2024’s Top ASX Stock Picks: 5 Opportunities You Can’t Miss
ResMed, Goodman Group and Treasury Wine Estates are among this market analyst’s top stock picks for the new year
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It’s been a tumultuous year for the ASX 200, which has moved within a broad range of between 7,568 points in February and 6,751 points in October. The benchmark index has recorded just 3.3% growth in the year to date. High interest rates and inflation have put pressure on businesses and forced consumers to rein in spending, while economic growth has weakened to an annual rate of just 2.1 percent.
Analysts at top brokerage house Morgan Stanley have a 12-month target of 7,350 points for the ASX 200, indicating more of the same for the market next year. Joe Wright of Airlie Funds Management comments: “ASX valuations have returned to more or less the average of their last 20 years”.
As always, some ASX stocks will shine, and eToro market analyst Josh Gilbert has announced his five top picks for 2024, as published on Finder.
ResMed CDI (ASX: RMD)
The ResMed share price has fallen 18.6% in 2023 to $24.79. Its 52-week high is $36.37. “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 Mr Gilbert. “ResMed is a fundamentally quality business, and its recent sell-off has made its valuation more attractive.” Top broker Goldman Sachs rates ResMed shares a buy and has a 12-month share price target of $32 on the company.
TechnologyOne Ltd (ASX: TNE)
TechnologyOne stock has lifted 16.1% in the year to date to $15.17 per share. The 52-week peak is $17.12. “With inflation falling and central banks set to cut interest rates, technology shares could see their winning streaks continue,” says Mr Gilbert. “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.” Goldman Sachs also rates this tech stock a buy with a 12-month price target of $18.05.
Goodman Group (ASX: GMG)
The Goodman Group share price has soared 34.7% in 2023 to $23.31. Its 52-week high is $23.69. Mr Gilbert says real estate shares should benefit from stabilising and potentially falling interest rates in 2024. “Goodman Group is in a strong position in the real estate sector, focused on logistics and warehouses. It also has a growing exposure to data centres – a booming area thanks to AI.” Top broker Citi says Goodman shares are a buy. Its analysts have a 12-month price target of $25.50.
TPG Telecom Ltd (ASX: TPG)
The TPG share price has essentially moved sideways in 2023, down 1.05% to $4.79. Its 52-week peak is $5.72. “As the telecom industry continues to transition to 5G technology, revenue could continue to grow,” says Mr Gilbert. The broker consensus recommendation published on CommSec was downgraded late last month from a moderate buy rating to a hold rating.
Treasury Wine Estates Ltd (ASX: TWE)
Treasury Wine shares have tumbled 20% in 2023 to $10.36 per share. The 52-week high is $14.69. “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,” Mr Gilbert says. Leading brokerage Morgans has an add rating on Treasury Wine shares with a 12-month price target of $14.15.
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For self-employed Australians, navigating the mortgage market can be complex—especially when income documentation doesn’t fit the standard mould. In this guide, Stephen Andrianakos, Director of Red Door Financial Group, outlines eight flexible loan structures designed to support business owners, freelancers, and entrepreneurs.
1. Full-Doc Loan
A full-doc loan is the most straightforward and competitive option for self-employed borrowers with up-to-date tax returns and financials. Lenders assess two years of tax returns, assessment notices, and business financials. This type of loan offers high borrowing capacity, access to features like offset accounts and redraw facilities, and fixed and variable rate choices.
2. Low-Doc Loan
Low-doc loans are designed for borrowers who can’t provide the usual financial documentation, such as those in start-up mode or recently expanded businesses. Instead of full tax returns, lenders accept alternatives like profit and loss statements or accountant’s declarations. While rates may be slightly higher, these loans make finance accessible where banks might otherwise decline.
3. Standard Variable Rate Loan
A standard variable loan moves with the market and offers flexibility in repayments, extra contributions, and redraw options. It’s ideal for borrowers who want to manage repayments actively or pay off their loans faster when income permits. With access to over 40 lenders, brokers can help match borrowers with a variable product suited to their financial strategy.
4. Fixed Rate Loan
A fixed-rate loan offers repayment certainty over a set term—typically one to five years. It’s popular with borrowers seeking predictability, especially in volatile rate environments. While fixed loans offer fewer flexible features, their stability can be valuable for budgeting and cash flow planning.
5. Split Loan
A split loan combines fixed and variable portions, giving borrowers the security of a fixed rate on part of the loan and the flexibility of a variable rate on the other. This structure benefits self-employed clients with irregular income, allowing them to lock in part of their repayment while keeping some funds accessible.
6. Construction Loan
Construction loans release funds in stages aligned with the building process, from the initial slab to completion. These loans suit clients building a new home or undertaking major renovations. Most lenders offer interest-only repayments during construction, switching to principal-and-interest after the build. Managing timelines and approvals is key to a smooth experience.
7. Interest-Only Loan
Interest-only loans allow borrowers to pay just the interest portion of the loan for a set period, preserving cash flow. This structure is often used during growth phases in business or for investment purposes. After the interest-only period, the loan typically converts to principal-and-interest repayments.
8. Offset Home Loan
An offset home loan links your savings account to your mortgage, reducing the interest charged on the loan. For self-employed borrowers with fluctuating income, it’s a valuable tool for managing cash flow while still reducing interest and accelerating loan repayment. The funds remain accessible, offering both flexibility and efficiency.
Red Door Financial Group is a Melbourne-based brokerage firm that offers personalised financial solutions for residential, commercial, and business lending.
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