The Star Entertainment Group Ltd (ASX: SGR) share price crashed 26% in the first 30 minutes of trade on Wednesday after coming out of a trading halt.

Star Entertainment shares opened at 45.5 cents, down 18.75% on Friday’s closing value of 56 cents.

The casino operator’s stock then quickly fell to an intraday trough of 41.5 cents.

This is a new 52-week low and represents a 25.9% dive on yesterday’s close.

The Star Entertainment share price is currently at 43.5 cents.

Let’s recap what’s happening.

Why is the Star Entertainment share price tanking?

As we reported, Star Entertainment shares went into a trading halt yesterday at the company’s request.

The casino operator advised the ASX that it had received news from the NSW Independent Casino Commission (NICC) that a second inquiry into its suitability as a casino operator will be held.

The inquiry commenced yesterday and will run for approximately 15 weeks. A final report is due 31 May.

After the market close yesterday, The Star issued a statement saying:

The NICC has informed The Star that the purpose of the Inquiry is to assist the NICC in forming a view as to what, if any, action the NICC should take in respect of The Star Sydney Pty Ltd (The Star Sydney) prior to the end of the manager’s appointment on 30 June 2024.

Star’s statement included the inquiry’s full terms of reference but no further comment from the company.

The NICC announced yesterday that Adam Bell SC, who conducted the first inquiry, would run the second one. The first inquiry found The Star unsuitable to hold a casino licence in 2022.

In October 2022, Star Entertainment’s gaming licence in NSW was suspended and it was fined $100 million.

The NICC appointed Nicholas Weeks as independent manager to determine if The Star could address and remediate the findings of the first inquiry and achieve suitability status again.

The NICC has extended Weeks’ term twice and clearly doesn’t think The Star is moving fast enough.

NICC chief commissioner, Philip Crawford, commented:

There was a substantial shift required and The Star has had 18 months to demonstrate that it has the capability and resources to regain its casino licence.

The NICC has had concerns about the extent that remediation is attributable to the manager’s oversight and direction versus what is being driven by The Star’s reform agenda.

Bell Two will bring us back to the Bell Report and The Star’s efforts to regain its casino licence in the shadow of that report.

Crawford warned The Star:

There is much at stake for The Star, so the NICC is giving the casino every chance it can to demonstrate whether it has the capacity and competence to achieve suitability.

This includes meeting its financial obligations under the casino licence and funding its remediation program sufficiently.

The inquiry will provide the NICC with the information needed to make an important decision for The Star, its employees, its stakeholders and the wider community.

The post Star Entertainment share price crashes 26% upon return to trade appeared first on The Motley Fool Australia.

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Motley Fool contributor Bronwyn Allen 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 no position in any of the stocks mentioned. 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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BHP Group Ltd (ASX: BHP) shares are trading lower in morning trade.

At the time of writing, the mining giant’s shares are down 1% to $45.58.

Why are BHP shares falling?

Investors have been hitting the sell button today after the Big Australian’s half-year results fell a touch short of expectations.

In case you missed it, the mining giant reported a 6% increase in revenue to US$27.2 billion but a sizeable 86% decline in profit after tax to US$927 million. The latter was driven by US$5.6 billion of exceptional items relating to the impairment of Western Australia Nickel and charges the Samarco dam failure.

Excluding these exceptional items, the miner’s underlying profit was flat on the prior corresponding period at US$6.6 billion. This equates to 129.6 US cents on a per share basis.

Despite its flat underlying earnings, the BHP board was forced to cut its fully franked interim dividend by 20% to 72 US cents per share. This equates to $1.10 in local currency.

Expectations missed

Goldman Sachs was expecting revenue of US$27.6 billion for the first half. This means that the company was approximately 1.5% short on the top line.

It was much worser for earnings per share, with the market pencilling in half-year earnings of US$1.43 per share. This means a miss of 9.4% on that metric.

