2 bargain ASX shares to buy with $2,000

While the S&P/ASX 200 Index (ASX: XJO) has seen a partial rebound since its lows in late March, I believe there are still some excellent buying opportunities for investors to purchase quality ASX shares at more favourable share prices.

So with this in mind, here are 2 of my top picks right now:

Bapcor Ltd (ASX: BAP)

Leading second-hand car parts distributor Bapcor saw a sharp decline in its share price in the weeks following the market crash that began in late February. While there has been some recovery in its share price since late March, the Bapcor share price is still well below what it was in mid-February. This provides, in my opinion, a good buying opportunity for patient long-term investors.

Bapcor recently provided a trading update, indicating strong company-wide performance during January and February of 2020, with revenue at the end of February up 12.7% year-to-date over the prior corresponding period. While the company performed solidly in March in Australia, New Zealand was more significantly impacted due to harsher lockdown restrictions.

The company’s fundamentals appear to remain strong, and its current expansion into Thailand looks to be very promising. This should provide the company with a useful launching pad for further expansion into Asia in the years to come.

Bapcor’s balance sheet looks to be very solid after its recent capital raising of $180 million to see it through any prolonged downturn caused by the coronavirus pandemic. Also, as lockdown restrictions now look set to begin to be eased in both Australia and New Zealand, business activity is likely to pick up, which I believe could translate to a further uplift in the Bapcor share price.

SEEK Limited (ASX: SEK)

Between mid-February and late March, shares in online employment classifieds business SEEK fell by around 50%. This came as investors reacted negatively to a sharp fall-off in listing volumes across all its markets. In the company’s ANZ and Asia regions, billings were down by as much as 60% during the week ending 29 March.

While there has been some bounce back since then, the SEEK share price is still down by around 26% since its recent high of $23.64 on 14 February.

With lockdown restrictions set to be eased in Australia in the months ahead, and strong encouragement by the government for Australians to return to work, I feel confident that listing volumes will gradually start to ease higher. New Zealand looks likely to follow a similar road to recovery.

I believe that SEEK remains well-positioned to continue to deliver strong revenue and profitability growth over the next decade, due to its entrenched and market-leading position.

More reading

• 3 ASX shares to buy as a beginner
• Top brokers name 3 ASX 200 shares to sell next week
• Top brokers name 3 ASX 200 shares to buy next week
• What to watch on the ASX 200 next week
• The ASX 200 blue chip shares I would buy with $5,000 after the market crash

Motley Fool contributor Phil Harpur owns shares of Bapcor and SEEK Limited. The Motley Fool Australia owns shares of and has recommended Bapcor. The Motley Fool Australia has recommended SEEK Limited. 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.

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