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Date : 07/08/2023

Best ASX Stocks to Buy in August 2023

In response to the market’s ups and downs, our specialists have curated a selection of the best ASX stocks to buy in August that show promising potential for profitability.

As we head into August 2023’s earnings season, ASX companies are preparing to share their annual performance updates following a challenging financial year marked by fluctuations in inflation and interest rates. 

 

Metcash Ltd (ASX: MTS)

Recognised for supplying IGA supermarkets and a variety of independent liquor retailers across Australia, Metcash Ltd also commands a strong position in the hardware industry, with Home Timber & Hardware, Mitre 10, and Total Tools under its belt. Even though the Metcash share price has not mirrored the rebound seen in several sectors in 2023, it is positioned to leverage Australia’s ongoing population growth, potentially resulting in higher demand at IGA supermarkets and increased construction activity.

In the initial phase of FY24, each of Metcash’s divisions recorded sales growth, culminating in a 2.3% overall increase. Despite the MTS share price being valued at 12x FY24’s estimated earnings, a seemingly modest evaluation, the company presents an enticing prospect of an 8.2% grossed-up dividend yield for the current fiscal year, which could translate to a substantial cash payout, regardless of the future course of the Metcash share price.

best asx stocks to buy in august 2023 - metcash limited asx mts

 

Endeavour Group Ltd (ASX: EDV)

Endeavour Group Ltd may not resonate as a household brand, but its principal retail chains, BWS and Dan Murphy’s, have likely quenched many an Australian’s thirst. Recently, a considerable slump in the EDV share price has placed the company back in the spotlight as one of the best ASX stocks to buy. This is despite investors recouping most of the early July losses.

Endeavour merits attention this August as it undisputedly spearheads the retail sector for takeaway alcoholic beverages nationwide. The resilient nature of this economic segment, relatively immune to inflationary impacts and downturns, boosts the appeal of this top ASX stock. Coupled with this, Endeavour has established itself as a reliable dividend provider, boasting recent, fully franked dividend yields surpassing 4.5%, enhancing its appeal as a worthwhile consideration for prospective investors.

best asx stocks to buy in august 2023 - endeavour group ltd asx edv

 

CSL Limited (ASX: CSL) 

Headquartered in Australia, CSL is a globally recognised biotechnology company that specialises in the development and manufacturing of vaccines and other treatment modalities for severe medical conditions. Currently, the company is drawing attention as top market analysts and portfolio managers advise investing in CSL shares as one of the best ASX stocks to buy in August.

Among ASX 200 blue-chip growth stocks, CSL holds a reputation for reliability. Since its inception on the market in 1994, the CSL share price has soared by 5,579%, outperforming the ASX 200, which only managed a 59% rise during the same period.

 

Shares In Value is proudly Australian-owned with an international award-winning team of Research Analysts specialising in ASX equities. We conduct research-backed findings to help self-directed investors and self-managed super funds (SMSF) make smarter investment decisions and get better returns on the best ASX stocks. If you would like to book a free personalised walkthrough of our portfolio, just click here.

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Top 5 ASX Stocks
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