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Date : 12/12/2023

Top 5 ASX Stocks to Watch This 2024

Heading into 2024, the ASX offers a range of investment opportunities. Five of the top ASX stocks – each a leader in its field and showing significant growth prospects – stand out.

Telix Pharmaceuticals (ASX: TLX)

Telix Pharmaceuticals has been making significant strides in the healthcare sector, especially in cancer diagnostics and treatment. 

Dr. Christian Behrenbruch, the Managing Director and Group CEO, highlights the company’s success with a fourth consecutive quarter of positive operating cash flow, reflecting its commercial goals and industry-leading pipeline. The company also reported a total revenue of $220.8M, including sales of Illuccix in the U.S.

The net operating cash inflow for the quarter was $21.4M, up from $10.6M in the previous quarter. With a closing cash balance of $137.4M as of 30 September, Telix is well-positioned financially. This robust financial performance, combined with ongoing developments in clinical programs and global regulatory updates, positions Telix shares as one of the top ASX stocks to watch this 2024.

Shares in Value - Top 3 ASX Stocks to Watch 2024 - Telix Pharmaceuticals ASX TLX


Wesfarmers (ASX: WES)

Wesfarmers Ltd stands out as a promising investment opportunity, especially in the retail sector where it operates powerhouses like Bunnings and Kmart. These brands are excelling in the current economic landscape, renowned for offering the lowest prices, thereby positioning themselves to increase market share even amidst economic shifts. 

Bunnings continues to report solid sales growth, driven by sustained demand for essential repair and maintenance products. Kmart’s financial performance remains robust, benefiting significantly from its value offerings.

In addition to its retail success, Wesfarmers is diversifying into the lithium market with the Mt Holland lithium project, anticipated to enhance its chemicals, energy, and fertiliser division. This expansion reflects the company’s forward-thinking approach and adaptability. Its history of consistent dividend payments further underscores its appeal as a long-term investment, making it an attractive proposition for investors looking for stability and growth potential in their portfolios.

Shares in Value - Top 3 ASX Stocks to Watch 2024 - Wesfarmers Ltd ASX WES


ResMed (ASX: RMD)

ResMed, operating in the high-potential sleep apnoea market, remains a top ASX stock investment despite concerns over the impact of weight-loss drugs like Ozempic. The company’s resilience stems from the vast market and the unsustainable long-term results of these drugs. Additionally, ResMed has been expanding production, notably in 2022, following a major recall by its key competitor, Philips. This expansion is yielding results with increased supply. ResMed stocks are well-placed to capitalise on the significant market opportunity as it improves supply while its competitor faces challenges like reputational damage and increased regulatory oversight. This positions ResMed for sustained growth in the sleep apnoea sector.

Adding to this positive outlook, ResMed reports strong revenue growth of 16% to $1.1 billion for Q1 FY24. Adjusted for currency fluctuations, the growth remains substantial at 15%. Operating profit also increased by 5%, and non-GAAP operating profit rose by 10%. ResMed reported an operating cash flow of $286.3 million, indicating a strong financial performance that aligns with its strategic market positioning.

Shares in Value - Top 3 ASX Stocks to Watch 2024 - Resmed Inc ASX RMD


Washington H. Soul Pattinson and Co Ltd (ASX: SOL)

As we approach 2024, Washington H. Soul Pattinson and Company Limited (ASX: SOL) presents an appealing investment opportunity. The company has demonstrated resilience and potential for growth, which is evident from its 26% total shareholder return over the past three years. Despite facing some challenges, such as a 21% annual decrease in earnings per share and a recent revenue drop, Washington H. Soul Pattinson has shown its ability to navigate through fluctuating market conditions.

The company’s diverse portfolio and robust business model position it well for the upcoming year. With a proven track record and a commitment to adapting to market changes, Washington H. Soul Pattinson is poised to continue its trajectory of growth. Investors looking for a steady and promising investment in 2024 might find Washington H. Soul Pattinson an attractive option, offering a balance of stability and potential for appreciable returns.

Shares in Value - Top 3 ASX Stocks to Watch 2024 - Washington H Soul Pattinson ASX SOL


NexGen Energy (ASX: NXG)

NexGen Energy is making waves in the uranium sector with its Rook I Project in Saskatchewan. Experts predict NexGen could become one of the world’s “top 10” mining stocks, citing the project’s potential amid a global uranium supply shortfall and rising demand. 

The Rook I Project, with its substantial Arrow deposit discovered in 2014, holds 3.75 million tonnes at 3.10% U3O8, amounting to 257 million pounds of U3O8. 

NexGen’s stock has shown impressive growth, increasing by over 50% since early 2023. The company’s focus on decarbonisation, energy security, and affordability aligns it with global energy trends. With the expected doubling of nuclear capacity by 2050, and NexGen’s position as a leader in high-grade, low-cost uranium, the company is poised to play a pivotal role in the clean energy sector and in meeting the increasing demand for uranium.

Shares in Value - Top 3 ASX Stocks to Watch 2024 - Nexgen Energy ASX NXG


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Top 5 ASX Stocks
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