One small positive is that its dividend payout ratio of 56% came in ahead of what analysts at Morgans were expecting. Prior to the result, the broker said:

Moderating dividend. We expect a lower dividend payout ratio of 55% in the first half, which would be the lowest level of earnings paid out since 2018. We base this assumption on rising investment (capex +60% yoy) and net debt (US$12.5 – $13.0bn vs target range of US$5 – $15bn).

Overall, not the strongest result from BHP and it isn’t overly surprising to see its shares fall today.

The post BHP shares fall after disappointing first-half earnings miss appeared first on The Motley Fool Australia.

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More reading

• BHP share price on watch amid 86% profit decline and dividend cut
• 5 things to watch on the ASX 200 on Tuesday
• What are the pros and cons of buying BHP shares before the company reports?
• I’d need this many BHP shares for passive income of $10,000 a year
• Why these 3 top ASX 200 stocks grabbed the Motley Fool’s headlines this week

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 positions in and has recommended Goldman Sachs Group. The Motley Fool Australia has no position in any of the stocks mentioned. 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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If you follow global stock markets, you’ve likely had one eye on the S&P 500 Index (INDEXSP: .INX).

The index of the 500 largest US stocks had been on an absolute tear over the past 16 months.

As we saw with ASX shares, the S&P 500 began its recovery from a lengthy slide in mid-October 2022.

Since 14 October 2022, the US benchmark index has gained a whopping 40%.

Now ASX shares have done well over that period too. The S&P/ASX 200 Index (ASX: XJO) is up 15% since 21 October 2022 when the Aussie benchmark began its own recovery.

But, even taking into account the tax credits some ASX shares offer via franked dividends, the US market has clearly been a rewarding place for Aussies to invest some of their savings.

Over the past 12 months, for example, the S&P 500 has gained 25% compared to the 4% gain posted by the ASX 200.

And the analysts at Yardeni Research are forecasting that the benchmark US index could surge another 30% from current levels by the end of 2026.

Why the S&P 500 could keep charging higher

According to Yardeni Research (courtesy of The Australian Financial Review), the S&P 500 should hit 6,500 points in 2026. The index currently sits at 5,005 points.

That forecast is based on the analysts’ earnings per share (eps) estimates, which look to be proving highly accurate for 2023.

“We are sticking with our S&P 500 earnings-per-share estimates of $US225 for 2023, $US250 for 2024, and $US270 for 2025. For 2026, we are now estimating $US300,” Yardeni said.

The market research firm added:

Our US$225 earnings forecast for 2023 didn’t change for over a year before 2023 arrived. At the end of 2022, it was among the most bullish projections out there. That’s because we didn’t expect a recession, as many other strategists and economists had projected.

They therefore predicted that 2023 earnings would fall between US$180 and US$200 per share. Looks like our 2023 forecast for earnings could be a near bullseye.

One ASX share to buy today for the forecast 30% surge

With 500 companies making up the S&P 500, the easiest way to tap into the forecast gains is via an exchange-traded fund (ETF).

For Aussie investors who prefer to stick to the ASX, I recommend having a look into the iShares S&P 500 ETF (ASX: IVV). The ETF aims to track the S&P 500. And it comes with low 0.03% annual fees.

As at 31 December, the ASX share was up 26% over 12 months and up 107% over five years.

The ETF currently holds 509 US-listed stocks, offering you broader diversity with a single ASX share investment.

The top three holdings of the ETF are Apple Inc (NASDAQ: AAPL), Nvidia Corporation (NASDAQ: NVDA) and Microsoft Corp (NASDAQ: MSFT).

The post One ASX share to buy today to ride the 30% forecast surge in the S&P 500 appeared first on The Motley Fool Australia.

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Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Apple, Microsoft, Nvidia, and iShares S&P 500 ETF. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool Australia has recommended Apple, Nvidia, and iShares S&P 500 ETF. 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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The Sonic Healthcare Ltd (ASX: SHL) share price is on the slide on Tuesday morning.

At the time of writing, the healthcare company’s shares are down almost 6% to $29.92.

This follows the release of the company’s half-year results.

