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Is it too late to buy these high-flying ASX shares?

I think it is fair to say that it has been a disappointing year so far for the All Ordinaries (Index: ^AXAO) (ASX: XAO).

Since the start of the year the index has fallen 5.6% excluding dividends.

Thankfully, not all shares on the All Ordinaries have performed as poorly. The three ASX shares listed below have been big movers this year. Is it too late to invest?

The Beach Energy Ltd (ASX: BPT) share price has climbed a sizeable 29% since the start of the year despite a sharp pullback in the last few weeks following a decline in oil prices. The catalyst for this gain was the energy producer’s transformative acquisition of the Lattice Energy business from Origin Energy Limited (ASX: ORG) for $1.6 billion. Thanks partly to this acquisition the company plans to grow production to between 30 to 36 million barrels of oil equivalent by FY 2023. This compares to total production of 19 million barrels of oil equivalent in FY 2018, which itself was up 80% on the prior corresponding period. Considering there are concerns of an oil supply glut next year, I wouldn’t be a buyer just yet. But if OPEC’s production cuts lead to tighter supply, it could be worth considering Beach.

The Nanosonics Ltd (ASX: NAN) share price has pushed 16% higher since the start of the year. Although this infection control specialist’s financial performance in FY 2018 was a little underwhelming, investors have looked beyond this due to its strong long term growth potential and the cementing of its market leading position through the launch of a new trophon product. At the end of FY 2018 the company had an installed base of 17,740 units. This means it is still scratching at the surface of an overall market opportunity estimated to be 120,000 units globally. While it is a high risk investment, I think it could be a great buy and hold option.

The Reliance Worldwide Corporation Ltd (ASX: RWC) share price has put on a gain of 27% so far in 2018. A key driver of this gain was the acquisition of the UK. based John Guest business in May for $1.2 billion. Management believes the acquisition has a strong strategic fit and is aligned with its strategy to add complementary products and expand its market presence, particularly in Europe. Its shares have taken a bit of a tumble over the last few months due to the cooling housing market, but I believe this could be a buying opportunity.

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When ace stock picker Scott Phillips has a buy recommendation, history suggests it can pay to listen.

Scott recently revealed what he believes are the five best ASX stocks for investors to buy right now… and Nanosonics wasn’t one of them! That’s right — he thinks these 5 stocks are even better buys.

See the 5 stocks

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Nanosonics 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 Scott Phillips.

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