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4 ASX growth shares in the buy zone after recent market volatility

Major United States (US) indices the Dow Jones, S&P 500 and Nasdaq have all whipsawed back and forth amidst the US–China trade war, Chinese Yuan devaluation and tumbling bond yields. However, we have witnessed multiple impulsive corrections in the past, followed by an almost immediate “V” move to new highs. I believe the recent market correction has found its floor and presents an opportunity for investors to re-enter into some quality names on the ASX 200.

Here are four ASX 200 stocks that have strong underlying fundamentals and reliable growth potential.

1. Tassal Group Limited (ASX: TGR)

Tassal Group is engaged in the farming, processing and sales of Atlantic salmon. The Tassal Group share price has been in a prolonged period of consolidation within the $4.80–5.00 range after surging back in February on the back of its HY19 announcement. I believe Tassal has had a reliable history of growth and with the introduction of a new business vertical (prawns), the company should continue to build on success in its upcoming full year results.

2. Nanosonics Ltd (ASX: NAN)

Nanosonics distributes and manufactures its breakthrough disinfection product used for ultrasound reprocessing. While the shares are quite expensive, trading at a price-to-earnings (P/E) ratio of approximately 115, Nanosonics is in the driving seat of the significant global opportunity in ultrasound disinfection. I am looking forward to seeing how Nanosonics has performed in its upcoming full year report and any updates on its expansion across Asia, Europe and North America.

3. Jumbo Interactive Ltd (ASX: JIN)

If you’re a bit of a punter then you’ve definitely come across Jumbo’s products, namely OZLotteries.com. The Jumbo share price was a phenomenal trending stock, going from $8.00 to $20.00 this year, but the recent market noise has pulled the share price back to the $18.00 range. FY19 has witnessed 49 jackpot draws that were worth more than $15 million each, which should drive Jumbo’s earnings. I believe the hype around lotteries and Jumbo’s commitment to an engaging digital platform should see record earnings this month.

4. Collins Food Ltd (ASX: CKF)

The Collins Food share price tumbled more than 10% back in June after the departure of the company’s CEO, Graham Maxwell. Amid the volatility, Collins has always been a consistent growth machine and in its full year earnings back in June, highlighted a 16% growth in revenues, 20.3% rise in net profit after tax and a 16.7% increase in fully franked dividends. I would call Collins a safe play with consistent earnings and a reasonable 2.30% dividend.

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Lina Lim has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Jumbo Interactive Limited. The Motley Fool Australia owns shares of and has recommended Nanosonics Limited. The Motley Fool Australia has recommended Collins Foods Limited and Jumbo Interactive 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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Our Motley Fool experts have just released a brand new FREE report, detailing 5 dirt cheap shares that you can buy today.

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