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2 ASX shares looking cheap today

With the markets having a slow start to the week yesterday, it might be a good time to consider adding some cheaper shares to your portfolio. Rising markets are always a nice time to already be owning shares, but for anyone looking to deploy additional capital into the markets, the story isn’t so sweet.

With that said, here are 2 ASX shares that I think might just be the best options for any value investors out there today.

Westpac Banking Corp (ASX: WBC)

Westpac shares have had a pretty nasty couple of weeks – falling from around $29 late last month to yesterday’s closing price of $26.45. This big four bank hasn’t impressed investors with its $2.5 billion capital raise as a cut to its final dividend payout – leaving it at 80 cents per share.

Even after the cut, on today’s prices it is offering a starting yield of 6.05% (annualised), which is still amongst the highest yields you can get from any of the banks as well as most blue-chip ASX shares. Thus, I think Westpac might be showing good value today.

A2 Milk Company Ltd (ASX: A2M)

a2 milk used to be one of the hottest ASX growth shares on the market – until it wasn’t. Back in late July, A2M shares would have set you back around $17.30 – today you can pick some up for $12.02. News that this dairy giant had missed earnings and was abandoning plans to expand into the UK market sent investors spinning.

Still, I think a2 is a great company – and still has plenty of room to grow in Australia, the US and China. Sentiment tends to swing hard when it does swing, and I think the market is a little bearish on this company at the moment, meaning it’s a great time to pick up some shares

Foolish takeaway

I think these 2 ASX shares are looking cheap today and represent some of the best value for money deals that the ASX is offering. If you’re more focused on income, Westpac is definitely a better fit, but if growth is more your thing, a2 might be a better choice.

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Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of A2 Milk. 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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