If you are on the lookout for new portfolio additions in November, then read on!
That's because the team at Bell Potter has named a number of ASX stocks that it thinks are among the best to buy now.
It notes that they "offer attractive risk-adjusted returns over the long term."
Let's take a look at what the broker is saying about these stocks:
Boss Energy Ltd (ASX: BOE)
Bell Potter thinks that uranium producer Boss Energy would be a great ASX stock to buy in November.
It is bullish due to Boss Energy's exposure to the uranium bull market and its positive production growth outlook. It explains:
Boss Energy's Honeymoon project recommenced production in April-24, with first sales expected in July-24. The business over the last six months has changed somewhat, with the acquisition of a 30% interest in the Alta Mesa project with JV partner enCore energy in South Texas. We continue to see significant value in BOE, with optionality around expansion at Honeymoon via low-risk and cost regional resources at Jasons and Goulds Dam. With the inclusion of Alta Mesa, BOE boasts a geographically diversified multi-asset portfolio with several growth levers yet to be pulled, heading into a uranium bull market.
James Hardie Industries pls (ASX: JHX)
Another ASX stock that makes the list is building materials company James Hardie.
Bell Potter believes that James Hardie's earnings outlook is very positive thanks to structural drivers. It also sees potential for its earnings to be given a boost from falling interest rates. The broker explains:
In our view, James Hardie is poised for continued earnings expansion, driven by the structural shift towards fibre cement in the US. Households in the US continue to shift to fibre cement cladding from vinyl/timber, providing a multiyear runway for JHX's revenue and profit growth. With a strong market position, premium brand, and pricing power, JHX is poised to capitalise on structural growth in the fibre cement market and cyclical tailwinds from potential rate cuts.
Macquarie Group Ltd (ASX: MQG)
Finally, Bell Potter is positive on investment bank Macquarie and has named it as an ASX stock to buy.
It likes the company due to the diversity of its operations and excess capital. It believes the latter provides it with the opportunity to invest and grow its earnings. It said:
MQG's diversification is an integral part of the investment thesis. Over the past decade, MQG has undergone a significant transformation, pivoting from its traditional investment banking roots to emerge as a dominant player in global asset management, particularly in infrastructure and renewable energy. This diversification and the potential to generate increased annuity-style income from sources like asset management should bolster MQG's valuation. MQG boasts a substantial $10.7 billion surplus capital, providing ample resources for future investments and growth.
