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Date : 24/12/2022

Top 3 ASX Stocks to Buy for January 2023

The ASX All Ords have been struck hard in 2022. It is becoming more challenging to generate economic growth as a result of growing inflation and interest rates. At its December 2022 board meeting, the Reserve Bank of Australia (RBA) raised the cash rate by 25 basis points to 3.10%.

However, these numbers are a far cry from the substantially harsher situations now playing out in Europe, the United States, and the United Kingdom. Global geopolitical events are a major contributor to the economic strain. But despite the inherent risks, the situation can benefit astute ASX 200 investors. 

Here are three stocks from ASX All Ords with high potential to perform well in 2023:


Judo Capital Holdings (ASX: JDO)

As Australia’s challenger bank, Judo Capital, takes a beating from the sluggish economy. Its stock price has plummeted by 42% year-to-date to $1.25. However, the share price of the company increased by 18.4% in November. Loan book for Judo has increased to $6.8 billion, suggesting that the company is on target to meet its at-scale objectives.

Judo’s asset quality is stable and the firm is financially sound, with a CET1 ratio of 19.5%, which is far higher than the 10% threshold used as a benchmark by the largest banks. Judo’s NIM grew in FY22, whereas that of other conventional banks shrank (by 20bp). Initial full-year results from Judo showed a net profit of $15.6 million, exceeding IPO projections.

It is ‘Australia’s first challenger bank purpose-built for small and medium enterprises,’ and its IPO in November of last year made it the first bank to list publicly in Australia since Macquarie. Rising interest rates have the potential to increase Judo’s ASX stocks in the long run.


GQG Partners (ASX: GQG)

Next on our top 3 list of ASX stocks to buy this January 2023 is GQG.

Following the release of the fund manager’s November FUM report, shares of GQG Partners Inc are up by close to 2%. The dividend per share is projected to reach 13.2 cents by 2024, and the dividend yield would be 9.1%. 

The company’s Chairman and CIO Rajiv Jain believes that the reason people entrust them with over $86 billion in assets is because they hope to earn more money back in the future.

GQG may remain a top ASX All Ords performer for a long period if the fund’s outperformance is accompanied by healthy inflows.

In 2021, GQG Partners’ shares were part of the biggest Initial Public Offering (IPO) ever launched on the ASX chart, raising $1.2 billion on an initial market worth of $5.9 billion.


Allkem Ltd (ASX: AKE)

Among the world’s major lithium miners is Allkem, whose operations span the globe from Australia and Canada to Japan and Argentina.

The lithium miner anticipates a tripling of output by 2026, which might allow it to maintain a 10% share of global lithium production over the following decade.

Rising demand for lithium as the use of electric cars increases bodes well for Allkem’s ASX stocks in the future.


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