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My top ASX shares to buy on the cheap in the coronavirus correction

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.

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Motley Fool contributor Kenneth Hall has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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.