Experts pick 2 ASX shares to buy that move wealth around

With all this economic uncertainty with rising interest rates, perhaps it’s time to consider companies that handle money as its business.

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If you’re uncertain about what will happen with inflation and the economy, maybe it’s time to get “meta”.

That is, take a look at ASX companies that handle money as their business.

After all, even if the economy comes under pressure from rising interest rates, wealth still has to move around one way or another.

A couple of experts this week recommended investors buy two such ASX shares:

Moving money overseas

Spotee Connect founder Elio D’Amato likes the look of foreign exchange services provider OFX Group Ltd (ASX: OFX).

“In its latest full-year result, it achieved 25% record growth in NOI [net operating income] to $147 million, which beat expectations by an additional 10%,” he told The Bull.

“All divisions generated growth, in particular the lucrative corporate and high-value consumer divisions.”

The cross-border payments facilitator is forecasting net operating income between $200 million and $212 million for the 2023 financial year.

It banked plenty of cash during the current period too.

“Net cash grew over the period by 39% to $84.2 million.”

The OFX share price has grown 5.7% so far this year.

Other professionals are somewhat divided over this stock, with three out of five analysts surveyed on CMC Markets rating it as a buy.

Moving money out of wallets

Medallion Financial Group advisor Jean-Claude Perrottet is currently a fan of Aristocrat Leisure Limited (ASX: ALL) shares.

“The gaming giant recently posted operating revenue of $2.745 billion in its half-year result, up 23.1% in reported terms on the prior corresponding period.”

Perrottet added Aristocrat’s earnings beearnings before interest, tax, depreciation, and amortisation (EBITDA) also saw a 30% boost, to hit $970.3 million.

“Normalised profit after tax and before amortisation of acquired tangibles rose 40.9% to $580.1 million,” he said.

“A strong recovery in North American gaming operations contributed to the result. We expect digital revenue to grow in future years.”

Aristocrat shares have plunged more than 25% year-to-date.

The stock is an absolute darling among the fund manager community at the moment. According to CMC Markets, 11 out of 15 rate Aristocrat shares as a strong buy, while another two label it a moderate buy.

Motley Fool contributor Tony Yoo has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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