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3 top shares I would buy after today’s market meltdown

With many investors hitting the sell button in a panic today and causing the market to have a mini meltdown, I believe a number of shares have been dragged down to attractive levels.

Three top shares that I would consider buying after today’s meltdown are listed below:

Accent Group Ltd (ASX: AX1)

This footwear retailer’s shares drifted 3% lower to $1.47 on Monday. This means its shares are now changing hands at a reasonable 16.5x estimated full year earnings and offer a trailing fully franked 4.6% dividend. I think this makes its shares very attractive considering it delivered a 17.9% increase in net profit after tax to $47.1 million in FY 2018. This was driven partly by strong online and like for like sales growth. The good news is that FY 2019 has started strongly and Accent Group is tracking ahead of its like for like sales growth targets.

Bellamy’s Australia Ltd (ASX: BAL)

The Bellamy’s share price tumbled over 4% lower today, meaning it has now fallen over 61% from its 52-week high. Concerns over delays to being granted CFDA accreditation and overall weakness in the infant formula industry have weighed on its shares in recent months. While I expect things will remain volatile until Bellamy’s is granted its CFDA accreditation, I believe it is well worth picking up shares if your current risk profile allows it. Bellamy’s shares are currently changing hands at 24x earnings, which I feel is very reasonable given its strong long-term growth potential. Ltd (ASX: KGN)

The market selloff has put further pressure on the struggling share price on Monday. Its shares ended the day over 5.5% lower, meaning they have now lost almost half their value since peaking at $10.00 earlier this year. Heavy insider selling and the failure to provide a trading update with its full year results has been partly to blame for the share price weakness. Whilst I am concerned by the lack of trading update, I feel its shares have been de-risked significantly by this sizeable share price decline. As a result, I feel it is well worth considering an investment, especially given the rate at which ecommerce sales are growing in Australia.

Finally, here are three more top shares that I would consider buying after recent share price weakness.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Accent Group and ltd. 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 Scott Phillips.

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