3 ASX shares I'd buy in today's falling market

Here's why I would buy shares of ResMed Inc. (ASX:RMD) and these 2 other high-quality ASX shares in today's falling market.

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The S&P/ASX 200 (INDEXASX: XJO) has fallen sharply today, although recovering some of its lost ground to be down by 1.14% at the time of writing.

In falling markets, it can be a good opportunity to buy high-quality ASX shares at attractive prices.

There are three ASX shares, in particular, that stand out to me: ResMed Inc. (ASX: RMD), SEEK Limited (ASX: SEK) and Washington H. Soul Pattinson and Co. Ltd (ASX: SOL).

All three have been hit quite hard today by the market, each falling by more than 3%. However, I don't think that should put you off purchasing shares in any one of these companies. In my opinion, all three have proven and established business models in their respective market sectors and good futures ahead of them.

ResMed Inc.

ResMed is a designer and manufacturer of devices and cloud-based software solutions for the treatment of sleep apnoea and other chronic respiratory illnesses.

The potential market for sleep apnea is huge. It is estimated that there are one billion people impacted by sleep apnoea worldwide, with more than 80% undiagnosed cases globally.

ResMed performed very strongly during FY19, with revenues rising 11% for the full year.

Strong growth is continuing in FY20, with revenues rising by 16% during the first quarter. ResMed's gross margin has been steadily climbing, indicating increasing economies of scale, and increasing the barrier to entry for new competitors.

The ResMed share price is down 4.41% today at the time of writing, providing a good opportunity to purchase shares at a more attractive price.

Washington H. Soul Pattinson & Co. Ltd

'Soul Patts' has consistently maintained its conservative, value-focused strategy of investing in a diverse range of businesses for many decades. The company's diversification comes from its investment in a very wide range of industries. These range from pharmaceuticals and telecommunications, to mining and building products.

Soul Patts has a strong, highly capable and stable management team in place and a very conservative balance sheet. Rather than being burdened with too much debt, it keeps significant cash on its balance sheet, which places it in a great position to grab any great investment opportunities if they suddenly arise.

Shares of Soul Patts are currently trading at an attractive P/E ratio of around 14x. The Soul Patts share price is down 3.3% today which, in my opinion, provides a good buying opportunity.

Seek Limited

Seek is Australia's largest online classifieds employment site in Australia. The company's size and scale enables it to attract even more job seekers and employers, which further entrenches its dominant position and creates an appealing competitive barrier to entry.

Seek remains on track to meet its expectations for revenue and profitability growth in FY20, despite relatively challenging market conditions. The company's management expects revenue growth of 15% – 18% and earnings before interest, tax, depreciation and amortisation (EBITDA) growth of 8% – 11% for FY20. If achieved, this would be a very solid result.

I believe Seek is well-positioned to continue to deliver strong revenue and profitability growth over the next decade, mainly due to its growing international presence.

The Seek share price is down 3.79% today at the time of writing. However, I don't believe that should put you off buying shares in this ASX 100 tech company with a strong and established position, along with substantial international growth prospects.

Motley Fool contributor Phil Harpur owns shares of ResMed Inc. and SEEK Limited. The Motley Fool Australia owns shares of and has recommended Washington H. Soul Pattinson and Company Limited. The Motley Fool Australia has recommended ResMed Inc. and SEEK Limited. 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 Scott Phillips.

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