Although the S&P/ASX 200 Index (ASX: XJO) is well off its lows for the year, it is still down around 25% from its high.
And while it is impossible to say when the market will rebound from here, I'm confident that it will happen.
In light of this, I think investors should be looking at the shares they want to be holding when the market rebounds.
Here are two top ASX 200 shares I would buy:
Appen Ltd (ASX: APX)
I think that Appen would be a great option for investors. The shares of the developer of high-quality, human-annotated training data for machine learning and artificial intelligence are down 25% from their 52-week high. I think this is a buying opportunity, especially given how demand for its services remains exceptionally strong. So much so, the company was able to reiterate its guidance for FY 2020 recently. It is expecting to deliver underlying EBITDA in the range $125 million to $130 million this year. This will be a sizeable year on year increase of 23.8% to 28.7%. Given its massive and growing market opportunity and leading position within it, I expect similarly strong growth over the coming years.
SEEK Limited (ASX: SEK)
Another option to consider is this job listings giant. Its shares are down 34% from the 52-week high they reached in January. Unlike Appen, SEEK is being impacted by the coronavirus pandemic. It recently released an update which revealed that ANZ and Asia billings fell 60% for the week ended March 29. While this will have a big impact on its performance in FY 2020 and probably the first half of FY 2021, I expect listings volumes and billings to rebound strongly once the crisis passes. In addition to this, I think investors should look beyond this short term pain and focus on the potential long term gains. Thanks to its leadership position in the ANZ market and its growing international operations, SEEK is aiming to grow its revenues to $5 billion later this decade. This compares to revenue of $1,537.3 million in FY 2019.
