Do you have room in your portfolio for some new ASX shares?
If you do, then it could be worth checking out the two named below that Bell Potter has on its monthly preferred list.
Here's why the broker thinks they are among the best buys on the local market right now:
The diversified products company could be an ASX share to buy in March. Bell Potter has been impressed with GUD's performance recently and appears confident that more of the same is coming. Particularly given the resilience of its auto business. It said:
[Its strong result] was driven by the better-than-expected APG performance (the highest-quality business in GUD, in our view) and the improvement in gearing. We see GUD as well-placed to benefit from the ongoing improvement in OEM supply constraints into FY24. Overall, our Buy rating for GUD is predicated on the relative resilience of the legacy auto business and improving momentum in new car sales, which should be favourable for APG's earnings.
Bell Potter has a buy rating and $12.80 price target on the company's shares.
Another ASX share that Bell Potter is bullish on in March is sleep disorder treatment company ResMed. It believes the company still has a very long runway for growth, which could make it a great long term option for investors. It explains:
The market for OSA and chronic obstructive pulmonary disease (COPD) remains under penetrated, and we expect industry volume growth to continue in the 6-8% range for the foreseeable future. In this regard, the competitive dynamics are very much in favour of RMD due to the Philips recall and improving semiconductor availability. […] Furthermore, ResMed is well-positioned to build on its dominant share even after Philips returns to the global market, with the launch of its latest continuous positive airway pressure (CPAP) device, the Air Sense 11.
Bell Potter has a buy rating and $34.00 price target on this ASX share.
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