24 September 2025
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From pizza turnarounds to uranium tech and gold diversification, fund manager Jun Bei Liu shared ten stock ideas she’s watching right now, and why she thinks some of them are poised for a comeback.
Disclaimer: This article is for informational purposes only and is not financial advice. It does not take into account your personal objectives, financial situation or needs. Always do your own research and consult a licensed financial adviser before making investment decisions.
Category: Long-term growth stock
Jun Bei’s take: “There’s been no reason to sell it.”
Pro Medicus is a stock Jun Bei Liu says you simply keep holding, even if the valuation looks stretched. “At the time, we thought 30 times earnings was very fair,” she said, “but the market condition changes.” What looked expensive five years ago now looks like a bargain compared to what investors are willing to pay for quality growth.
She’s particularly bullish on PME’s expansion into new verticals. The company recently broke into cardiology and pathology, unlocking fresh addressable markets. And while analyst expectations already price in some growth, Liu says they still fall short: “This is still only 50% of expectation of what the company thinks it could be.”
The scarcity of high-quality, scalable growth businesses in Australia makes PME stand out even more. “Once you find your winner,” she says, “you stick with it.”
Category: Contrarian/turnaround play
Jun Bei’s take: “It’s the easiest one to buy.”
Jun Bei Liu isn’t currently holding Core Lithium, but it’s top of her list if the sector turns. She sees lithium as being in a similar spot to where uranium was a few years ago: oversupplied, undervalued, and overlooked, but with growing demand and tightening supply.
So why Core?
“It’s got heaps of cash, tons of cash sitting on the balance sheet,” Liu said. That strong financial position gives it staying power, especially important in a down cycle. She also noted that 20% of its register is still short, suggesting a sharp reversal could squeeze out the doubters.
Liu is watching the sector for stabilisation. She says miners like Core don’t need lithium prices to spike, just a bit of movement could send them sharply higher.
“You don’t need much movement, they will make good money.”
Jun Bei’s take: “Uranium is a pretty good story for the next few years.”
Jun Bei Liu is constructive on uranium, not just as a thematic, but as a structural investment opportunity. She sees ongoing energy shortages, a global pivot away from fossil fuels, and a growing recognition that nuclear has a key role to play in the energy transition.
“We don’t have a solution for the energy shortage,” she said, and uranium remains one of the few scalable options.
She likes the sector for its tight supply dynamics: “You just can’t get it out of the ground easily, and then you can’t enrich it properly.” That mismatch between demand and production could keep upward pressure on prices for years to come.
Her uranium picks span both miners and tech:
Paladin Energy (ASX:PDN), a well-known name with leverage to the spot uranium price.
Silex Systems (ASX:SLX), a niche technology provider with laser enrichment IP that supports the nuclear fuel cycle.
While she isn’t holding Boss Energy at the moment, she acknowledged the company and the broader uranium trade are “very well positioned”, and investors are only beginning to catch on.
As with lithium, Liu believes uranium is entering a phase where ignored sectors suddenly get re-rated. And in her view, that window may already be opening.
Category: Fintech / infrastructure
Jun Bei’s take: “It is still yet to be discovered by everyone.”
Cuscal was Jun Bei Liu’s “best idea of the week”, and chances are, most retail investors haven’t heard of it.
Cuscal is a backend digital payments provider, it handles payment infrastructure for Australia’s credit unions and smaller banks, effectively operating in the space outside the big four. “It has a connection to majority except the large banks,” she said. “They almost control the market that’s not belong to the large top four.”
She likes Cuscal for its market dominance in a fragmented sector, and for its acquisition strategy. “They recently bought something 25% earnings accretive,” she said, adding that the company is very well run and still has plenty of room to consolidate.
While not yet widely held or discussed in the market, Liu thinks it won’t stay that way for long, particularly if it continues to roll up competitors and grow its footprint across the non-bank digital payments sector.
Category: Fintech / buy now pay later (BNPL)
Jun Bei’s take: “It’s growing at 40–50%… and getting more supporters back.”
Zip is back on Jun Bei Liu’s radar, and she says it’s performing better than most investors realise.
The once high-flying BNPL company has been through a dramatic correction, but Liu believes it’s starting to earn back credibility. “It has gone up a lot,” she said, “but a lot of people actually just haven’t touched it.”
She points to strong revenue growth, 40 to 50%, and a sector that is becoming more institutionally accepted, with less regulatory overhang than in the past. “Initially when they first set up people weren’t sure… is it a credit product, is it not?” she said. “But now we’ve seen how these products work during a credit cycle, if someone doesn’t pay it back, they don’t lend to them again.”
She also likes the BNPL space for its built-in discipline: companies just stop growing when conditions tighten, rather than collapsing entirely. “It’s actually a very interesting business model,” she said, “but definitely more work.”
Category: Turnaround / consumer discretionary
Jun Bei’s take: “It looks very good… you don’t need to do much to get double-digit growth.”
Domino’s might not scream growth stock, but Jun Bei Liu sees deep value and turnaround potential. The share price has collapsed in recent years, down more than 80% from its highs, but Liu thinks the worst may be over.
“There’s not much priced in,” she said. “It’s a tenth of the share price compared to a few years ago.” That creates an opportunity if management can make even modest improvements.
Liu’s thesis is simple: cut corporate costs, support franchisees, and the earnings will follow. “Most of it will go back to the bottom line,” she said. “You don’t need to do much to get double-digit growth at less than 12 times earnings.”
She compared it to Collins Foods, another food franchisor that staged a quiet rally: “Look at Collins, it was here four months ago, now it’s up 40% and still going higher.”
Jun Bei’s take: “I always have it in my portfolio, bit of gold, bit of everything.”
Gold isn’t a trade for Jun Bei Liu, it’s a permanent fixture in her portfolio. She holds a basket of gold stocks to provide diversification, not because she’s trying to time price movements.
“I find it very hard to call,” she said of gold’s high price, “but I do think it’s well supported.” Her approach is to focus on producers that are exposed directly to spot prices, where small price shifts can flow straight through to earnings.
Her preferred names include:
Capricorn Metals (ASX:CMM), strong balance sheet and leveraged to gold pricing.
Genesis Minerals (ASX:GMD), part of her mid-cap exposure.
Catalyst Metals (ASX:CYL), higher-risk, higher-torque option.
Northern Star (ASX:NST), a laggard with catch-up potential after production issues.
Newmont Corporation (ASX:NEM), recently trimmed, but still part of the mix.
Liu doesn’t overweight any single name, instead spreading her exposure across producers of different sizes. It’s a hedge, not a hero position. “There’s more gold, gives you buying right back,” she said, pointing to the defensive qualities of the sector. In uncertain times, it pays to have a little shine.
