Small cap stocks refer to companies with a relatively small market capitalisation.
Small-cap stocks can be a great way to add diversification and potential growth to your investment portfolio compared to large cap stocks. Thus, making these stocks appealing investments. However, these stocks are quite risky and volatile. Hence, require thorough research before taking any investment decision. Here are two ASX small-cap stocks to consider buying in March 2023.
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Appen is a global leader in the development of high-quality, human-annotated datasets for machine learning and artificial intelligence. Its customers include tech giants like Facebook, Microsoft, and Google. The company's business model is highly scalable, as it can quickly scale up or down its workforce of over 1 million contractors depending on the needs of its customers.
Despite the COVID-19 pandemic causing some disruptions to its operations, Appen's financial performance has remained strong. In its most recent half-yearly report, the company reported a 9% increase in revenue compared to the same period the previous year, while its underlying EBITDA grew by 17%. With the continued growth of artificial intelligence and machine learning, Appen is well-positioned to continue its growth trajectory.
Nanosonics is a medical technology company that develops and sells infection control products. Its flagship product is the trophon EPR, an ultrasound probe disinfection system that uses proprietary technology to provide a fast and effective disinfection process. The company has a global customer base, including hospitals, clinics, and other healthcare facilities.
The COVID-19 pandemic has highlighted the importance of infection control measures in healthcare settings, and as a result, Nanosonics' products have seen increased demand. In its most recent half-yearly report, the company reported a 32% increase in revenue compared to the same period the previous year, while its net profit after tax increased by 97%. With a strong balance sheet and a growing market for infection control products, Nanosonics is poised for continued success.
In conclusion, Appen and Nanosonics are two ASX small-cap stocks to consider buying in March 2023. Both companies operate in growing markets and have a track record of strong financial performance. As with any investment, it's important to conduct your own research and consider your own financial circumstances before making a decision.
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Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.