Although the share market is close to a record high, that doesn't mean there aren't cheap ASX shares out there.

For example, the two shares listed below are being described as cheap by a leading broker. Here's what it is saying:

IDP Education Ltd (ASX: IEL)

The team at Goldman Sachs thinks that this language testing and student placement company's shares could be dirt cheap at current levels.

Its shares are down over 40% since this time last year amid concerns over its outlook. This is being caused by tough operating conditions relating to visa changes in key markets.

And while Goldman Sachs isn't expecting FY 2025 to be a good year financially, it believes that the tide will turn in FY 2026. As a result, the broker thinks that investors should be snapping up shares now before the rebound takes place. It explains:

We believe IEL's premium valuation is justified given the medium-term earnings potential driven by: (1) Structural growth in multi-destination placements, supplemented by an ongoing Australian recovery; (2) Ability to grow market share in the highly fragmented Canadian and UK SP markets; (3) Reinvestment in digital capabilities to increase competitive moat and generate new earnings streams.

Goldman has a buy rating and $19.00 price target on IDP Education's shares. This implies potential upside of approximately 55% for investors over the next 12 months.

GQG Partners Inc (ASX: GQG)

Another ASX share that could be dirt cheap according to Goldman Sachs is fund manager GQG Partners.

Its shares are down 25% over the past six months amid concerns over its investments in the Adani Group. Goldman thinks this has been an overreaction, particularly given that its funds under management (FUM) were only modestly impacted in the past quarter. It explains:

We retain our Buy rating on GQG: We lower our PT to $2.80 from A$3.00 to reflect the relatively muted impact on flows to date despite an outsized share price reaction resulting in a year P/E of <9x. We've moderated our flows reflecting some slowdown, albeit manageable in our view.

We are Buy rated on GQG because: 1) Net flow trajectory has been very strong 2) Strong performance has resulted in performance fees becoming increasingly more material 3) Medium and long term relative performance strong 4) Attractive valuation vs. peers in context of very strong earnings growth. 5) Impacts from Adani appear manageable.

Goldman has a buy rating and $2.80 price target on its shares. This implies potential upside of 33% for investors from current levels. In addition, a 7.1% dividend yield is forecast by the broker in FY 2025. This boosts the total potential return to 40%.