10 great ASX stocks to snap up at a discount today

With the S&P/ASX 200 (Index:^AXJO) (ASX:XJO) down 7%, now could be a great time to go shopping for companies such as Woolworths Limited (ASX:WOW), Coca-Cola Amatil Ltd (ASX:CCL) and Westfield Corp Ltd (ASX:WFD).

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As nerve-wracking as it can be, buying shares at a time where the rest of the market is panicking can be great for your long-term wealth.

Since nearly breaching the 6000 point mark in late April, the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has tumbled more than 7% to reside at just 5554 points today, giving investors an opportunity to stock up on some great companies.

Here are 10 you might consider buying today…

  1. Burson Group Ltd (ASX: BAP) has posted a tremendous run since it listed on the ASX early last year, and looks set to continue that trend thanks to the strong growth being experienced in Australia's automotive aftermarket parts industry. Burson recently opened its first Western Australian store and is in the process of acquiring Metcash Limited's (ASX: MTS) automotive division (which it picked up at a great price).
  2. Woolworths Limited (ASX: WOW) shares hit a new three-year low during yesterday's session as the market continues to fret over its dominant position in Australia's grocery industry. At this price ($26.83), it's too good to pass up and offers a generous 5.2% fully franked dividend yield.
  3. Coca-Cola Amatil Ltd (ASX: CCL) has also had a shocking run in recent years, but appears to be pulling itself together with the prospect of returning to earnings per share (EPS) growth in the near future. Like Woolworths, Coca-Cola Amatil offers significant upside both in the form of capital gains and dividends. It yields 4.5%, franked to 75%.
  4. oOh!Media Ltd (ASX: OML) is Australia's leading out-of-home media group and is a leader in all of the markets in which it operates. While platforms such as free-to-air television and newspapers are experiencing a heavy decline in advertising growth, out-of-home advertising is strengthening and has proven its ability to improve the return on investment on its advertising products. oOh!Media is a great way to play this trend, especially as it develops its digital platform.
  5. Collection House Limited (ASX: CLH) has a strong track record for revenue and earnings growth, yet remains somewhat undetected by the broader market. At $2.24 per share, Collection House could generate great returns over the coming years – especially with its 4% fully franked dividend yield.
  6. REA Group Limited (ASX: REA) shares have plummeted over the last couple of months and find themselves at just $37.63 – down 27% from their 52-week high earlier this year. The company boasts a dominant position in Australia's online real estate classifieds market and should continue to perform for investors over the coming years.
  7. Veda Group Ltd (ASX: VED) shares have remained relatively flat over the last nine months but could be a good pick-up for long-term investors. Veda provides credit information in Australia and New Zealand and stands to benefit from the introduction of the Comprehensive Credit Reporting regime.
  8. Westfield Corp Ltd (ASX: WFD) is a global shopping centre operator whose operations span across the US and the UK. As it continues to redevelop its 'flagship' malls, earnings should strengthen while investors should also benefit as the Australian dollar eventually weakens.
  9. Scentre Group Ltd (ASX: SCG) is also worth considering at today's price of $3.85. Scentre owns and operates the Westfield-branded shopping centres in Australia and New Zealand and has experienced strong sales growth in recent years, despite a tough retail environment. The stock offers a 5.3% dividend yield, albeit unfranked.
  10. Altium Limited (ASX: ALU) is an electronics design software company which recently hit an all-time high of $5.31, but has since retreated 14% to trade at $4.57 (despite the absence of any bad news). The company offers a generous dividend yield and mouth-watering growth potential.
Motley Fool contributor Ryan Newman owns shares of Burson Group Ltd, Collection House Limited, Altium Limited and Coca-Cola Amatil Ltd. You can follow Ryan on Twitter @ASXvalueinvest. The Motley Fool owns shares of Burson Group Ltd and Altium Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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