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Date : 01/03/2023

Best ASX Stocks to Buy in March 2023

Economic expansion is becoming ever more challenging due to inflation and interest rate hikes. The Consumer Price Index in Australia is reaching 7.8%, and the RBA has increased its cash rate goal to 3.35%. The next announcement will be made on March 7, 2023.   

Despite the inherent risks, this may also provide the perfect opportunity to purchase low and sell high. Here are our top March 2023 picks for the best stocks to buy now:

 

Airtasker (ASX: ART) 

Airtasker share price (ASX: ART) has dropped by half in 2022, to $0.38, reflecting the broader economic downturn. Australia’s online marketplace local services leader boasts a massive $600 billion total addressable market (TAM) in Australia, the US and the UK. 

With a gross marketplace volume of just $189.6 million in FY22, increased by 23.8% from FY21, there is an encouraging opportunity for expansion. This makes Airtasker shares one of the best ASX stocks to buy now.

 

GQG Partners (ASX: GQG) 

In 2021, GQG Partners stock (ASX: GQG) was part of the largest Initial Public Offering (IPO) debut on the ASX, generating $1.2 billion on an initial market worth of $5.9 billion. While the GQG share price started at $2, it has since dropped to its current $1.50 level.

However, Chairman and CIO Rajiv Jain argues that the reason people entrust them with over $86 billion in assets is because they expect to get more money back in the future.

The CIO has devised a strategy for investing labelled “Future Looking Value,” which avoids conventional limitations in favour of assets that may thrive over longer periods. With this positive outlook, GQG shares make our list of the best ASX stocks to buy this March.

 

Nitro Software (ASX: NTO)

NTO share price (ASX: NTO) was down more than 50% in 2022, but it recovered to close the year practically flat at $2.24.

The ASX growth stock’s Nitro Productivity Suite includes e-signature capabilities and integrated PDF support for clients. E-signatures are widely regarded as a development sector across the globe, and the market for them is estimated to be worth US$35.9 billion in 2029.

Potentia, an investment group, recently made a buyout bid of $1.58 per NTO share to acquire the business, but management deemed the move “extremely opportunistic” given current market conditions. Now that Potentia and Alludo have shown interest in purchasing Nitro Software (ASX: NTO), a bidding war has begun.

With a 36% year-over-year increase in sales to US$32.7 million in H1, no debt, and a possible oversale, Nitro is an attractive investment, making it one of the best ASX stocks to buy this March 2023.

 

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