The team at Bell Potter has been busy this month picking out the best ASX shares to buy in 2023.
Among its picks are the two listed below. Here's what the broker is saying about these shares:
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Accent Group Ltd (ASX: AX1)
Bell Potter has this retailer on top stock picks for 2023. Its analysts believe the company is well-placed to deliver solid earnings growth through to FY 2025 despite the tough consumer environment. It commented:
Accent Group (AX1) commands a dominant ~30% market share in the $3b Australian footwear retailing market and we think there is a larger opportunity in the fast growing youth focused sports apparel vertical. We believe AX1 has the right strategies in place with Glue Stores and Style Runner expansion plans and should see greater customer engagement to these brands.
AX1 remains one of our top picks in the Retail sector as we remain constructive on the name considering its exposure to a younger customer demographic in a tougher consumer spending environment, its longer term growth trajectory (12% EBIT CAGR, FY21-25e) and attractive valuation (11x BPe FY24e P/E).
The broker has a buy rating and $2.10 price target on its shares. This compares favourably to the latest Accent share price of $1.66.
Chalice Mining Ltd (ASX: CHN)
This mineral exploration company is also one of Bell Potter's top stock picks for 2023. The broker is fan of the company due to its globally significant PGE-NiCu deposit and exposure to highly sought critical minerals. It explained:
CHN's 100%-owned Julimar project is a globally significant PGE-NiCu deposit. Located 70km north of Perth in WA, it represents a unique opportunity to establish new strategic PGE and base metals supply in a top mining jurisdiction.
This is reinforced by the inclusion of PGE's nickel and cobalt on Australia's and the USA's critical minerals lists, due to their role in the lithium-ion battery and hydrogen fuel cell production value chain and Russia's market dominance. Exploration and project development updates in 2022 have reinforced the upside at the Gonneville deposit, and the Julimar project.
Bell Potter has a speculative buy rating and $11.10 price target on its shares. This is materially higher than the latest Chalice Mining share price of $6.14.
