3 cheap ASX shares in the buy zone today

Despite a rebound in the ASX sharemarket after the March COVID-19 meltdown, there are plenty of bargains. Here are my top 3 cheap ASX shares.
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The ASX share market has rebounded quite strongly from March to June this year. The S&P/ASX 200 Index (ASX: XJO) saw its value plummet 36% as COVID-19 impacted in March. It is now sitting half-way between its 52-week high and low range.

However, the share market has stagnated of late. And despite many ASX shares recovering from their ultra-low share prices, there are still companies that are bargain buys.

I think it’s possible that the market has seen its absolute bottom and will now continue to rise. Here’s my pick of 3 top ASX shares that I believe are in the buy zone today.

Credit Corp Group Limited (ASX: CCP)

COVID-19 wreaked havoc on Australia’s largest debt buyer and collector. The Credit Corp share price has tumbled more than 55% since February, to $16.46. Economic uncertainty has cast a slowdown in customers committing to long-term debt arrangements.

While government stimulus packages have provided relief to consumers until March, recent data shows that unemployment levels are easing. Credit Corp is in a unique position to benefit from the pandemic with higher debt volumes for sale.

At this price, I think Credit Corp shares are good value for patient investors. The company is an established market leader and has a strong business model that will grow its books.

Nearmap Ltd (ASX: NEA)

Nearmap is a leading specialist in high-resolution aerial imagery and location data. Early in the month, Nearmap surprised investors with a capital raise to fund growth opportunities. This sent the Nearmap share price south from reaching a 52-week high of $3.22 in late August to $2.23 today.

No doubt, the forthcoming dilution of shareholder value led the 30% fall in the Nearmap share price.

The extra liquidity will be used to increase investment in sales and marketing for its North American segment. In addition, Nearmap will also look to speed-up its HyperCamera3 system that will enable expansion into new geographical markets. Both these initiatives are projected to boost revenue by a decent margin.

I would consider Nearmap a buy at its current share price. I think this ASX growth share is undervalued and could soar in the near-future.

Woodside Petroleum Limited (ASX: WPL)

Australian oil and gas company Woodside has been heavily sold off by investors this year. This was the result of both the impact of coronavirus on the global economy and a pricing war between Russia and Saudi Arabia. The knock-on effects sent the price of oil into negative territory for the first time in history.

The price of crude oil has now stabilised around US$40, a long way off from its US$76 high in June 2018.

The Woodside share price has tanked from its 52-week high of $36.28 to Friday’s market close of $18.32. This represents a discount of 50%, which is why I think it’s trading at attractive levels for a long-term investor.

Oil is known as the lifeblood of industrialised nations. Global traffic will eventually resume, with international travel and logistical supply chains set to renew demand for the precious resource.

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Aaron Teboneras owns shares of Nearmap Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Nearmap Ltd. The Motley Fool Australia has recommended Nearmap Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The post 3 cheap ASX shares in the buy zone today appeared first on Motley Fool Australia.

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