I think the recent market selloff has created a large number of buying opportunities in the mid cap space.
Three mid cap shares that I would consider buying this week after recent declines are listed below. Here's why I like them:
Bapcor Ltd (ASX: BAP)
Over the last few weeks the Bapcor share price has been dragged around 10% lower from its 52-week high. I think this could be an opportune time to pick up the shares of one of Australia's largest suppliers of car parts and accessories. It was a strong performer in FY 2018 and posted pro forma net profit after tax growth of 31.6% to $86.5 million thanks to positive performances from all its business divisions. The good news is that I feel confident that this strong form can continue in FY 2019 thanks to its expansion plans and organic growth.
Helloworld Travel Ltd (ASX: HLO)
This integrated travel company's shares have pulled back by 9.5% from their 52-week high. I think this is a great opportunity to pick up shares in a company that could grow strongly over the coming years. In FY 2018 Helloworld posted an impressive 48.1% increase in profit after tax to $32 million. Management expects the strong form to continue in FY 2019 and has provided earnings growth guidance in the range of 16.5% and 23%.
Macquarie Telecom Group Ltd (ASX: MAQ)
Recent share price weakness due to market volatility means that the Macquarie Telecom share price is down 7% from its 52-week high. In light of this, I think now could be a great time to pick up shares with a long term view. Although it has the word telecom in its name, don't be fooled into thinking this is a slow-growing telco company. Thanks to its fast-growing data centre business and plans to expand its capacity significantly in the coming years, I believe Macquarie Telecom is well-positioned to deliver strong earnings growth for many years to come.
