3 ASX tech shares to pounce on NOW while they're cheap

One expert reckons positive sentiment towards growth shares will quickly return, meaning this dip will just be a blip in the history books.

Among ASX shares, there's been no sector devastated more than technology.

The S&P/ASX All Technology Index (ASX: XTX) has plummeted a hair-raising 19% this year so far. This compares to a 5.5% drop for the broader S&P/ASX 200 Index (ASX: XJO).

But rather than being a scary time, many experts espouse that there's never been a better time to buy than right now.

Among this group is Tribeca portfolio manager Jun Bei Liu, who feels the market has overdone the punishment of growth stocks.

"I actually think, in general, tech has been sold off a lot," she told Switzer TV Investing. 

"All these businesses are trading at probably the cheapest they've ever been."

Liu reckons the current rotation away from growth and tech ASX shares will not last long.

"Very soon… investors will realise the world is still going to lack growth after the economy reopens," she said.

"Cyclical companies will continue to struggle to find growth… Growth companies will still have a premium to the rest of the market."

A rebound could come as soon as the current reporting season, as the market digests any positive earnings numbers. 

Liu thus nominated 3 ASX shares in the technology field that she thinks are excellent value for money right now:

A cat flies through the air.

Image source: Getty Images

This ASX tech trio will bounce back

Accounting software provider Xero Limited (ASX: XRO) has seen its shares tumble 21% this year and 28% since the start of November.

"It's not going to report this reporting season because it's out of cycle," said Liu.

"But it's global and the share price has come off a lot."

The Xero share price finished Tuesday at $111.40. 

Liu is expecting a "good result" during the current reporting season out of jobseeker website Seek Limited (ASX: SEK).

"This employment market is incredibly strong."

The Seek share price is indeed in bargain territory. It has fallen 16% this year, and more than 20% since mid-December.

Seek shares closed Tuesday at $27.66. 

Liu will also be keenly monitoring the earnings result this month for logistics software maker WiseTech Global Ltd (ASX: WTC).

Its shares have taken a painful 24% dive this year so far. The stock closed Tuesday at $44.53.

"The last result was just incredibly strong and we think they still have a bright future," she said.

"They have de-rated and it's a great buying opportunity." 

Only 10 days ago, Burman Invest chief investment officer Julia Lee agreed with this assessment of WiseTech's potential.

"I think that growth story is very much still intact," she said.

"In the medium term, I think the outlook is good."

While Wisetech would "struggle a little bit in the short term" because of low cargo volumes triggered by the COVID-19 Omicron variant, Lee likes that it consistently turns a profit.

"I much prefer the profitable ones at the moment."

Motley Fool contributor Tony Yoo owns Xero. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns and has recommended WiseTech Global and Xero. The Motley Fool Australia owns and has recommended WiseTech Global and Xero. The Motley Fool Australia has recommended SEEK Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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