ASX small cap stocks are outrunning their larger counterparts since the bear market bottom on March 23.

The S&P/ASX Small Ordinaries (Index:^AXSO) bounced by nearly 40% since while the S&P/ASX 200 Index (Index:^AXJO) recovered by 22%.

There’s a real chance that smaller stocks can continue to outperform if we get firmer signs of the economic recovery from the COVID-19 pandemic.

That’s a big “if” but for the eternal optimists in us, there are still buying opportunities at the small end of the market even after the big run.

Here are two ASX small caps that brokers are urging investors to buy.

Dirt cheap

One that’s deeply undervalued is mining and construction engineering group NRW Holdings Limited (ASX: NWH), according to UBS.

The broker reiterated its “buy” recommendation on the stock after management’s latest trading update and guidance.

The group reported revenue of $1.6 billion and earnings before interest, tax, depreciation and amortisation (EBITDA) of $177 million for the 10 months to April.

“Annualised EBITDA and EBIT are 8% and 11% below UBSe, respectively,” said UBS.

“However, we expect this would not include claims recovery from higher COVID-19 related operating costs and we estimate profitability has historically been higher in Q4 vs Q3; both suggestive of upside risks.”

The broker’s 12-month price target on NRW is $4 a share.

Buy call retained

Another small cap that issued a trading update is Service Stream Limited (ASX:SSM). The infrastructure services group is forecasting FY20 EBITDA of around $108 million.

That’s below consensus estimates of $116 million and Macquarie Group Ltd’s (ASX: MQG) forecasts of $113.9 million.

The coronavirus fallout is impacting on group performance. The earnings miss is due to higher costs due to safety expenses, clients pausing work and the commencement of minor projects.

“With NBN activations remaining strong through 2H20, we suspect the weakness from delays are mixed and related to some reluctance on decision making from client to pursue projects and to interrupt connections in both utility and telecommunications whilst Australia works from home,” said Macquarie.

That’s good news in the sense that the headwind is transitionary. The broker also pointed out that Service Stream isn’t a beneficiary of the JobKeeper program unlike others. If the lift from the government program was excluded, Service Stream would be in a far superior position compared to peers.

Macquarie still expects Service Stream to be net cash positive by this financial year and reiterated its “outperform” recommendation on the stock with a price target of $2.88 a share.

More reading

• 3 super strong ASX 200 blue chip shares to buy right now
• Why this ASX infrastructure company could help protect your portfolio in a downturn
• Here are all the ASX 200 shares that have doubled or more since the bottom of the bear market
• Is Afterpay an ASX blue chip of tomorrow?
• Brokers name 3 ASX 200 shares to buy right now

Motley Fool contributor Brendon Lau owns shares of Macquarie Group Limited. The Motley Fool Australia owns shares of and has recommended Macquarie Group Limited. The Motley Fool Australia has recommended Service Stream 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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The S&P/ASX 200 Index (ASX: XJO) is home to a large number of quality blue chip shares for investors to choose from.

In fact, there are so many it can be hard to decide which ones to buy.

To narrow things down for you, I’ve picked out three blue chip shares which I think are in the buy zone right now. They are as follows:

Coles Group Ltd (ASX: COL)

I think Coles is a great blue chip option for those searching for a combination of value, growth, and income. At present I feel the supermarket giant’s shares are trading on an attractive valuation in comparison to its peers. Especially given its solid growth potential thanks to its focus on automation, cost cutting, and expansion opportunities. In respect to automation, this focus is expected to lead to margin improvements over the long term. I feel this bodes well for Coles’ dividend growth over the next decade.

Goodman Group (ASX: GMG)

Another blue chip to consider buying is Goodman Group. It is an integrated commercial and industrial property group which owns, develops and manages industrial real estate in 17 countries. Goodman Group has made some very smart investments over the last decade, which I feel positions it perfectly for long term growth. These include gaining exposure to the structural tailwinds of the ecommerce market. Given how quickly online shopping is growing, these assets are likely to be in demand for a long time to come and should underpin solid earnings and distribution growth throughout the 2020s.

REA Group Limited (ASX: REA)

Another blue chip share to consider buying is REA Group. I think the property listings company is a great option due to the resilience of its business model. Even though listings volumes were down during 7% during the third quarter, it didn’t stop REA Group from growing its earnings. The company posted a 1% increase in revenue to $199.8 million and an 8% lift in operating earnings to $119.6 million. And while trading conditions are likely to remain tough in the near term because of the pandemic, I expect its earnings growth to accelerate once the crisis passes. I feel this makes it worth being patient with its shares.

