3 cheap ASX 200 shares on my buy list today

Find out why I've got my eye on these 3 cheap S&P/ASX 200 shares including Telstra Corporation Ltd (ASX: TLS) in the market correction.

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

ASX 200 shares have had a difficult start to 2020 and it's going from bad to worse. The S&P/ASX 200 Index (ASX: XJO) fell 9.70% lower to 5,0002 points yesterday and could hit the 4,000s today. But a bear market always presents buying opportunities, so which shares are in the buy zone today?

a woman

Telstra Corporation Ltd (ASX: TLS)

It might surprise you to see Telstra in my ASX 200 shares to buy. However, I think there could be some value in the telco right now. Despite the market correction, Telstra shares are down just 5.85% in 2020. I like Telstra for its non-cyclical earnings and potential upside from the COVID-19 crisis.

Many workplaces across Australia are facing the reality that workplaces need to me more flexible in the future. That could mean that once COVID-19 has passed, corporations look to telcos like Telstra to boost their remote working capabilities. Investment in infrastructure could be a potential winner for Telstra as a market leader in Australia.

That means Telstra could be an ASX 200 share bargain at just $3.38 per share right now.

Bingo Industries Ltd (ASX: BIN)

The Bingo Industries share price could be undervalued at the moment. A COVID-19 shutdown wouldn't necessarily be a negative for the Bingo Industries share price. In fact, the pandemic could prove to be a boost for the waste management company.

People's need for waste disposal services shouldn't necessarily dissipate in a lockdown. If anything, there may be more waste that needs disposing of. If Bingo can continue to operate throughout a potential lockdown, it could be one of the ASX 200 shares in the buy zone right now.

Bingo shares have crashed 21.68% since the start of March and are trading at $2.24 per share. That's despite the Bingo share price hitting a new 52-week high as recently as January 2020.

Now could be a good opportunity to snap up shares in the waste management group at a price-to-earnings (P/E) ratio of 30.97 times.

AGL Energy Limited (ASX: AGL)

AGL shares slumped 8.39% lower yesterday and have fallen 23.38% in 2020. Yesterday's closing value of $15.73 per share represents a new 52-week low for the ASX 200 energy share. However, I like AGL for its defensive nature given energy demands are non-cyclical.

While AGL may have crashed lower, Fools should be looking to invest for the long-term. AGL's dominance in the Aussie energy market leaves it well-placed to see earnings steady beyond 2020. I'm putting AGL on my list of ASX 200 shares to buy in March, given the cheap price and strong technical outlook.

Motley Fool contributor Ken Hall has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Telstra 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.

More on Cheap Shares

Smiling couple looking at a phone at a bargain opportunity.
Cheap Shares

3 ASX 200 shares too cheap to ignore after sell-offs

Big share price declines don’t always mean the story is broken.

Read more »

Two people jump and high five above a city skyline.
Cheap Shares

2 top ASX shares down over 50% to buy now

You might want to consider catching these shares before they rebound.

Read more »

A young woman lifts her red glasses with one hand as she takes a closer look at news.
Cheap Shares

Down 30%! 3 ASX shares I'd buy now

These beaten-down ASX shares are down heavily, but their long-term growth stories still look intact to me.

Read more »

Two ASX shares investors fighting each other to grab gold treasure.
Cheap Shares

Are Jumbo Interactive shares, now at a multi-year low, a once-in-a-generation buying opportunity?

The share price looks broken. The business may be a different story.

Read more »

A couple sits on a sofa, each clutching their heads in horror and disbelief, while looking at a laptop screen.
Cheap Shares

5 oversold ASX shares to buy before the end of April

Not every sell-off creates opportunity, but these ASX shares could be exceptions.

Read more »

Red buy button on an Apple keyboard with a finger on it.
Cheap Shares

2 ASX shares highly recommended to buy: Experts

Investment analysts are excited about the potential of these businesses…

Read more »

Buy now written on a red key with a shopping trolley on an Apple keyboard.
Cheap Shares

2 high-quality ASX stocks to buy and hold long term

It has been a wild ride, but neither ASX stock has lost its edge.

Read more »

Smiling couple sitting on a couch with laptops fist pump each other.
Cheap Shares

Buy and forget? 2 top ASX shares built for the long term

Experts are upbeat and see upside of up to 65%.

Read more »