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Date : 06/02/2023

Best ASX Stocks To Buy In February 2023

We’ll examine the best ASX stocks we anticipate to perform well on the market in February 2023. Despite their already substantial gains, many of the best stocks on ASX still have considerable room to continue rising.

 

Xero (ASX: XRO)

As one of Australia’s most prominent tech firms, Xero has attained a global profile. Robust industry tailwinds and slow but steady growth have enabled the company to transform from a specialised SaaS (Software as a Service) provider into a multinational technology enterprise.

The Xero share price suffered significant losses in 2022, along with many other ASX growth shares. This company’s share price fell from $141.44 to $70.27, a drop of a whopping 50.3%. However, we think now is a fantastic time to acquire this top-notch technology company. Despite Xero’s falling share price, the company’s key metrics are on the rise. In the fiscal year 2022, Xero saw a healthy 29% increase in revenues, a 16% growth in subscribers, and a 28% growth in recurring revenue.

It seems that Xero is one of the best ASX stocks to buy now because governments all over the world are pressing taxpayers to switch to digital reporting.

Xero has benefited from the rapid expansion of digitisation and business processes, both of which have been bolstered by the pandemic.

 

Mineral Resources (ASX: MIN)

As a major player in the global mining industry, Mineral Resources provides essential services and infrastructure to the industry, as well as produces important minerals like lithium and iron ore. Located in Western Australia, the company owns a 50% share of Mt. Marion lithium operation and 40% of both the Wodgina and Kemerton lithium hydroxide plants.

Although the commodities division took a hit from the drop in ore prices in the second half of 2021, the mining services division has been thriving recently. The rising demand for lithium helped shore up the company’s finances.

Two dividend payments were made by this company in 2021, for a total of $2.75 per share, fully franked. Mineral Resources didn’t pay out an interim dividend to shareholders last year, but they did give out a $1 per share dividend. This results in a dividend yield of 1.04%.

In FY2023, it is expected that Mineral Resources will have sufficient funds to pay a total dividend of $6.75 per share.

This is one of the best ASX dividend stocks to buy in February 2023 and beyond.

 

Hansen Technologies (ASX:HSN)

Hansen Technologies is an excellent company. It is valued at around $1 billion on the stock market and is firmly established in the marketplace. A yearly increase of 5.24% in earnings is anticipated.

The CEO owns 17% of the business, which we find very attractive and in line with the interests of investors. The price is reasonable, and the company’s financials look healthy. They have relocated their chief financial officer to Europe in order to pursue a pipeline of mergers or acquisitions, and we anticipate that they will use some of their balance sheet capacity in 2023 to do so. 

 

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