More reading

• Here are all the ASX 200 shares that have doubled or more since the bottom of the bear market
• Is Afterpay an ASX blue chip of tomorrow?
• Brokers name 3 ASX 200 shares to buy right now
• Is Telstra about to be caught in a new mobile phone war?
• ASX 200 down 0.2%: Wesfarmers overhauls Target, Sydney Airport has no plans to raise equity

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of COLESGROUP DEF SET. The Motley Fool Australia has recommended ResMed Inc. 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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I’ve been keeping a close eye on what substantial shareholders have been doing recently.

Substantial shareholders are shareholders that hold 5% or more of a company’s shares. These tend to be large investors, asset managers, and investment funds. These shareholders are obliged to update the market when they make any changes to their holdings.

As a result, I feel investors should look to use these notices to their advantage. After all, they show where the smart money is going.

Two notices that have caught my eye are summarised below:

Altium Limited (ASX: ALU)

According to a notice of initial substantial holder, Pinnacle Investment Management has just become a substantial shareholder of this electronic design software company. The notice reveals that Pinnacle has been adding to its position this month, bringing its total holding to 6,931,951 shares. This equates to a 5.29% stake in Altium. The fund manager was buying shares in or around the level Altium’s shares are trading at now. Which would appear to indicate that it believes they offer plenty of upside from here. I certainly believe this is the case and feel Altium is a top buy and hold option thanks to its exposure to the Internet of Things market.

Atomos Ltd (ASX: AMS)

According to a change of interests of substantial holder notice, Ellerston Capital has taken advantage of a pullback in this video hardware technology company’s share price to top up its position. The notice reveals that Ellerston has bought almost 6 million shares over the last couple of months. This lifted its holding to a total of 22,311,112 shares, which equates to 10.58% of its issued stock. The Atomos share price is down 72% from its 52-week high and at a level which this fund manager appears to believe is attractive. Its shares were hit hard after the pandemic shut down its core pro video market. But with economies slowly reopening around the world, this fund manager may be expecting a rebound in sales and its share price in the near future.

More reading

• Is the Altium share price a buy at $36?
• 3 top ASX growth shares that could smash the market in the 2020s
• 3 shares I’d buy if the coronavirus selloff gets worse
• How to become a millionaire with a $5,000 investment in ASX 200 shares each year
• 5 things to watch on the ASX 200 on Thursday

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Atomos Ltd. The Motley Fool Australia owns shares of Altium. 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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Is the Altium Limited (ASX: ALU) share price a buy at $36? I think the electronic PCB software business is a great company.

Altium’s share price has been a strong performer over the past couple of months. Since 23 March 2020 the Altium share price has gone up by 45%. That’s strong gains if you bought at the time, but what about now?

There are plenty of reasons to like Altium:

Growing profit margins – A business can grow its profit faster than revenue if the profit margin can increase as economies of scale keep increasing. These are the types of businesses we want to have in our portfolio. Altium is a great example of this effect (in normal times).

Strong balance sheet – It’s the businesses with a strong balance sheet that are able to cope with the coronavirus situation the best. Altium has no debt and a solid pile that was growing, until recently at least.

Excellent management – I think the management is one of they key reasons the Altium share price has done so well over the past decade. They are long-term focused, set tough but attainable goals and are very considered with capital.

Growing dividend – There aren’t many businesses that offer that attractive combination of fast growth and a growing dividend. Plenty of businesses retain all their profit for further growth. But a dividend is a nice way of getting returns without resorting to selling shares.

So Altium’s share price is a buy today?

I’m confident about Altium’s long-term future. The issue I see is the short-term. Altium has already warned that it’s having to reduce prices to continue to attract new subscribers. That’s the right thing for the long-term – prices can be increased in the future. But it will hurt Altium’s profit in FY20 and maybe even FY21.

We don’t yet know how much profit pain that will entail. It’s true the Altium share price is being helped by the current ultra low interest rates. However, we should be cautious about businesses that are being priced with not much downside. I’d be interested if Altium’s share price was under $30, so I’m going to wait for a better buying opportunity.

