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These 3 ASX 200 shares are too cheap to ignore right now

The S&P/ASX 200 Index (ASX: XJO) has strung together 3 days of gains, but some ASX 200 shares still look like good value. There’s been a lot of volatility and we could see more in the coming weeks. The coronavirus pandemic has spooked global markets while government stimulus packages are still keeping some optimists in the market.

With the market moving all over the place, here are 3 ASX 200 shares that I think are too cheap to ignore right now.

3 ASX 200 shares in the buy zone

One company that I’ve got my eye on at the moment is National Australia Bank Ltd (ASX: NAB). The NAB share price is down 35.70% since the start of March and closed at $16.14 yesterday. I think it could be one of the ASX 200 shares that’s trading cheap at the moment. While COVID-19 fears are weighing on markets, I think the banks could be OK. Earnings could be under pressure from the extraordinary circumstances but I think the long-term outlook is good.

If you’re a buy and hold investor, you should be buying with a long-term view in mind. While lower short-term earnings are considered, I think NAB’s share price drop might be overkill given its asset quality and long-term outlook is pretty stable.

Mirvac Group (ASX: MGR) is another ASX 200 share that looks too cheap to ignore right now. It’s true that a likely recession could see unemployment levels surge in the coming weeks. That could impact on Mirvac through lower deposits and a potential slowdown in construction.

That said, I think the fundamentals look good for Mirvac. People still need housing and there’s certainly a shortage in Australia. Mirvac is a big name developer that is now yielding 5.71%, and while dividend yields could be misleading, I think it’s a stable buy for income.

Sydney Airport Holdings Pty Ltd (ASX: SYD) is looking like a cheap ASX 200 share at the moment. This is probably the riskiest bet out of these 3 Aussie companies given the circumstances. ASX travel shares have been hammered and airlines are reeling from mass travel restrictions. However, I think Sydney Airport is a quality infrastructure company with a solid balance sheet. The travel restrictions will hurt earnings in the short-term but the long-term outlook is positive.

Foolish takeaway

While the coronavirus pandemic is hitting the Aussie economy hard, the current bear market does provide buying opportunities. ASX 200 share prices are cheap and moving a lot from day to day. If you’ve got the cash to spare and have sorted out your finances, then now could be a great time to buy.

For more Aussie shares that are in the buy zone, check out these 5 options with long-term upside potential.

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Motley Fool contributor Ken Hall has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Sydney Airport Holdings Limited. The Motley Fool Australia owns shares of National Australia Bank 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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