Some big name ASX shares have been under significant pressure over the past 12 months.
While this is disappointing for shareholders, it could have created a buying opportunity for others.
Let’s now look at three cheap ASX shares that could be hiding in plain sight:
CSL Ltd (ASX: CSL)
CSL is one of the most interesting cheap ASX blue-chip ideas on the market.
The biotech giant has had a difficult period, with investors losing confidence in its earnings outlook and growth profile.
That has left the share price trading at levels that would have seemed hard to imagine a few years ago.
But I think CSL remains interesting because its business has been built on foundations that competitors cannot quickly copy.
Its plasma operations require collection centres, specialist manufacturing, strict regulatory approvals, and deep relationships with healthcare systems. Those foundations take years to develop and give the company a level of scale that remains difficult to replicate.
If execution improves and confidence returns, the selloff could eventually look like an attractive entry point into a business with genuine global scale.
Treasury Wine Estates Ltd (ASX: TWE)
Another cheap ASX share that could be worth watching is Treasury Wine Estates.
The wine company has been through a rough period as investors have questioned demand, margins, inventory levels, and its growth outlook.
That pressure has weighed heavily on sentiment. However, Treasury Wine still owns a portfolio of wine brands with value in key markets. Its investment case is tied to brand strength, distribution, pricing power, and the ability to capture demand for premium wine over time.
This is a business where confidence can change meaningfully if trading conditions stabilise.
There are risks, especially around consumer demand and execution. But when investors turn against a branded consumer company, the share price can sometimes fall further than the long-term fundamentals justify.
If Treasury Wine can show that its premium portfolio still has earnings power, the current weakness could prove to be a compelling opportunity.
WiseTech Global Ltd (ASX: WTC)
A third cheap ASX share to consider is WiseTech.
The logistics software company has fallen heavily from its highs, leaving it trading at a fraction of the valuation the market was once willing to pay. In fact, its shares hit a multi-year low of $29.48 on Tuesday.
A good portion of this decline comes from concerns over allegations relating to its founder Richard White.
But if you look beyond the leadership uncertainty, WiseTech is a high-quality business with a strong offering.
Its CargoWise platform helps freight forwarders and logistics operators manage the complexity of global trade.
That includes customs, documentation, compliance, shipment management, invoicing, and cross-border workflows.
The business solves a difficult problem in a large global industry. Logistics is complex, fragmented, and full of manual processes, which gives software a meaningful role to play.
If WiseTech can rebuild confidence and move on from its founder concerns, its share price could have significant recovery potential.
The post 3 cheap ASX shares that could be hiding in plain sight appeared first on The Motley Fool Australia.
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* Returns as of 16 June 2026
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More reading
- Why A2 Milk, Calix, CSL, and Ioneer shares are charging higher today
- Down 53%, is it time to throw in the towel on CSL shares?
- WiseTech shares rebound 5%, responds to media reports: Is it time for investors to buy back in?
- Should I buy CSL and ResMed shares right now?
- WiseTech shares just crashed. Can investors look past the company’s governance issues?
Motley Fool contributor James Mickleboro has positions in CSL, Treasury Wine Estates, and WiseTech Global. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended CSL, Treasury Wine Estates, and WiseTech Global. The Motley Fool Australia has positions in and has recommended Treasury Wine Estates and WiseTech Global. The Motley Fool Australia has recommended CSL. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.