When it comes to blue chip shares there are a large number of options on the Australian share market for investors to choose from.
And following the coronavirus crash, a number of them are trading at very attractive prices now.
But which ones should you buy? I think the five blue chip ASX shares listed below could be in the buy zone. Here's why I like them:
BHP Group Ltd (ASX: BHP)
If you're looking for exposure to the resources sector then I think this mining giant could be a great option. BHP has just released its third quarter update and revealed strong production across its portfolio. It also reaffirmed its production and costs guidance for its key operations. Overall, I believe it is well-placed to deliver a strong result in FY 2020 and return even more funds to shareholders through dividends and buybacks.
Coles Group Ltd (ASX: COL)
Another blue chip share to consider is this supermarket giant. Its defensive qualities have been on display for all to see during the coronavirus pandemic. Combined with its solid growth prospects and favourable dividend policy, I think Coles would be a great blue chip share to have in your portfolio.
ResMed Inc. (ASX: RMD)
Another blue chip share that I think would be a great option for investors is ResMed. The sleep treatment-focused medical device company has grown its earnings very strongly over the last decade. Pleasingly, with demand for sleep treatment products expected to grow at a solid rate in the future due to the growing awareness of sleep apnoea, I believe ResMed can continue this positive run for some time to come.
SEEK Limited (ASX: SEK)
This job listings company could be a top blue chip share to own for the long term. While the immediate term will undoubtedly be difficult because of the pandemic, I expect SEEK to bounce back strongly when the crisis passes. Combined with its growing international operations, I believe it is well-placed to grow its bottom line at an above-average rate over the next decade.
Telstra Corporation Ltd (ASX: TLS)
A final blue chip share to consider buying is Telstra. I think the telco giant is a great option for investors due to its defensive qualities, the T22 strategy, and the near completion of the NBN rollout. The latter means that the earnings headwinds it has been facing from the rollout are close to subsiding. This could mean a return to growth isn't too far away. In addition to this, its attractive valuation and generous dividend yield could make now a good time to invest.
