2014 has been a disappointing year for many of the companies on the ASX.
With concerns surrounding the global growth outlook and tumbling commodity prices hitting many Aussie companies pretty hard, it's of little surprise that the ASX is only flat for the year.
However, a number of stocks have delivered strong share price performance during the course of the year and, looking ahead, this sentiment could help them to deliver yet more capital gains next year. Here are three prime examples.
Amcor Limited
Having risen by 14% in the last three months, shares in Amcor Limited (ASX: AMC) appear to be gaining in popularity among investors. This could bode well for 2015 and, with Amcor set to continue its transition towards higher growth markets and higher margin products, it appears to have a bright future.
Furthermore, Amcor still seems to offer good value for money when its medium term prospects are taken into account. For example, it trades on a P/E ratio of 17.7 which, although hardly cheap, could move much higher as the company begins to increase its exposure to emerging markets in the months and years ahead.
This shift, combined with a relentless focus on higher margin products, could continue to stimulate investor demand for Amcor's shares. Also, with dividends set to grow at an annualised rate of 5.7% over the next two years, Amcor could be yielding as much as 3.7% next year. This would undoubtedly increase the company's appeal during a low interest rate environment.
Scentre Group Ltd
Speaking of a low interest rate environment, one company outside the banking and resources sectors that stands to benefit hugely is Scentre Group Ltd (ASX: SCG). As has been evident in recent months, cheap credit is encouraging consumers to buy more and has helped to deliver fifteen straight months of positive specialty sales growth in Australia for Scentre.
Looking ahead, there seems to be a good chance that interest rates will fall next year. If that's the case, it would be of little surprise for Scentre's share price to continue the run that has seen it rise by 15% in the last six months.
In addition, if the ASX does have a stronger 2015 than 2014, Scentre could be a great share to own because of its beta of 1.32. This means that for every 1% rise in the ASX, Scentre should (in theory) make a gain of 1.32%. So, if you're bullish on the prospects for the ASX, Scentre could be a stock worth holding.
Macquarie Group Ltd
Also potentially worth holding in 2015 are shares in Macquarie Group Ltd (ASX: MQG). They've had a positive year that has seen them rise by 9% during the course of 2014 and, with a partially franked yield of 4.6%, their total return is well into the double digits.
While there is no guarantee that this level of performance will continue, Macquarie's forecast growth rate for next year indicates that 2015 could be another strong year. That's because the investment bank is expected to increase its bottom line by 10% per annum over the next two years, which when combined with a P/E ratio of 15 equates to an appealing PEG ratio of 1.5.
And, with a track record of being rather generous when it comes to dividend per share increases, with them having risen at an annualised rate of 15.6% over the last five years, 2015 could see a repeat of 2014's excellent performance for Macquarie.
