5 ASX stocks to watch in 2024 – expert shares insights
Start getting ready for a new year of investing with this handy list of Australian stocks.
As the end of 2023 draws close, it's time for investors to take stock of their portfolio and look towards 2024.
Given the rise in interest rates in November 2023 – and throughout the rest of the year – there has been something of a shift in market focus. Many investors are understandably concerned about how the overall value of their portfolio will be affected.
But as with any stage of the market cycle, there are always opportunities for investors.
With this in mind, eToro Market Analyst Josh Gilbert has selected 5 ASX stocks to watch as we head into 2024.
Learn more about ASX stocks with eToro
Each of these stocks is available in an eToro smart portfolio, made up of 35 local and high-performing ASX stocks.
For investors who are looking for local opportunities, they can represent a significant opportunity.
As always, though – if you're thinking about making adjustments to your portfolio, make sure you conduct your own research and consult with a professional.
2023 hasn't been without its challenges for ResMed; Gilbert notes they've been down around 24% for the year.
"Much of this recent weakness has come from the expectation that the new highly coveted Ozempic drug will dampen demand for ResMed's sleep apnea devices," says Gilbert.
However, Gilbert also notes that a sell-off seems to be overdone – particularly given the adoption of these drugs will hit roadblocks such as cost, supply and side effects.
"ResMed is a fundamentally quality business, and its recent sell-off has made its valuation more attractive," says Gilbert.
"With inflation falling and central banks set to cut interest rates, technology shares could see their winning streaks continue," says Gilbert.
Gilbert points to TechnologyOne as a company reporting strong full-year results – additionally, it raised its dividend by 15%. Catering to diverse industries such as government, education, and health sectors has been pivotal in driving its strong performance.
"The good news for shareholders is the business has significant cash and investment holdings of $223 million and no debt, putting them in the position to continue its growth," says Gilbert.
Given the potential for interest rates to fall into 2024, Gilbert notes that investors should watch for the rotation to rate sensitive sectors early next year. Real Estate is a prime example.
"Goodman Group is in a strong position in the real estate sector, focused on logistics and warehouses," says Gilbert. "It also has a growing exposure to data centres – a booming area thanks to AI."
Additionally, when it comes to Real Estate, occupancy is key, notes Gilbert. For Goodman Group, this number is sitting at a solid 99%.
Gilbert notes that shares have come under pressure in recent weeks following TPG's decision to cease talks with Vocus Group for the sale of its Fixed Infrastructure assets.
However, with recent issues across the Telecom industry, there is an opportunity for TPG to capitalise, particularly with its Vodafone merger.
"As the telecom industry continues to transition to 5G technology, revenue could continue to grow," says Gilbert.
With China's recovery not quite going to plan in 2023, Treasury Wines has endured a tough year, with shares down 20% on top of its tough tariffs.
However, Gilbert notes that 2024 is set up to be a better year for China, with its economy stabilising on growing policy support.
"The good news for Treasury Wines is that the Albanese government is renewing Australia's relationship with China, which could mean good news for removing those tariffs denting Treasury's sales," says Gilbert.
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Trading Australian stocks in 2024
If you're looking to trade ASX stocks in the new year, you'll need to use an online trading platform.
A trading platform allows you to buy and sell a variety of different asset classes, including stocks. For example, eToro allows you to trade in stocks, indices, ETFs, cryptocurrencies and more across 16 different markets – including the ASX.
Additionally, trading platforms will offer a range of features to help new investors get to grips with the fundamentals of trading.
One such feature is eToro's Demo Account. You're provided with $100,000 of virtual funds, which can then be "invested" via a trading simulation that's tied to real-world values and market movements.
Even if you're already an experienced trader, tools like this can be a great way to try out new strategies and experiment with new investment areas.
eToro's Copy Trading also allows you to see what strategies other successful investors are using, and then duplicate them for yourself.
For those looking for other opportunities in the marketplace for 2024, you should also check out our article on dividend stocks.
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