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4 ASX stocks smashing the market this week

Despite some decent gains from European and U.S. markets the S&P / ASX 200 (Index: ^AXJO) (ASX: XJO) has been treading water for most of this trading week, but there are several stocks inside and outside the index that have been flying higher.

Some of these stocks have potentially big futures ahead of them and are well worth a closer look.

Southern Cross Media Limited (ASX: SXL) was up 10.5 cents or 12.88% yesterday to 92 cents as investors decide it’s too cheap to ignore. As a television and radio broadcast business it faces competition from new media. However, with the group trading on a forward price-earnings of just 9.6 and yield of 7.5% according to analysts’ estimates for FY15, it appears the business has seen some bargain-hunting buying.

My Net Fone Limited (ASX:MNF) is an internet services and telecommunications group that was recently nominated as the fastest-growing ASX-listed telco according to BRW magazine’s Fast 100 list for 2014. This nomination was based on average revenue growth over the past four years. My Net Fone specialise in voice over internet communications and now has the largest independent voice over internet network in Australia.

This week it confirmed it is on track to see net profit growth of 22.4% this financial year and shares have hit an all-time high of $3.43 as a result. With little to suggest it cannot continue to see strong organic or acquisitive growth, My Net Fone looks one for the future.

Liquefied Natural Gas Ltd (ASX: LNG) is probably 2014’s hottest stock and has seen its shares climb nearly 10% so far this week to $3.27. The company is developing its Magnolia, LNG processing facility in Louisana, USA, and has received significant support from institutional U.S. investors. Its ace card is a technology that allows it to liquefy gas for transport in a cost effective and energy efficient way. LNG Ltd is now valued at more than $1.5 billion and will have to deliver on the considerable faith shown in it.

Dick Smith Holdings Ltd (ASX: DSH) has climbed around 5% higher this week as it impresses investors with its plans to grow through an aggressive new store opening strategy out to FY 2017. Its other big opportunity is to develop online sales as an omni-channel retailer using either a click-and-collect or delivery model.

This October the company updated the market with the news that it had seen strong sales growth momentum in the first 15 weeks of FY 2015 and that it could see high single or low-double digit sales growth in the first half of this financial year.

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Motley Fool contributor Tom Richardson owns shares in My Net Fone. You can find him on Twitter @tommyr345

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