Global markets were turned upside down this week amid concerns about the spread of coronavirus around the world.
The S&P/ASX 200 Index (INDEXASX: XJO) shed nearly 10% as some of the biggest shares crashed lower. But wherever there is a market correction, there is also a buying opportunity.
Check out these beaten down ASX shares to buy and hold until retirement.
Polynovo Ltd (ASX: PNV)
The PolyNovo share price crashed 25% lower this week after disappointing the market with its half-year results.
The medical technology group posted an 80% increase in revenue over the prior corresponding period to $10.2 million. This was driven by a 129% increase in its NovoSorb BTM sales to $8.57 million during the half.
PolyNovo shares had been trading at a record high and have since plummeted amid the broader market downturn.
I think this Aussie medical group could be in the buy zone following this week's crash given the strong long-term business model.
Harvey Norman Holdings Limited (ASX: HVN)
The Harvey Norman share price was smashed more than 20% lower this week but I think it could be a good buy.
The big catalyst was Harvey Norman's disappointing half-year result on Friday.
Group sales increased by 1.9% to $4.07 billion with particularly strong growth in offshore sales. Profit before tax fell 4.6% over the prior corresponding period to $301.15 million. The company's profits were impacted by a decrease in the net property revaluation increment.
Despite the steep share price drop, I think Harvey Norman's numbers aren't too bad in the context of long-term growth. Harvey Norman shares are yielding 8.89% (net) and are trading at a price to earnings ratio of approximately 11.
I think that makes the Aussie retailer a top ASX dividend share that could be worth buying next week.
