If you're on the lookout for some post-results investment options, then you may want to check out the ASX stocks listed below.
That's because, in response to their results releases this week, the team at Morgans has put the equivalent of buy ratings on their shares.
Here's what it is saying about these ASX stocks:
Mineral Resources Ltd (ASX: MIN)
This mining and mining services company gets the thumbs up from Morgans. It was pleased with the company's FY 2023 results. It also notes that the year ahead will be very important and could unlock strong earnings growth in the future. The broker explains:
MIN delivered a mixed P&L performance (underlying beat but it came with impairments), but impressed with its cash flow and dividend performance. We had expected MIN to flex its final dividend given our confidence in the company's balance sheet, but it trounced consensus DPS estimates. FY24 is an important execution year in lithium and iron ore, but it will unlock years of bumper earnings beyond it. Believing MIN has suitable control over its projects and cash flow, we maintain our Add rating looking through FY24 to the material growth beyond.
Morgans has an add rating and a $84 price target on its shares.
Tourism Holdings Ltd (ASX: THL)
Another ASX stock that Morgans is tipping as a buy is Tourism Holdings. It is the largest commercial recreational vehicle rental operator in the world. The broker was impressed with its performance in FY 2023 and feels its shares are cheap based on its earnings estimates. It said:
THL had a strong FY23 result which beat our forecast (pre-acquisition accounting). The business continues to recover nicely from the COVID induced tourism downturn and benefit from historically high rental yields and merger synergies. While it is too early to provide FY24 earnings guidance, overall, its trading update and outlook comments were generally positive. THL is trading on a recovery year (FY25) PE of only 9.3x, which is attractively priced for a global, market leader. We maintain an Add rating.
The broker has an add rating and a $5.02 price target on its shares.
Tyro Payments Ltd (ASX: TYR)
A third ASX stock that Morgans says is a post-results buy is payments company Tyro. It notes that Tyro's result and guidance were ahead of expectations. It said:
TYR's FY23 NPAT of A$6m (FY22 -A$30m) was above consensus of A$2m. The mid-point of FY24 EBITDA guidance (A$55m) was 14% above consensus. Overall, we saw this as a good result, without any large weaknesses. […] We believe TYR now has good operating momentum and we remain encouraged by management's heightened focus on driving improved profitability.
Morgans has an add rating and a $1.85 price target on Tyro's shares.
