With the S&P / ASX 200 (Index: ^AXJO) (ASX: XJO) down 1.1% in lunchtime trading today, and down more than 3% since the beginning of the year, I've got my eye on a number of high quality stocks that have been crunched more than the index, or could fall further in the days ahead. With my investing time frame of decades, buying in at low prices is a huge advantage.
In the past month alone, the index has fallen more than 5%, while a number of stocks on my watchlist have dropped much more. Flight Centre Travel Group Ltd (ASX: FLT) is down 13.7% over the same period, while REA Group Ltd (ASX: REA) and Carsales.com Ltd (ASX: CRZ) have lost 11.1% and 7.3% respectively.
Two recent ASX listings also on my watchlist, Veda Group Ltd (ASX: VED) has lost 4.2%, while iSentia Group Ltd (ASX: ISD) is down 3.3% today. Veda provides credit scoring systems, vital to many financial businesses, while iSentia offers more than 5,000 clients across Asia and Australia media monitoring, analysis and reports.
The company I regard as the best company on the ASX, CSL Limited (ASX: CSL) is virtually unchanged over the past month, despite announcing a $950 million buyback yesterday, and strong growth in earnings in early August.
Likewise another company I already own, photo imaging company Nearmap Ltd (ASX: NEA) is down just 0.5% in the past month, despite officially announcing its entry into the US market. Given the US population is more than 10 times the size of Australia's and as the world's second largest economy, market opportunities could be immense.
To pump up my dividend returns, I've also got my eye on Insurance Australia Group (ASX: IAG) with its 9.9% grossed up dividend yield, Telstra Corporation Ltd (ASX: TLS) on 7.8% grossed up and Woolworths Limited (ASX: WOW) with a fully franked yield of 4%, equating to 5.7% to include those lovely fully franked dividends.
Bring on those lower prices I say!
