 in Australia and New Zealand at the end of fiscal year 2025. Another 21 developments were under construction. The shares were trading at $2.705 on December 4.

HOLD – Qube Holdings (QUB)

This provider of integrated import and export logistics has received a conditional, non-binding and indicative takeover proposal from Macquarie Asset Management (MAM) at $5.20 a share. The proposal implies an enterprise valuation of $11.6 billion. However, a higher bid may emerge from MAM or a competitor. Supporting a potentially higher offer is $290 million of franking credits on the Qube balance sheet, which equates to 16 cents a share. 

SELL RECOMMENDATIONS

SELL – Medibank Private (MPL)

MPL is a private health insurer. The Federal Government is attempting to encourage private health insurers to increase payments to private hospitals. Net profit after tax of $500.8 million in fiscal year 2025 was up a modest 1.7 per cent on the prior corresponding period. Profit before tax of $728.8 million was up 2.4 per cent. The company was recently trading on an annual dividend yield of 3.9 per cent. The risk of increasing cost pressures paints a challenging outlook. The shares have fallen from $5.26 on August 21 to trade at $4.545 on December 4.

SELL – Bank of Queensland (BOQ)

Bank share prices have generally outperformed the broader Australian sharemarket so far this calendar year. However, the Bank of Queensland lacks the scale to match it with the major banks. Cash earnings after tax of $383 million in full year 2025 were up 12 per cent on the prior corresponding period. However, statutory net profit after tax of $133 million was down 53 per cent. Commercial lending growth was up 14 per cent, but home lending growth was down 7 per cent. We believe the bigger banks present a better risk/return even though valuations may appear over-inflated. BOQ shares have fallen from $8.02 on August 22 to trade at $6.365 on December 4.

Don’t Buy Just Yet

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