2 of the best ASX shares to buy now according to Morgans

A woman is excited as she reads the latest rumour on her phone.

A woman is excited as she reads the latest rumour on her phone.

Wanting to make some new additions to your portfolio? Then you may want to check out the two shares listed below that analysts at Morgans have on their best ideas list.

Here’s why its analysts are bullish on these ASX shares:

Corporate Travel Management Ltd (ASX: CTD)

If you’re wanting exposure to the travel sector, then Morgans thinks that this corporate travel specialist is the way to do it. The broker believes it is well-placed for growth over the medium term thanks to acquisitions, its lower cost base, and technology development.

Its analysts currently have an add rating and $25.65 price target on Corporate Travel Management’s shares. Morgans commented:

CTD is our key pick of the travel sector. For investors that can take a medium-term view, we see substantial upside in its share price as the company recovers from the COVID-affected travel downturn. In fact, CTD should be a materially larger business post COVID given it has made two highly accretive acquisitions during the downturn. The company has also won a lot of new business, implemented structural cost-out opportunities and continued to develop its market-leading technology offering which means it will require less staff in the future. CTD is well managed and has a strong balance sheet (no debt).

Domino’s Pizza Enterprises Ltd (ASX: DMP)

Another ASX share that the broker is bullish on is pizza chain operator Domino’s. Morgans is positive on the company due largely to its store rollout plans. It notes that these plans will see the company double its network in existing markets over the next decade. It is worth highlighting also that the company has recently acquired its way into new markets that are not reflected in this forecast.

Morgans has an add rating and $90.00 price target on Domino’s shares. It said:

DMP is the largest Domino’s franchisee outside the US and one of the largest quick-service restaurant companies in the world. It is an affordable option that has performed well historically even in times of inflation or slower economic growth. The engine of DMP’s growth is its ability to roll out new stores all over the world. It added 438 stores to its global network in the year to June 2022, a pace of expansion that we forecast to accelerate to nearly 600 in FY23. This will take the total to almost 4,000 stores, up fourfold over a ten-year period. Over the next ten years, DMP expects to grow organically to 7,250 stores in the 13 countries in which it currently operates. This means DMP expects to more than double in size again by 2033, not including any future acquisitions.

The post 2 of the best ASX shares to buy now according to Morgans appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Corporate Travel Management Limited and Dominos Pizza Enterprises Limited. 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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