Sonic share price falls on half-year results

• Revenue up 5% to $4,306 million
• Earnings before interest, tax, depreciation, and amortisation (EBITDA) down 20% to $737 million
• Net profit after tax down 47% to $202 million
• Interim dividend up 2.4% to 43 cents per share

What happened during the half?

For the six months ended 31 December, Sonic reported a 5% lift in revenue to $4,306 million. This reflects a 15% increase in base business revenue to $4,267 million, which was partially offset by a 90% decline in COVID revenue to $39 million.

While Sonic’s EBITDA fell 20% over the prior corresponding period, this was in line with its guidance.

And despite the company’s net profit falling 47% to $202 million, this didn’t stop the Sonic board from increasing its interim dividend by 2.4% to 43 cents per share.

Management commentary

Sonic’s CEO, Dr Colin Goldschmidt, appeared pleased with the way the company’s transition was going. He said:

As previously flagged, the 2024 financial year is one of transition for Sonic Healthcare, as the impacts on our business of the COVID pandemic dissipate, and we return to normal business. Whilst our headline numbers for the half-year show significantly lower earnings versus the comparative period, this is the result of having 90% less COVID-related revenue in the current period.

Our base business revenue grew organically by 6.2% on a like-for-like basis versus H1 FY 2023 and 14.3% versus H1 FY 2020 (pre-pandemic). Organic base business growth was particularly strong in our Australian (9%), German (8%), and UK (13%) laboratory businesses. The USA and Swiss operations both achieved base business organic growth of 4%, with Swiss growth impacted by a fee cut in the prior year.

Outlook

Management advised that it is on track to achieve its full-year EBITDA guidance range of $1.7 billion to $1.8 billion. However, it acknowledges that it is now more likely to be towards the lower end of this guidance range.

Dr Goldschmidt concludes:

Sonic’s management teams around the world are acutely focused on base business organic growth and margin improvement. Major initiatives are underway to grow earnings, including large scale costout programs. We expect earnings in the second half to be substantially higher than in the first, as the contribution of these initiatives ramps up and the benefits of recent acquisitions accrue.

The Sonic share price is down 9% over the last 12 months.

The post Sonic share price sinks after first-half profit crash 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 Sonic Healthcare. 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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ANZ Group Holdings Ltd (ASX: ANZ) shares are falling on Tuesday.

In morning trade, the banking giant’s shares are down 2% to $27.96.

As a comparison, the rest of the big four banks are pushing higher in early trade.

Why are ANZ shares falling?

Investors have been selling the bank’s shares today after the Australian Competition Tribunal approved its acquisition of the banking operations of Suncorp Group Ltd (ASX: SUN).

As a reminder, ANZ agreed a deal with Suncorp to buy its banking business for $4.9 billion. It was blocked on competition fears by the ACCC, but this decision has now been overturned, paving the way for the deal to complete.

Though, judging by its share price performance today, it seems that not everyone is keen on the deal.

‘Significant milestone’

ANZ was pleased with the news and has released a brief response to the approval this morning.

The bank’s Chief Executive Officer, Shayne Elliott, described the approval as a significant milestone. Though, he also points out that there’s still work to be done before completion. Elliott said:

This is a significant milestone and an important step forward in the process, however we still have further conditions to meet. We remain committed to completing the acquisition as soon as possible once all sale conditions are met.

Elliott also reminded shareholders why the bank is so keen to make the acquisition. He adds:

Suncorp Bank is a high-quality business with a strong team and excellent customer base, and we look forward to bringing them access to the best of ANZ, including our platforms and technology. We strongly believe that the acquisition presents significant opportunities for ANZ, Suncorp Bank and our customers, as well as major public benefits including for Queensland.

Completion of the acquisition remains subject to legislative amendments by the Queensland Parliament and approval by the Federal Treasurer.

Suncorp shares are up almost 6% in morning trade.

The post ANZ shares tumble despite Suncorp Bank takeover approval 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 no position in any of the stocks mentioned. 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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If you’re wanting some exposure to the tech sector, then exchange traded funds (ETFs) could be a good way to do it.

That’s because a number of ASX ETFs have been designed to provide investors with access to groups of tech stocks from across the globe.

