If you're in the market for some new ASX shares this month, then it could be worth listening to what analysts at Bell Potter are saying.
That's because they have just revealed their favoured picks for September. Two new additions to their list are named below:
GUD Holdings Limited (ASX: GUD)
This automotive parts company has been named as an ASX share to buy in September. Bell Potter has a buy rating and a $13.30 price target on its shares.
It was impressed with GUD's performance in FY 2023 and appears positive on the future thanks to the resilience of its business. It explains:
The company recently reported an impressive FY23 result with NPAT of $119 million beating Citi forecast by 3% and consensus by 14% This was driven by the better-thanexpected APG performance (the highest-quality business in GUD, in our view) and the improvement in gearing. We see GUD as well-placed to benefit from the ongoing improvement in OEM supply constraints into FY24. Overall, our Buy rating for GUD is predicated on the relative resilience of the legacy auto business and improving momentum in new car sales, which should be favourable for APG's earnings.
Mineral Resources Ltd (ASX: MIN)
Another ASX share that has been added to its favoured list is mining and mining services company Mineral Resources. The broker has a buy rating and a $90 price target on its shares.
Bell Potter likes Mineral Resources due to its diversified earnings and strong growth opportunities. It said:
In contrast to its peers, MIN completes everything from engineering, to construction, to all aspects of operations in-house. Our Buy view is underpinned by MIN's earnings diversification, strong insider ownership, clearly articulated strategies, expertise in contracting and internal growth options at Onslow as well as potential lithium expansions including into downstream. All up, MIN offers diversified exposure to steady income streams from the contracting business and market-driven commodity exposure coupled with earnings derived from both lithium and iron ore.