2 great ASX shares trading at 52-week lows

I have just trawled through 38 stocks appearing on the list of the ASX rolling 52-week lows, with a view to securing a bargain. The two shares I decided upon were:

WorleyParsons (ASX: WOR)

The Australian Workforce and Productivity Agency (AWPA) recently released a study that revealed a looming collapse in the resources industry construction workforce by 91% over the next four years. However, outside of the construction segment are the production and maintenance segments. Here the study found a partial offset with a gain of 40,000 jobs over the next four years. The oil and gas sector was seen as contributing 56% of those jobs.

Purchasing WorleyParsons is an excellent way to gain exposure to continued growth in global hydrocarbons capital expenditure, which accounts for approximately 70% of its revenue. It has broad international diversification, with over 80% of FY 2013 revenue generated outside Australia. No other local mining services company has this material offset against a sluggish Australian mining sector.

A potential share price catalyst would be an acquisition. With ample gearing capacity it continues to evaluate opportunities.

I would strongly recommend putting WorleyParsons on your watch list while it’s trading at 52-week lows.

General Property Trust (ASX: GPT)

I have chosen to include GPT for the second week in a row. This company has always been of the highest quality. However in the most recent reporting season it revealed weak underlying market fundamentals. In the view of Deutsche Bank at the time of its FY 2013 profit results, GPT’s saviour was its $1.3 billion of acquisition capacity, which provided management with the ability to buy growth in the coming years.

This is evident with the offer made for Commonwealth Property Office Fund (ASX: CPA), which had the effect of knocking down the price of the shares, despite Deutsche’s assertions that such acquisitions will buy growth.

Additionally, at a late October earnings guidance and strategy update, the company set an ambitious target for a 140% increase in funds under management to drive returns in the future.

Foolish takeaway

Investing in out-of-favour shares may yield big returns should fortunes reverse. Of the two stocks, my greatest confidence would be placed in WorleyParsons due to its global presence in a rapidly expanding market.

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Motley Fool contributor Mark Woodruff does not own shares in any of the companies mentioned in this article.

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