Three that could be worth considering are listed below. Here’s what you need to know about them:

BetaShares Crypto Innovators ETF (ASX: CRYP)

The first ASX tech ETF that could be worth a look is the BetaShares Crypto Innovators ETF. If you believe that cryptocurrencies are the future, then this ETF could be a good way to gain exposure to the industry. That’s because it is designed to capture the full breadth of the crypto ecosystem. This includes pure-play crypto companies, those whose balance sheets are held at least 75% in crypto-assets, and diversified companies with crypto-focused business operations.

BetaShares Global Cybersecurity ETF (ASX: HACK)

Another ASX tech ETF to consider buying is the BetaShares Global Cybersecurity ETF. As its name implies, this ETF gives investors exposure to the leading companies in the global cybersecurity sector. This could be a great spot to be given how cyberattacks continue to grow in prevalence, which is underpinning increasing demand for cybersecurity solutions. Among the ETF’s holdings are leaders such as Accenture, Okta, and Palo Alto Networks.

VanEck Vectors Video Gaming and eSports ETF (ASX: ESPO)

A final ASX tech ETF for investors to consider buying is the VanEck Vectors Video Gaming and eSports ETF. It provides investors with access to the leading players in the video game market. This includes graphics processing unit developer Nvidia and gaming giants Electronic Arts, Nintendo, Roblox, Take-Two, and Tencent. According to Statista, revenue in the video games segment was projected to reach US$282.30 billion in 2024 and then grow almost 9% per annum through to US$363.20 billion in 2027. This should be good news for the companies included in the fund.

The post Here are 3 exciting ASX tech ETFs to buy right now 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 positions in and has recommended Accenture Plc, BetaShares Global Cybersecurity ETF, Betashares Crypto Innovators ETF, Okta, Palo Alto Networks, Roblox, Take-Two Interactive Software, and Tencent. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Electronic Arts and Nintendo and has recommended the following options: long January 2025 $290 calls on Accenture Plc and short January 2025 $310 calls on Accenture Plc. The Motley Fool Australia has positions in and has recommended BetaShares Global Cybersecurity ETF. The Motley Fool Australia has recommended Okta and VanEck Vectors Video Gaming And eSports ETF. 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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The ASX small-cap share Kogan.com Ltd (ASX: KGN) has been chosen by the fund manager Wilson Asset Management (WAM) as a leading ASX growth share with a lot of potential.

In the past month, the Kogan share price has risen by around 40%, and in the past year, by 75%.

Most readers will probably already know that Kogan.com is an Australian online retailer. Households can get a number of other services from Kogan including different insurances, mobile plans, credit cards and energy. It also owns the online New Zealand business called Mighty Ape.

What the fund manager likes about the ASX small-cap share

WAM liked the latest business update from the company, which highlighted continued profit improvement in the first half of FY24.

The ASX small-cap share’s gross profit saw growth of 42.1% to $89.5 million, thanks to an expanding share of platform-based sales.

The fund manager also pointed out that Kogan.com has been maintaining a strong financial position, with a cash balance of $83.3 million, despite using $17.2 million in the Kogan share buyback initiative.

Another positive for WAM was that the Kogan First membership saw growth to over 466,000 subscribers as at 31 December 2023, which was a 15.3% increase year over year.

The fund manager suggests that more loyal members can provide the company with an expanding recurring earnings profile going forward that “can contribute to a [Kogan] share price rerating”.

What else did Kogan report?

It said its gross sales of $445.4 million reflected a decline of 5.6% year over year following “optimisations” to the quality of revenue and focus on platform-based sales, which resulted in a “significant reduction in inventories year over year”. Platform-based sales for Kogan.com grew to 62.8% of gross sales, with a key contributor being the new Kogan.com advertising platform.

The ASX small-cap share’s earnings before interest, tax, depreciation and amortisation (EBITDA) was $19.3 million for the FY24 first half, compared to a loss of $23 million in the FY23 first half. Earnings before interest and tax (EBIT) in HY24 are expected to show a positive $11.8 million, compared to an EBIT loss of $31.3 million in HY23.

