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Date : 04/07/2023

The Best Stocks to Buy Now For July 2023

Rising inflation and increasing interest rates pose significant challenges to economic growth. Australian CPI inflation stands at 6.8%, with the RBA cash rate target reaching 4.10%. However, these obstacles could present excellent buying opportunities on the dip. 

Here are our top picks for the best stocks to buy now this July 2023 for your growth portfolio.

 

Airtasker (ASX: ART)

We turn our attention to Airtasker (ASX: ART), a company that has faced a challenging year, with its shares plummeting by a staggering 42% to AU$0.18 amidst a wider recessionary environment. However, let’s not overlook the immense potential this online marketplace for local services holds.

Airtasker is Australia’s leading player in the online marketplace space, serving as the go-to platform for individuals seeking solutions akin to Freelancer, Upwork, and Fiverr. 

Despite the share price decline, the ASX Airtasker stock has showcased impressive financial growth in the first half of FY23. Revenues skyrocketed by an astounding 57% to reach $21.8 million, propelling gross profits to a commendable 58% increase, totaling $20.3 million. Moreover, gross marketplace volumes experienced a similar surge, rising by 58% to $131.7 million.

However, it is important to note that Airtasker’s EBITDA has taken a hit, with losses widening from $3.7 million in the previous period to $5.1 million in this half. This, understandably, has exerted pressure on the company’s shares.

For this month, it might present a golden opportunity to consider buying the Airtasker ASX dip this July. As the market remains in flux, Airtasker’s potential remains intact, and this is the reason why Airtasker makes our list of the best stocks to buy now. This promising stock is fueled by its impressive revenue growth and the vast market it operates within.

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NextDC (ASX: NXT)

NextDC (ASX: NXT), a prominent player in the data centre industry. This tech company’s journey has been nothing short of remarkable since its recognition as one of Australia’s fastest-growing tech companies by Deloitte in 2014, merely two years before its listing on the ASX in 2016.

NextDC has flourished since then, expanding its reach to establish a robust network of nine data centres across the country. What sets NextDC apart is its distinction as the sole provider of tier IV certified data centres in Australia, showcasing its commitment to excellence and reliability.

The company’s performance for FY23 has been impressive, buoyed by the ever-growing demand for cloud and colocation services. As structural demand continues to surge, NextDC stands poised to further boost its revenues over the next three to five years.

Investors have taken notice, with NextDC’s stock surging by 43% year-to-date, currently valued at AU$12.72. Goldman Sachs, recognizing the company’s potential, has assigned a buy rating and set a target price of AU$13.30. 

With its solid track record and promising outlook, this is one the best ASX stocks to buy that has captured the attention of investors and industry experts alike. 

best asx stocks to buy now july 2023 nextdc limited asx nxt 3m

 

Breville Group (ASX : BRG) 

Breville Group (ASX: BRG) is a Sydney-based multinational manufacturer that proudly touts itself as an iconic global brand.

With a presence in over 70 countries, Breville has successfully established its kitchen products as a staple in households worldwide. 

In the first half of FY23, Breville showcased its financial prowess. EBITDA rose by an impressive 13.1% compared to the same period in the previous financial year, reaching $141.9 million. Net profit after tax experienced a modest yet commendable increase of 1.3%, while gross margin strengthened by one percentage point, reaching 35.1%. These robust numbers are particularly noteworthy, considering the challenging inflationary environment.

Looking ahead, Breville’s share price holds the potential for favourable performance. The company has charted a growth strategy centred around the coffee market and new market entry. This strategy could drive a compound annual increase in EBITDA of 7% between FY23 and FY25, painting a promising picture for the company’s future.

Breville shares complete our list of the best stocks to buy now for your July portfolio.

best stocks to buy july 2023 breville group asx brg 3m

If you would like to book a free personalised walkthrough of our portfolio, just click here.

 

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