3 discounted ASX stocks with global growth appeal

With share prices buffeted by the recent correction, Ramsay Health Care Limited (ASX:RHC), Amcor Limited (ASX:AMC) and Premier Investments Limited (ASX:PMV) offer good value and global growth potential.

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Sell downs occur for all sorts of reasons, from irrational panics, risk-adjustments brought on by global turmoil or just everyday re-balancing of portfolios.

As Foolish investors, the key is to keep your eye on the fundamentals of a company, and to make your buying and selling decisions based on these and not whatever news (or lack of it) has been identified as moving the market on a particular day.

The ASX-wide sell off has marked down these three stocks. But their fundamentals remain intact, and crucially, all three have global growth options, giving investors a chance to add them opportunistically to their portfolios.

Ramsay Health Care Limited (ASX: RHC) is a hospital operator that began life in Australia before expanding overseas. Ramsay brings decades of hospital management experience to its acquisitions. While hospitals in different nations present unique challenges, Ramsay can bring expertise that other operators simply do not have.

Management has also pursued a sensible strategy of extracting efficiencies from existing assets rather than pursuing large scale and far riskier greenfield projects, meaning profits are rising at a sustainable rate without requiring large capital injections or debt funding. This strategy led to net profit growth of 19% to $412 million in the last year, and should continue to pay off in the coming year.

Amcor Limited (ASX: AMC) provides packaging and manufacturing expertise to some of the world's largest consumer brands. It is a stock that is leveraged more than most to the dominant theme of the emerging market consumer. Put simply, as societies increase their wealth and spending, choices at the supermarket increase.

And as these choices increase, brands seek to differentiate themselves in the eyes of consumers in several ways, including branding and packaging. Amcor is a contract manufacturer that serves many of the brands that are investing billions in capturing market share in the fastest growing economies in the world. If this sounds too simple to be a good business, then take a look at the packaging of some of the products in your fridge and pantry, then imagine replicating it over tens of millions of units, across dozens of nations, with as few defects as possible.

Premier Investments Limited (ASX: PMV) is a stock that has some of the most recognisable brands in Australia under its banner, including Peter Alexander, Jay Jays and Smiggle.

Now, it is taking its biggest growth engine, Smiggle, to the world with dozens of new stores slated for the United Kingdom and Asia. The diversified retailer is tied to discretionary spending, but its global footprint insulates it from downturns in any one market, and it has plenty of room to grow the Smiggle arm in markets that have already shown they can't get enough of the retailer of fun classroom supplies for school kids.

While any one of these stocks would offer good exposure to future global growth, Premier Investments looks to have the most room to grow in the short term, though with more risk attached, while Amcor and Ramsay are longer term stories that should add reliable earnings over many more years.

Motley Fool contributor Ry Padarath has no position in any stocks mentioned. Unless otherwise noted, the author does not have a position in any stocks mentioned by the author in the comments below. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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