More reading

• Fund managers have been buying these ASX shares
• 3 top ASX growth shares that could smash the market in the 2020s
• 3 shares I’d buy if the coronavirus selloff gets worse
• How to become a millionaire with a $5,000 investment in ASX 200 shares each year
• 5 things to watch on the ASX 200 on Thursday

Motley Fool contributor Tristan Harrison owns shares of Altium. The Motley Fool Australia owns shares of Altium. 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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Shares in ASX essential network services business Service Stream Limited (ASX: SSM) look set to end the week down more than 6% despite the company’s attempts to reassure the market that it hasn’t been experiencing any overly negative financial impacts from COVID-19.

Service Stream designs, constructs, operates and maintains essential telecommunications and utilities infrastructure, including water and gas distribution networks. With large portions of the Australian population still more or less confined to their homes, people are relying on this infrastructure now more than ever.

In a business update released to the market on Thursday, Service Stream stated that demand for its services had remained strong throughout the pandemic. However, it did note that the costs of delivering those services had increased, and some “minor” projects had been delayed or paused.

Service Stream had originally forecast operational earnings before interest, tax, depreciation and amortisation expenses (EBITDA) for the second half of FY20 to be in line with the first half result of $58.1 million. Due to the impacts of the coronavirus pandemic, the company now expects full year operational EBITDA to be $108 million, which would imply a second half operational EBITDA in the range of $49.9 million, or a decline of a little over 7% versus the first half.

The market reacted negatively to the news, with the Service Stream share price dropping almost 6% on Thursday. However, while it’s disappointing that the company is now forecasting a drop in EBITDA, Service Stream does point out that operational EBITDA of $108 million for the year would still be a record result for a growing company.

Should you invest?

Service Stream doesn’t provide the exciting growth narratives of coronavirus market darlings like Kogan.com Ltd (AS:KGN), Appen Limited (ASX:APX) or NextDC Limited (ASX:NXT). But the fact that it is flying under the radar for many investors works in its favour.

Shares in many of those sexier tech companies are now trading higher than they were pre-coronavirus, which seems unsustainable as the country heads into a potential economic recession. For example, despite its soaring share price, Kogan relies on strong consumer sentiment, which may not exist once the economic impacts of the coronavirus pandemic are fully realised.

Service Stream, on the other hand, should have a much more reliable source of revenue. Even in periods of economic stress and uncertainty, people will continue to depend on the infrastructure that supports necessities like water, gas and telecommunications.

Service Stream could make a good defensive option for investors looking to safeguard their portfolio against a severe downturn. Plus, at its current price of around $2.00 it is still well short of the 52-week high price of $3.06 it reached back in August – meaning it could represent great value.

More reading

• Why Afterpay and these ASX shares just hit multi-year highs
• ASX 200 drops 0.4%, Chinese threat to Australian iron
• If you invested $10,000 in the Kogan IPO, this is how much you’d have now
• Why the share price of this top dividend share just sank 6%
• 3 mid cap ASX growth shares to buy for monster returns

Motley Fool contributor Rhys Brock owns shares of Kogan.com ltd. The Motley Fool Australia owns shares of and has recommended Kogan.com ltd. The Motley Fool Australia owns shares of Appen Ltd. The Motley Fool Australia has recommended Service Stream 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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Card payment options and a surge in e-commerce has created a new era in how we complete transactions. The coronavirus pandemic has accelerated the death of cash with many conducting their business and discretionary transactions via alternative methods. With the World Health Organization also advising people to use contactless payment to reduce the risk of transmission, it’s heightened people’s consciousness of cash handling.  

Here are 2 ASX stocks that could benefit from the death of cash.

EML Payments Ltd (ASX:EML)

EML Payments is an Australian fintech company providing technology solutions for payouts, gifts, rewards and supplier payments. The company has a large presence in Australia, North America and Europe, issuing mobile, virtual and physical card solutions.

The coronavirus pandemic has seen EML’s retail segment struggle, however, its salary packaging and online gaming businesses have outperformed. In a recent trading update, EML reported a 55% increase in Gross Debit Volume of $9.83 billion and a 20% increase in revenue of $87.1 million for the 9 months ending 31 March. Despite being sold-off earlier this year, the EML share price has bounced more than 173% from its March low and is poised to head higher.

Pushpay Holdings Ltd (ASX: PPH)

Believe it or not, the Pushpay share price has surged more than 181% from its March low and is now trading at all-time highs. Pushpay provides donor management services and finance tools targeted towards non-profit, religious and education providers. The company predominately operates in the US and has digitised the way people make donations.

