As we transition towards the end of 2023, many investors are starting to strategise how they will expand their portfolios before the holiday season strikes. Luckily, there is a veritable treasure trove of stock options to explore – which means plenty of fresh possibilities and potential gems to consider investing in. So, let us look at five top ASX stocks that may deserve some attention this month.
As always, do your due diligence before investing in any new stocks, and review each company’s recent performance, industry outlook and long-term potential to see whether they are a worthy addition to your portfolio. If you are new to investing or want to expand your skills and knowledge, visit the eToro Academy to discover great educational resources.
ResMed (RMD.ASX)
ResMed is a shining star for those suffering from sleep apnoea and COPD. The company has found great success in developing and manufacturing medical devices that can improve the quality of life for individuals who suffer from respiratory disorders. ResMed’s recent performance has been of interest, with a strong and steady performance for 2023 until a recent drop-off at the start of August. That could mean now is the ideal time to investigate this stock while the price is more palatable.
ResMed has a robust growth trajectory thanks to its suite of cloud-connected technologies, increased product demand and strategic expansion into new markets. Given the healthcare industry’s resilience in the wake of COVID-19 and the company’s steady track record, ResMed could be a compelling choice for investors who want to gain exposure to a sector with long-term growth potential.
REA Group (REA.ASX)
REA Group is well known to most Australians, especially homeowners and property investors. It is the parent company of the go-to website realestate.com.au and is one of the most popular platforms for connecting buyers, sellers and renters. The company’s performance on the ASX has been on a consistent upward trajectory since the start of 2023, driven by continued demand for housing despite multiple interest-rate rises from the Reserve Bank of Australia. That might give potential investors confidence that this growth will be sustained for the foreseeable future.
REA Group’s financial results have been impressive, and as of the fiscal year ended 30 June 2023, they had increased their net assets by 11.27% to $1.52 billion. As the property market adapts to the changing economic landscape, REA Group’s digital solutions will likely keep them ahead of the competition, making it an attractive option for those looking to capitalise on recent real estate trends.
Carsales.com (CAR.ASX)
Another digital behemoth in Australia, carsales.com operates in the online classifieds industry. It is a user-friendly platform where people can buy and sell any type of vehicle, and it stands apart from most of its digital competitors.
The company’s performance in 2023 has been robust, with a major bump to its share price in August. With car buyers increasingly shifting towards an online model and the growing demand for used vehicles, it is no wonder carsales.com is in the ideal position to take advantage of these trends. Given the company’s growth trajectory and powerful position in online classifieds, carsales.com allows investors to tap into changing consumer buying habits.
Invest in Carsales.com
AGL Energy (AGL.ASX)
Another household name for most Australians, AGL Energy is a prominent player in the energy industry as a leading provider of electricity and gas services to consumers and businesses. Refusing to become a dinosaur in this established sector, the company’s encouraging financial results reflect its ability to adapt to changing market dynamics – particularly around ESG targets and more eco-conscious energy production.
AGL Energy is in a solid position to transition towards cleaner energy sources and is committed to sustainable practices over the long term. AGL Energy’s proactive approach may make it a good pick for those who have confidence in the company’s strategic direction as the energy landscape continues to evolve.
Invest in AGL Energy
QBE Insurance (QBE.ASX)
QBE Insurance has been a mainstay of the highly competitive insurance sector since the late 19th century. The company has broadened its range of insurance products and services in the many decades since and is now a popular pick for many ASX investors. The company’s performance has shown great promise in 2023, with positive financial results and twice-yearly dividend distributions.
The company has an innate ability to navigate challenging market conditions while delivering steady results – a big tick for investors who want to strengthen their portfolios with a stock with long-term potential. As uncertainties continue to shape the insurance landscape, QBE Insurance has shown its ability to adapt and innovate to compete in this cut-throat sector.
These five ASX stocks stand out for their resilience in their respective sectors and promising growth prospects. But as with any new investment, it is important to do your own research and remember that not every company will match your risk tolerance and portfolio diversification needs. By gathering as much information as possible, you can confidently navigate the ASX and seize exciting new opportunities.
Invest in QBE Insurance
eToro Service ARSN 637 489 466 promoted by eToro AUS Capital Limited ACN 612 791 803 AFSL 491139. Capital at risk. Other fees apply. See PDS and TMD.
This communication is general information and education purposes only and should not be taken as financial product advice, a personal recommendation, or an offer of, or solicitation to buy or sell, any financial product. It has been prepared without taking your objectives, financial situation or needs into account. Any references to past performance and future indications are not, and should not be taken as, a reliable indicator of future results. eToro makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication.