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3 top ASX shares to buy after today’s market selloff

On Thursday the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) continued its poor run and fell a further 0.8% to 5,668.4 points.

While this is disappointing, one positive is that the market selloff has pulled down the shares of many popular ASX shares to attractive levels.

Listed below are three top ASX shares to buy after today’s market selloff:

Altium Limited (ASX: ALU)

This electronic design software company’s shares were dragged 5% lower to $22.40 today. Although its shares are still trading at a significant premium to the market average, I believe they could prove to be great value if you are prepared to hold onto them for the long-term. This is because of its exposure to the rapidly expanding Internet of Things market and the increasing demand that this is likely to lead to for its award-winning PCB design software.

Bravura Solutions Ltd (ASX: BVS)

This provider of software solutions to the wealth management, life insurance, and funds administration industries saw its shares slide almost 6% to $3.62 today. I think this could have created a buying opportunity for investors that are prepared to make a long-term investment. This is largely down to the potential of its Sonata wealth management platform which has been growing at such a strong rate it has now become the company’s biggest contributor to earnings. Due to its large market opportunity, I feel this strong growth could continue for some time to come and underpin the company’s long-term earnings growth.

Reliance Worldwide Corporation Ltd (ASX: RWC)

The Reliance Worldwide share price fell over 6% to $4.47 on Wednesday. This decline means the plumbing parts company’s shares are changing hands at 20x estimated forward earnings now. While this is still a premium to the market average, I believe its current growth profile justifies this. Especially if the $1.2 billion acquisition of the UK-based John Guest business proves to be a success. 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.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of Altium and Bravura Solutions 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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