Reporting date

The company is expecting to release its complete half-year result on 26 February 2024.

The post Here’s why this ASX small-cap share could be a big winner appeared first on The Motley Fool Australia.

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Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Kogan.com. The Motley Fool Australia has recommended Kogan.com. 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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The BHP Group Ltd (ASX: BHP) share price will be on watch this morning.

That’s because the mining giant has just released its half-year results and reported a huge profit decline.

BHP share price on watch as profits tumble

• Revenue up 6% to US$27.2 billion
• Underlying EBITDA up 5% to US$13.9 billion
• Profit after tax down 86% to US$927 million
• Underlying profit flat at US$6.6 billion
• Fully franked interim dividend down 20% to 72 US cents

What happened during the half?

For the six months ended 31 December, BHP reported a 6% increase in revenue to US$27.2 billion.

This was primarily a result of higher iron ore and copper prices, as well as the contribution of new mines Prominent Hill and Carrapateena. This was partially offset by New South Wales Energy Coal (NSWEC), which struggled with significantly weaker realised prices.

BHP’s unit costs rose 5.4% across its major assets during the first half. This reflects its disciplined cost and reliable operational performance and the normalisation of commodity linked consumable prices such as diesel and acid.

This ultimately led to the Big Australian’s underlying profit remaining flat at US$6.6 billion or 129.6 US cents per share.

However, on a reported basis, BHP’s profit came in 86% lower at US$927 million. This was driven by US$5.6 billion of previously announced exceptional items. This comprises a ~US$2.5 billion impairment of Western Australia Nickel and a ~US$3.2 billion charge related to the Samarco dam failure.

Nevertheless, this didn’t stop BHP from rewarding its shareholders with another decent dividend. It declared a fully franked interim dividend of 72 US cents per share, which represents a 20% reduction on last year’s payout.

How does this compare to expectations?

This result appears to have fallen short of expectations, which could be bad news for the BHP share price today.

Goldman Sachs was forecasting revenue of US$27.6 billion and the market was expecting earnings per share of US$1.43 per share. BHP has missed with both metrics.

Management commentary

BHP CEO, Mike Henry, acknowledged that it was a challenging half for the miner. He said:

Today, we announced underlying attributable profit of US$6.6 billion for the half year. We also announced an interim dividend of 72 US cents per share – a total of US$3.6 billion, equating to a payout ratio of 56%. The period also had its challenges, with adjustments relating to Nickel West, West Musgrave and Samarco offsetting an otherwise solid operational performance and overall healthy commodity prices.

Commenting on the miner’s outlook, Henry sounds cautiously optimistic. He said:

We’ve seen volatility in global commodity prices and demand in the developed world has been softer than expected. That said, China demand is healthy despite weakness in housing and India remains a bright spot. In Australia, the mining industry is facing near-term headwinds in developing resources and it’s essential that the right industrial relations and fiscal settings are in place to support the sector’s ability to compete and win in global markets. Long term, the mega-trends playing out in the world around us continue to underline our confidence in future demand for steel, non-ferrous metals and fertilisers.

Management also advised that all assets are on track to meet their FY 2024 production and unit cost guidance.

The BHP share price is down 5% over the last 12 months.

The post BHP share price on watch amid 86% profit decline and dividend cut appeared first on The Motley Fool Australia.

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• What are the pros and cons of buying BHP shares before the company reports?
• I’d need this many BHP shares for passive income of $10,000 a year
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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 positions in and has recommended Goldman Sachs Group. The Motley Fool Australia has no position in any of the stocks mentioned. 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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Westpac Banking Corp (ASX: WBC) shares were on form on Monday.

The banking giant’s shares ended the day almost 3% higher at $25.24.

Investors were buying the bank’s shares following the release of its first quarter update.

In case you missed it, Westpac reported an unaudited net profit of $1.5 billion for the three months. This was down 6% from the second-half average of FY 2023.

However, it is worth highlighting that one-offs weighed on its profits. If you exclude these, Westpac’s unaudited net profit would have come in flat against the second-half average at $1.8 billion.

