The recent downturn in the ASX 200 has led to some bargain buying opportunities, one expert says.
Anna Milne, senior investment analyst at Wilson Asset Management, says there are some high-quality growth shares trading cheaply today following the recent market sell-off.
The S&P/ASX 200 Index (ASX: XJO) has fallen 7% over the past three months.
The market entered official correction territory on 30 October, with the ASX 200 down 10.1% since its February 52-week high.
Almost all companies have taken a hit, with attractive buy-the-dip opportunities now ripe for the picking.
For investors looking to add high-quality stocks to their portfolios or reduce the dollar-cost averages of existing holdings, Milne says there are two cheap ASX shares, in particular, that are trading at "bargain prices".
Goodman Group shares
In the Australian Financial Review (AFR) today, Milne nominates Goodman Group (ASX: GMG) as her first example of a high-quality ASX 200 growth company trading cheaply today.
Goodman is a diversified global property investment company with a strong focus on industrial property, including warehouses serving e-commerce businesses.
The Goodman Group share price is $21.83, up 2.95% today and up 26% in 2023 to date.
Goodman Group is currently trading on a price-to-earnings (P/E) ratio of 25 times.
Milne says:
It is now trading back at levels similar to before their new data centre strategy was announced in August, which will underwrite their earnings growth over the coming years.
Orora shares
Milne says another example of cheap ASX 200 growth shares today is global packaging manufacturer Orora Ltd (ASX: ORA).
The Orora share price is trading at $2.48, down 0.2% today and down 6.6% in 2023.
Orora is trading on a P/E of 12 times.
She says:
Another example is Orora, valued at historical lows, despite the recent acquisition of Saverglass, which we believe will deliver synergies and growth opportunities far greater than the market appreciates, as well as the upside from the imminent removal of Chinese tariffs on Australian wine.
