If you are looking for some new additions to your portfolio in December, then the ASX shares listed below could be worth a closer look.

They have been named on Bell Potter's Australian Equities Panel for the month ahead. The broker notes that these are the shares that it believes "offer attractive risk-adjusted returns over the long term."

In addition, Bell Potter highlights that when choosing its picks it considers the current macro-economic backdrop and investment environment, focusing on quality companies with proven track records, capable management, and competitive advantages.

You can read about the first two ASX shares on the list here. Let's now take a look at three more of the broker's top picks for the month. They are as follows:

CSL Ltd (ASX: CSL)

Bell Potter continues to rate this biotechnology giant very highly and keeps it on its Australian equities panel for another month.

The broker feels that now is a great time to buy given its positive earnings outlook and the lower than normal multiples its shares trade on. Bell Potter explains:

CSL presents an attractive buying opportunity as we anticipate the start of a margin recovery phase for CSL, driving above-market earnings growth over the next few years. CSL trades at a 12-month forward PE of ~28x, representing a discount to its 10-year average of ~31x. Furthermore, the company will continue to deleverage the balance sheet over the next few years. Given the company's proven quality and growth prospects, we believe significant upside remains.

Santos Ltd (ASX: STO)

A new addition to the Australian Equities Panel in December is energy producer Santos.

Bell Potter believes that the company is a great pick right now due to its cheap valuation and positive earnings and free cash flow outlook.

It also notes that Santos is well-placed with commodity prices where they are and doesn't need higher prices to drive higher levels of free cash flow. It said:

One of our top value picks is Santos and we believe the market underestimates the long-term demand for oil and liquefied natural gas. In our view, Santos can continue to increase production and drive earnings growth over the next few years and should see a significant increase in its free cash flow and dividends as they pass peak CAPEX in FY24. In addition, STO does not need higher commodity prices to drive higher free cash flow and dividends.

Universal Store Holdings Ltd (ASX: UNI)

Finally, Bell Potter thinks that youth fashion retailer Universal Store would be a great ASX share to buy this month.

It likes the company due to its store expansion opportunity and attractive valuation. It said:

Universal Store Holdings is a leading youth focused apparel, footwear and accessories retailer in Australia. UNI will continue to increase store numbers over the next few years, supporting earnings growth of 12% p.a. over (FY25-27). Valuation looks attractive, trading on a fwd P/E of ~14x. UNI is a quality small cap (ROE ~25%) that is executing on its rollout strategy.