The big question now is whether Westpac shares can keep rising or have they peaked? Let’s find out.

Can Westpac shares keep rising?

The team at Goldman Sachs has been running the rule over the result.

And while it was pleased with what it saw, it hasn’t been enough for a change of recommendation.

Goldman has held firm with its neutral rating with an improved price target of $23.46. This is lower than where its shares trade now.

The broker highlights that net interest margin (NIM) pressures appear to be easing and its costs were better than expected. However, it is waiting for more data before making any changes to its rating. It said:

Coupled with disclosures in BEN’s 1H24 result, there are signs that industry-wide NIM pressures are starting to ease. Beyond this, WBC’s performance on costs was better than we had anticipated, and bodes well for when WBC finalises details of its technology simplification initiative (expected before 1H24 result), which was first announced at its FY23 result, and which management believes can be funded within its A$2 bn p.a. of investment spend. We stay Neutral ahead of more detail around the costs and expected benefits of the technology simplification.

The post Are Westpac shares a buy following the bank’s results? appeared first on The Motley Fool Australia.

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More reading

• High rates, falling profits: Why are ASX bank shares losing out this reporting season?
• Why are Westpac shares leaping ahead of rival ASX 200 bank stocks on Monday?
• Westpac share price on watch following $1.8 billion quarterly profit
• 5 things to watch on the ASX 200 on Monday
• Which ASX 200 large-cap shares offer the best dividend yields in 2024?

Motley Fool contributor James Mickleboro has positions in Westpac Banking Corporation. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs Group. The Motley Fool Australia has no position in any of the stocks mentioned. 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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There are plenty of established ASX blue chip shares to choose from on the Australian share market.

But which ones could be buys in February?

Let’s take a look at three that could be among the best options on the market right now. They are as follows:

CSL Ltd (ASX: CSL)

The team at Morgans has this biotherapeutics giant’s shares on its best ideas list this month.

The broker has an add rating and $315.40 price target on the blue chip. It commented:

While shares have struggled of late, we continue to view CSL as a key portfolio holding and sector pick, offering double-digit recovery in earnings growth as plasma collections increase, new products get approved and influenza vaccine uptake increases around ongoing concerns about respiratory viruses, with shares trading at 25x, a substantial discount (20%) to its long-term average.

ResMed Inc. (ASX: RMD)

Analysts at Bell Potter think that this sleep treatment focused medical device company is an ASX blue chip share to buy.

The broker has ResMed on its favoured list for February with a buy rating and $34.00 price target. It said:

The market for OSA and chronic obstructive pulmonary disease (COPD) remains under penetrated, and we expect industry volume growth to continue in the 6-8% range for the foreseeable future. In this regard, the competitive dynamics are very much in favour of RMD due to the Philips recall and improving semiconductor availability.

Woolworths Group Ltd (ASX: WOW)

Finally, Goldman Sachs has this ASX blue chip share on its coveted conviction list this month.

The broker has a conviction buy rating and $42.30 price target on the supermarket giant’s shares. It explains:

We are Buy rated on the stock as we believe the business has among the highest consumer stickiness and loyalty among peers, and hence has strong ability to drive market share gains via its omni-channel advantage, as well as pass through any cost inflation to protect its margins, beyond market expectations. The stock is trading below its historical average (since 2018), and we see this as a value entry level for a high-quality and defensive stock.

The post ASX blue chip shares: The best of the best for February 2024 appeared first on The Motley Fool Australia.

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More reading

• Buy these top ASX 200 stocks for 18%+ returns
• The best ASX shares to invest $20,000 in right now
• Top brokers name 3 ASX shares to buy next week
• If I could buy only one ASX stock this February earnings season, it would be…
• 2 ASX 200 growth shares to buy with ‘immense opportunity’ ahead

Motley Fool contributor James Mickleboro has positions in CSL and ResMed. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended CSL, Goldman Sachs Group, and ResMed. The Motley Fool Australia has positions in and has recommended ResMed. The Motley Fool Australia has recommended CSL. 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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