Why Bell Potter thinks this ASX tech share is a top buy

Now could be the time for investors to snap up this tech stock.

| More on:
A young man talks tech on his phone while looking at a laptop. A financial graph is superimposed across the image.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

If you're looking for ASX tech shares to buy, then it could be worth checking out Chrysos Corporation Ltd (ASX: C79).

In case you're not familiar with Chrysos, it provides technology solutions to the global mining industry.

Its flagship product is PhotonAssay, which was developed at Australia's national science agency, CSIRO.

PhotonAssay delivers faster, safer, more accurate, and environmentally-friendly analysis of gold, silver, copper and other elements. The company notes that the technology has rapidly displaced slower, more hazardous and costly processes to become the mining industry's most innovative and valuable assaying solution.

Last month, the company revealed that its growing popularity with end users helped underpin a sizeable 62% increase in revenue to $19.8 million during the first half of FY 2024.

Why is Chrysos an ASX tech share to buy?

Bell Potter notes that UK-based mining services provider Capital has just released its results and outlook for 2024.

Its subsidiary MSALABS has the largest international network of Chrysos PhotonAssay technology.

According to the note, deployments into MSALABS's network is on track and the company has reiterated its multi-year expansion strategy, which emphasises PhotonAssay deployments.

Bell Potter highlights that Capital advised that "MSALABS relationship with Chrysos remains strong and will see the deployment of 21 units" in 2024. This compares to its previous guidance for these 21 deployments to be made by 2025.

It sees this as a big positive and appears to believe it supports its view that PhotonAssay is on its way to winning a significant market share. It commented:

We believe C79's disruptive PhotonAssay technology will command a significant foothold within the large gold assaying market (BPe 25% market penetration by FY30), with current lease agreements providing good near-term deployment visibility. These lease agreements with some of the largest gold miners and international laboratory businesses provide third-party technical and commercial validation for PhotonAssay technology adoption, which should support further industry take-up.

Big returns could be coming

The note reveals that Bell Potter has reaffirmed its buy rating on the ASX tech share with a price target of $8.30.

Based on its current share price of $6.55, this implies potential upside of approximately 27% for investors over the next 12 months.

Should you invest $1,000 in Readytech Holdings Limited right now?

Before you buy Readytech Holdings Limited shares, consider this:

Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now... and Readytech Holdings Limited wasn't one of them.

The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

And right now, Scott thinks there are 5 stocks that may be better buys...

See The 5 Stocks *Returns as of 30 April 2025

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Chrysos. The Motley Fool Australia has positions in and has recommended Chrysos. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Technology Shares

Man smiling at a laptop because of a rising share price.
Technology Shares

Is it time to buy ASX data centre shares?

ASX data centre shares have been rebounding lately. Will they continue to?

Read more »

a group of people sit around a computer in an office environment.
Earnings Results

Guess which ASX 200 tech stock is rocketing 12% on record results

Another half, another record result from this high-quality company.

Read more »

Man on his laptop standing next to data centres.
AI Stocks

3 reasons to buy this $9 billion ASX 200 AI stock today

A leading expert forecasts this $9 billion ASX 200 AI stock will deliver “meaningful earnings upside”.

Read more »

Business people discussing project on digital tablet.
Technology Shares

After its result, what does Macquarie think Xero shares are worth?

Here's what the leading broker is saying about this tech stock.

Read more »

A woman sits at her computer with her chin resting on her hand as she contemplates her next potential investment.
Technology Shares

Gentrack share price down 5% on half-year results

Let's unpack what was reported.

Read more »

Man with rocket wings which have flames coming out of them.
Technology Shares

Which ASX All Ords stock is jumping 14% on big counter-drone news

Investors are responding positively to news of a big contract win.

Read more »

Two plants grow in jars filled with coins.
Technology Shares

2 ASX growth shares I'd buy with $5,000 right now

I’m bullish about these two stocks with compelling growth potential.

Read more »

A woman on a green background points a finger at graphic images of molecules, a rocket, light bulbs and scientific symbols as she smiles.
Technology Shares

Growth investors should put these 2 top ASX tech shares on the watchlist

I think growth stocks from the tech sector could be exciting options.

Read more »