With many churches and religious gatherings banned during the coronavirus pandemic, Pushpay has emerged at the right place, at the right time. The company’s platform has enabled people to make donations whilst also abiding by social distancing measures.

Earlier this month Pushpay released its annual report, posting a 32% surge in revenue for the full-year. The company also noted the successful acquisition of US software company Church Community Builder, allowing Pushpay to provide more innovative solutions for customers.

Pushpay expects further revenue growth in the future as more customers adopt mobile technology, post-pandemic. As a result, the company is targeting 50% of the medium and large church segments in the US and expects EBITDAF in the range of US$48 million and US$52 million for FY21.

Foolish takeaway

The coronavirus pandemic has brought with it many permanent changes in consumer behaviour, such as online shopping and greater attention to infection control. Although cash may, realistically, never be replaced, EML and Pushpay reflect the exciting opportunities and innovations available to investors on the ASX.

More reading

• Here are all the ASX 200 shares that have doubled or more since the bottom of the bear market
• 3 leading ASX 200 tech shares to buy now
• Where growth, income, and value investors can invest right now
• These ASX payments shares could be long term market beaters
• Where to invest $20,000 into shares right now

Nikhil Gangaram has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Emerchants Limited. The Motley Fool Australia owns shares of and has recommended PUSHPAY FPO NZX. The Motley Fool Australia has recommended Emerchants 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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We’re almost 2 months on from the fastest bear market on record, which saw the S&P/ASX 200 Index (ASX: XJO) fall 36.53% from 7,162.50 points on 20 February to a low of just 4,546 on 23 March.

In the time since, however, the market has rallied on the back of unprecedented fiscal support, a flattening COVID-19 curve, and perhaps a whole lot of optimism. So much so that a number of ASX 200 shares heavily sold-off in the downturn have bounced back with a vengeance.

With this in mind, here are all the ASX 200 shares that have doubled or more in price from 23 March through to yesterday’s close:

Afterpay Ltd (ASX: APT) — 394.38%

It’s been an eventful couple of months for the Afterpay share price. The buy now, pay later provider’s recent rollercoaster ride on the ASX has certainly been a hot topic, falling to a low of $8.01 in March due to COVID-19 concerns. The thinking was that with the economy in hibernation and unemployment becoming a real issue, Afterpay’s bad debts were at risk of blowing out, all the while customers would have less of an appetite to spend. 

But 2 months, a flattening curve, and a JobKeeper package later, the Afterpay share price is reaching new heights. Just yesterday, Afterpay shares hit an all-time high of $45.17, buoyed by the company’s announcement of reaching 5 million active US customers.

Since the bottom of the bear market in March, the Afterpay share price has also been boosted by a positive trading update and news of Chinese tech giant Tencent becoming a substantial shareholder.

EML Payments Ltd (ASX: EML) — 171.16%

The EML share price experienced a significant fall from grace in the recent bear market, plunging from its February high of $5.70 to close on 23 March at just $1.34. 

Whilst the broader market has been on an upward trend ever since, it’s EML’s renegotiated acquisition terms that have gotten investors particularly enthused. In late March, the company announced more favourable contract terms for its acquisition of Prepaid Financial Services, a leading provider of white-label payments and banking-as-a-service technology across the UK and Europe.

What’s more, earlier this week, EML released a trading update, quantifying the effects of COVID-19 on March and April performance and remaining upbeat about achieving a solid full-year result in FY20.

Perenti Global Ltd (ASX: PRN) — 147.92%

The mining services group has been on a tear recently, notching up a number of impressive one-day gains at times when there was seemingly no news out of the company. 

Perenti first delivered a trading update on 24 March, disclosing that COVID-19 hadn’t yet had an impact on its financial performance. Nonetheless, it decided to withdraw FY20 earnings guidance for safe measure. The following day, the company deferred its interim dividend and outlined a range of capital management initiatives to ensure financial strength throughout the crisis.

On 15 April, Perenti confirmed it still hadn’t experienced any material financial impact from the pandemic. On the whole, it appears investors deemed this mining services share heavily oversold, flooding back to the company in droves.

Credit Corp Group Limited (ASX: CCP) — 143.36%

Being Australia’s largest debt buyer and collector, Credit Corp shares naturally took a beating as soon as the market started taking a turn for the worse. In fact, the Credit Corp share price spiralled from an all-time high of $37.99 in February to just $6.25 on 23 March – an 84% drop.

