ASX blue-chip shares may be some of the most reliable investments on the ASX given their strong market positions, good margins and ability to deliver regular profit growth.
ASX blue-chip shares typically aren't fast-growing tech companies. While the largest Australian companies are normally ASX bank shares or ASX mining shares, there are other options for blue-chip exposure.
I'm a fan of the following options, and I'd be very happy to buy them today.
Wesfarmers Ltd (ASX: WES)
Wesfarmers is the owner of a number of retail businesses including Kmart Group, Bunnings Group and Officeworks. Other divisions it owns include a health segment and WesCEF (chemicals, energy and fertilisers).
The company has the sorts of traits that could allow it to excel during this period of higher interest rates and elevated inflation.
Kmart and Bunnings have a reputation for offering customers the lowest prices for good products, which may be particularly appealing while the cost-of-living is high.
Any weakening of the Wesfarmers share price due to concerns about economically challenged Australian households would be a long-term buying opportunity in my view because I don't expect difficult retail conditions to last forever. I think it's good to be greedy when other investors are fearful.
The company has an impressive return on equity of 35.5% in FY26, which was an improvement from 34.3% in FY25. ROE tells investors how much profit a business makes as a percentage of retained shareholder money. When a ROE is that high, it's a sign of a quality business and also implies the size of return additional money invested in the business could generate.
Wesfarmers has a good track record of investing in different areas for returns. I believe the expansion into lithium mining and healthcare are smart moves and can help generate solid earnings growth.
It's a clever strategy to diversify earnings so that the company isn't too reliant on one business or sector. I also like how Kmart Group has expanded the Anko brand to the Philippines with a few stores – this opens up another growth avenue.
At the time of writing, the Wesfarmers share price is valued at 25x FY28's estimated earnings, according to the projection on Commsec. I think that's a reasonable valuation considering the fairly defensive nature of its earnings and its track record of earnings growth. Underlying earnings have steadily grown each year this decade, including the 8.3% underlying net profit after tax (NPAT) growth in FY26.
Australian United Investment Company Ltd (ASX: AUI)
AUI is one of the oldest listed investment companies (LICs) on the ASX and provides investors exposure to a portfolio largely of ASX blue-chip shares, so it's a useful way to invest in multiple names with just one transaction.
I like investments that provide diversification, as they reduce the risk of being overly exposed to a single company or sector while also offering exposure to other compelling investments beyond just banks and miners.
Its September monthly update showed some of the largest holdings in the AUI portfolio include CSL Ltd (ASX: CSL), Wesfarmers, Washington H. Soul Pattinson and Co. Ltd (ASX: SOL), Transurban Group (ASX: TCL), Aristocrat Leisure Ltd (ASX: ALL), Woodside Energy Group Ltd (ASX: WDS), multiple Vanguard exchange-traded funds (ETFs) focused on international shares, a couple of gold miners and Woolworths Group Ltd (ASX: WOW).
One reason it looks so cheap is that it's trading at a sizeable discount to the net tangible assets (NTA). The pre-tax NTA on 23 October 2026 was $14.13. So its NTA is 14% below the AUI share price of $12.16 (at the time of writing), which I think is very appealing. I think that discount could close in the next two or three years as interest rates stop rising and start falling.
The post 2 great ASX blue-chip shares I'd buy right now appeared first on The Motley Fool Australia.
Motley Fool contributor Tristan Harrison has positions in Washington H. Soul Pattinson and Company Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended CSL, Transurban Group, Washington H. Soul Pattinson and Company Limited, and Wesfarmers. The Motley Fool Australia has positions in and has recommended Transurban Group and Washington H. Soul Pattinson and Company Limited. The Motley Fool Australia has recommended CSL and Wesfarmers. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2026