Here are 3 ridiculously cheap ASX shares I would buy today

While there are a lot of ASX shares trading on sky high earnings multiples at the moment, luckily for investors there are also a number of shares which I think are ridiculously cheap and ready for an investment.

Three such shares are listed below. Here’s why I think they are buys today:

The Mantra Group Ltd (ASX: MTR) share price is trading 34% lower than it was 12 months ago, largely as a result of concerns over its CBD accommodation portfolio. While the rest of the business has been booming, demand for CBD rooms has fallen. This is possibly due to an oversupply of hotel rooms and the sudden emergence of Airbnb. But with Australian inbound tourism growing strongly and management working hard to rectify the issue, I expect to see Mantra’s CBD portfolio recover strongly in 2018. At just 16x estimated full-year earnings and paying a fully franked trailing 3.7% dividend, I think Mantra would be a great buy and hold investment.

The Mayne Pharma Group Ltd (ASX: MYX) share price has fallen 27.5% in the last six months, meaning its shares are changing hands at just 14x annualised earnings. While there are concerns over price-fixing allegations, management has advised that any penalties imposed would be immaterial. I believe its dirt cheap share price and the exceptional growth potential of its lucrative pipeline of generic drugs provides investors with a compelling risk/reward.

The Vocus Group Ltd (ASX: VOC) share price has dropped a whopping 61% in the last 12 months largely due to a boardroom spat and concerns over NBN margins. This has left its shares trading at a lowly 13x trailing earnings. Whilst there is still a lot of uncertainty over the impact the NBN will have on its profitability, I have been very impressed at the way Vocus has continued to win market share. Like Mayne Pharma, I believe an investment in Vocus provides investors with a compelling risk/reward as well.

While these blue-chip shares are not necessarily dirt cheap, I think they are great value for buy and hold investors and expect them to smash the market over the next few years.

Top 3 ASX Blue Chips To Buy In 2017

For many, blue chip stocks means stability, profitability and regular dividends, often fully franked..

But knowing which blue chips to buy, and when, can be fraught with danger.

The Motley Fool's in-house analyst team has poured over thousands of hours worth of proprietary research to bring you the names of "The Motley Fool's Top 3 Blue Chip Stocks for 2017."

Each one pays a fully franked dividend. Each one has not only grown its profits, but has also grown its dividend. One increased it by a whopping 33%, while another trades on a grossed up (fully franked) dividend yield of almost 7%.

If you're expecting to see the likes of Commonwealth Bank, Telstra and Wesfarmers shares on this list, you'll be sorely disappointed. Not only are their dividends growing at a snail's pace, their profits are under pressure too due to the increasing competitive environment.

The contrast to these "new breed" blue chips couldn't be greater... especially the very real prospect of significant share price gains, something that's looking less likely from the usual blue chip suspects.

The names of these Top 3 ASX Blue Chips are included in this specially prepared free report. But you will have to hurry. Depending on demand - and how quickly the share prices of these companies moves - we may be forced to remove this report.

Click here to claim your free report.

Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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