If you're looking for new ASX shares to buy, then you may want to check out the ones listed below.
These two shares have just been named as buys by the team at Morgans. Here's what the broker is saying:
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Adbri Ltd (ASX: ABC)
Morgans was pleased with this building materials company full year results. The broker highlights that Adbri's result came in ahead of expectations and its outlook remains positive.
Its analysts said: "ABC's FY21 result came in ahead of our forecasts and consensus expectations and was supported by ongoing net cost savings, strong volume growth across cement, concrete and aggregates, an increased contribution from its JVs and realisation of property profits. Outlook comments were positive and confirmed that earnings growth is targeted in FY22."
And with its shares trading at just 17x estimated FY 2022 earnings, the broker feels its valuation is undemanding and sees scope for a rerating to higher multiples. Morgans has an add rating and $4.03 price target on its shares. This implies potential upside of 22% for investors over the next 12 months.
GQG Partners Inc (ASX: GQG)
Another ASX share that Morgans believes is attractively priced is fund manager, GQG Partners. Following the release of its full year results, which were in line with the broker's expectations, Morgans has retained its add rating but trimmed its price target to $2.27.
Morgans explained why it thinks the fund manager is a buy. It said: "GQG has seen a valuation de-rate along with the broader sector, however we view it as unwarranted. Both relative investment performance and flows remain strong. We view GQG's ~11x FY22 PE as attractive versus its diversity of earnings; current flows momentum; and expected growth. Add maintained."
Based on the current GQG share price of $1.47, this price target implies potential upside of 54% for investors over the next 12 months.
