2 cheap blue-chip stocks that you can buy right now

Choosing established quality stocks offers the best chances for long-term investment success.

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We always encourage our Foolish readers to predominantly choose established quality stocks because they offer the best chances for long-term investment success. You can get lucky with a fast growing stock here and there, but it isn't consistent enough for 5 or 10 years, let alone 20, even 30 years.

There are no "get rich quick" schemes – only steps to get rich slowly.

When we can find good stocks going through a temporary rough patch, then opportunities for bargains can appear. Again, many times the larger, more mature companies have weathered these tough situations to come out the other side in much better form.

Here are two blue-chip stocks that I believe are at a stage where today's price levels are offering a discount from where they could be in the near future.

—  James Hardie Industries plc (ASX: JHX)

The building materials producer known for its Hardiplank fibre cement products has been on the rise since last September, thanks to a recovery in the U.S. housing market where it makes about 70% of its revenue. It offers a 3.1% dividend yield.

Although the company could benefit from more U.S. growth in years to come, in the short term the share price may come off due to the steep climb it made. This could potentially give investors a lower entry price and higher yields.

—  Suncorp Group Ltd (ASX: SUN)

The insurer and banker is simplifying its business and trimming back on expenses, which will pay dividends later on. In the meantime, its life insurance arm is expected to be subdued for three or four years. It makes up only a minority proportion of total revenue and earnings, so the stronger and bigger general insurance and banking businesses will have to pull more weight.

It doesn't look exciting, but the steps put in place are for righting the company over the next five years. Investors have an opportunity to start positions or accumulate now and lock in lower prices. It offers a 5.1% dividend yield and the company is considering paying a special dividend to reward loyal and patient shareholders.

Motley Fool contributor Darryl Daté-Shappard does not own shares in any company mentioned. 

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