Morgans’ top large-cap picks for November 2025

After two consecutive years of aggregate earnings decline, the ASX 200 is forecast to return to growth, with earnings expected to rise 5.7% in FY26 and 7.3% in FY27. Encouragingly, this growth is broadly spread across sectors, signalling healthier profitability across the market. 

Valuations remain a hurdle, but we see this as limiting multiple expansion rather than signalling downside price risk. But concentration risk and ongoing macroeconomic tremors will continue to see significant stock divergence, and investors will need to remain nimble and on alert. 

Although the financial year-end of most Australian businesses is the end of June, many important listed companies report to the end of March and September. 

This month, we update our large-cap Best Ideas, adding Aristocrat and removing Treasury Wine Estates, WiseTech and Light & Wonder. 

Morgans' large cap best ideas

1. CSL Ltd (ASX: CSL)

• Sector: Healthcare
• Price Target: $249.51 
• Dividend Yield: 2.5% 
• PE FY26: 18x 
• 2y EPSg: 13.2%

Although continued challenges in the Seqirus division may unsettle investors, we see the Behring growth engine intact, with cost savings reinforcing the path to sustained growth. We now must look forward to FY27 and beyond to regain confidence in sustainable growth. 

CSL is looking to simplify operations and reduce complexity to enhance agility and performance. CSL will hold a Capital Markets Day in the US from November 4–6, 2025, to provide further details on its strategy, this will be important to help investors regain confidence.

2. Amcor (ASX: AMC)

• Sector: Industrial
• Price Target: $15.20
• Dividend Yield: 6.9%
• PE FY26: 10x
• 2y EPSg: 13.4%

AMC is a highly defensive business with leading global market positions and experienced management. We expect the addition of Berry, along with potential divestments, to enhance AMC’s growth outlook and balance sheet over the medium term. While execution of synergy targets will be the key, AMC has a strong track record in integrating large-scale transactions.

3. Woodside Energy (ASX: WDS)

• Sector: Oil & Gas
• Price Target: $30.50
• Dividend Yield: 6.1% 
• PE FY26: 18x 
• 2y EPSg: 6.2%

We remain bullish on WDS as a business. The jump in net debt rightly increases delivery risk, but on the positive side the hurdles for WDS to unlock material value upside from here align with where its well-established core strengths sit. 

If oil prices hold steady we expect a discount in WDS’ share price to persist in the short term until it reassures on its capex profile and/or secures LALANG (Louisiana Liquified Natural Gas) selldown(s). We remain cautious on the short-term outlook for oil prices, if any volatility were to unfold it would likely offer an attractive opportunity to increase positions.

4. Goodman Group (ASX: GMG)

• Sector: Property
• Price Target: $38.40 
• Dividend Yield: 0.9%
• PE FY26: 25x
• 2y EPSg: 11.0%

GMG is a global industrial property group with a focus on infill sites across gateway markets. GMG actively manages its portfolio, growing Assets Under Management (AUM) and adding value through a buy, build, manage strategy. 

We view GMG as a high-quality, founder-led business with a robust balance sheet and a portfolio of A-grade data centre and industrial assets. Whilst uncertain, we see an opportunity in GMG’s 5GW powerbank and its capacity to sustain earnings growth as development yields improve.

6. ResMed Inc (ASX: RMD)

• Sector: Healthcare
• Price Target: $47.04 
• Dividend Yield: 0.9%
• PE FY26: 24x
• 2y EPSg: 9.3%

While weight loss drugs have grabbed headlines and investor attention, we see these products having little impact on the large, underserved sleep disorder breathing market, and do not view them as category killers. We view RMD’s overall fundamentals as sound, with profitability improving as margins expand. 

7. Northern Star Resources (ASX: NST)

• Sector: Resources 
• Price Target: $27.41
• Dividend Yield: 2.1%
• PE FY26: 24x
• 2y EPSg: -8.3%

NST looks compelling as the premier Australian-focused gold producer. Upside is supported by a +2Moz growth profile by FY29, record gold prices and active capital management (dividends + buy backs). The addition of De Grey’s Hemi Project also secures additional longevity beyond the current growth profile.

Additions

Aristocrat Leisure (ASX: ALL) 

• Sector: Consumer Services
• Price Target: $77.00 
• Dividend Yield: 1.5%  
• PE FY26: 23 
• 2y EPSg: 15.7% 

Aristocrat Leisure is a global leader in the design and distribution of land-based gaming machines and digital gaming content. It has a strong platform for long-term organic growth through the allocation of resources to ongoing investment in user acquisition and design and development. 

An under-geared balance sheet provides optionality for inorganic investment and the return of funds to shareholders. ALL enters the FY25 result with significant momentum following its most successful cabinet launch in recent years. 

The Baron cabinet has exceeded expectations, with lead times stretching beyond six weeks domestically and strong uptake in North America following the Portrait launch in April 2025. It replaces Light & Wonder as our preferred gaming exposure. 

Removals

Treasury Wine Estates (ASX: TWE) 

We recently downgraded TWE to a HOLD. TWE's trading update and the removal of guidance is clearly disappointing given a slowdown in China and uncertainty surrounding the timing and quantum of compensation from its previous Californian distributor, RNDC. 

This is despite TWE reiterating its growth targets two months ago. The fact that TWE is not in a position to provide 1H26 or FY26 guidance demonstrates the uncertainty facing the group in the near term. The new CEO doesn't begin until the end of this month. 

WiseTech (ASX: WTC) 

WTC is the leader in Global trade and logistics software, with a formidable record of growth and cashflow generation. We are attracted to WTC's strong market position and see its acquisition of E2open as a compelling opportunity to further extend the company's growth runway. 

However, given the recent governance concerns overhanging the company, the recent ASIC & AFP probe is clearly another disappointing update which will weigh on the stock and we remove it from our Best Ideas list this month. 

Light & Wonder (ASX: LNW) 

LNW is one of the leading and fastest growing suppliers of land-based slot content deploying across three complementary verticals and while we still rate LNW as a Buy and the fundamental investment thesis remains intact, near-term uncertainty from the ongoing litigation with Aristocrat is likely to weigh on the stock price.