This month, we have been looking at a number of ASX shares that analysts at Bell Potter have named on the broker's Australian equities panel. You can read about three on the list here.

These shares are ones that the broker believes "offer attractive risk-adjusted returns over the long term." It also considers the current macro-economic backdrop and investment environment when naming its picks, focusing on quality companies with proven track records, capable management, and competitive advantages.

Let's take a look at a couple of ASX shares that the broker is bullish on. They are as follows:

DroneShield Ltd (ASX: DRO)

Bell Potter has named this counterdrone technology company's shares on its Australian equities panel this month.

The broker believes that DroneShield's strong growth can continue in the near term thanks to a global surge in defence spending and its huge sales pipeline. It commented:

DroneShield is an Australian defence manufacturer specialising in counterdrone technology. Increased geopolitical tensions in the aftermath of the Russia/ Ukraine conflict and the Middle East have led to a global surge in defence spending. As a result, the defence industry, including companies like DRO, is witnessing significant growth and increased demand for their products and services. DRO has demonstrated strong earnings momentum, with CY23 revenue ($55.1m) increasing +228% YoY. We believe this momentum is likely to continue in CY24 based on a $28m contracted order backlog and $1.1b sales pipeline.

IPD Group Ltd (ASX: IPG)

Another ASX share that Bell Potter has on its Australian equities panel in October is IPD Group.

It is a leading provider of electrical solutions in energy management and automation.

Bell Potter believes the company is well-placed to benefit from the electrification growth trend. This includes the fast charging investment cycle. It explains:

We view IPG as a high-quality play on the electrification growth trend which is emerging as a dominant market narrative. Our favourable investment thesis is based on three key points: (1) product volumes being driven by refurbishment/ upgrade of existing infrastructure and by virtue of relatively low demand risk; (2) IPD's large turnaround opportunity with a globally leading manufacturer in ABB (market share in Australia of 5-10% compares to Europe of 20-30%); and (3) IPD's electric vehicle charging opportunity reaching a tipping point. Australia is set for a $650m public fast charging investment cycle by 2027 and IPD is engaged with a number of players who we expect to lead this transition (e.g. service station chains and network operators).