In the period since, Credit Corp made the move to withdraw its FY20 earnings guidance and completed a $120 million institutional placement to strengthen its balance sheet and pursue debt purchasing opportunities. In any case, as one of the hardest-hit companies in the bear market, investors saw value in the Credit Corp share price after the government announced a series of financial support measures. However, most of Credit Corp’s recent gains have come in late March and early April, with shares actually down 15.64% since 14 April. 

Nearmap Ltd (ASX: NEA) — 110.80%

Those following along with Nearmap’s journey might remember a fateful day in late January this year when the company downgraded FY20 guidance, causing shares to plummet 30%. Well, despite COVID-19 concerns, the Nearmap share price is actually now trading higher than these January lows after more than doubling since the bottom of the bear market.

Along with overall market sentiment, shares in the aerial imagery and location data company have been spurred on by a business update released in April. At the time, Nearmap revealed trading conditions had not been materially impacted by COVID-19, brushed off concerns over the need to raise additional capital, and announced its intention of reaching cash flow breakeven by the end of FY20.

PolyNovo Ltd (ASX: PNV) — 106.82%

Last but not least we have PolyNovo, the up-and-coming healthcare star that announced its arrival on the ASX 200 stage last year by posting a 231% annual gain.

After succumbing to a near 60% fall in the recent bear market, investors have been clamouring to get their hands on PolyNovo shares following a positive trading update released in early April. The company announced a record monthly sales result for the US in March and didn’t believe the coronavirus would have a material impact on its business.

Foolish takeaway

The seemingly never-ending sea of red we saw in the markets earlier this year was, understandably, a difficult pill to swallow for many investors. However, these gains just go to show the kinds of opportunities that can arise in a bear market.

Learning to master your emotions and capitalise on depressed valuations in times like this can go a long way in fast-tracking your journey to long-term wealth creation.

More reading

• 2 ASX stocks that could replace cash
• Is Afterpay an ASX blue chip of tomorrow?
• 3 leading ASX 200 tech shares to buy now
• Brokers name 3 ASX 200 shares to buy right now
• Is Telstra about to be caught in a new mobile phone war?

Cathryn Goh owns shares of AFTERPAY T FPO and Nearmap Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Emerchants Limited. The Motley Fool Australia owns shares of and has recommended Nearmap Ltd. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Emerchants 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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Smartpay Holdings Ltd (ASX: SMP) shares have stormed out of a trading halt this morning to be up by as much as 14.29% in early trade. The trading halt was put in place on Wednesday, pending the announcement of a capital raising.

Dual-listed on the NZX, Smartpay is a small-cap payments share that has been trading on the ASX since 2013. With a share price of 46 cents at the time of writing, the company’s market capitalisation sits at around $80 million.

Smartpay is an independent full-service EFTPOS provider, directly servicing more than 25,000 merchants with around 35,000 EFTPOS terminals across Australia and New Zealand.

What did Smartpay announce?

Before the market opened this morning, Smartpay revealed it has raised $13 million via a placement to institutional, sophisticated, and professional investors.

Unlike many other ASX shares raising capital at meaningful discounts to their last closing price, Smartpay offered no discount to investors. It completed the raising at an issue price of 42 cents, which was in line with its last closing price on Tuesday.

Smartpay also intends to undertake a share purchase plan for retail investors at the same price of 42 cents, with more details to be announced next week.

According to the company, the funds raised will be used to capitalise the business for growth in both the Australian and New Zealand markets, as well as strengthen its balance sheet through debt reduction.

Commenting on the successful raising, managing director Bradley Gerdis, said:

After having proved up the Australian growth opportunity, as evidenced in our strong revenue growth figures recently released to the market for the year ended 31 March 2020, we are now readying the business to resume and accelerate our Australian growth and to pursue opportunities in the NZ market as we come through the COVID period.

Recent headline results

Earlier this week, Smartpay revealed it had seen a steady recovery in merchant transactions over the past 4 weeks – so much so that aggregate transactional revenue had recovered to 75% of pre-COVID-19 levels.

Prior to this, the company released a trading update in April, informing a 40% decline in aggregate transactional revenues as government restrictions affected the trading conditions of many of Smartpay’s merchants.

With a financial year ending 31 March, Smartpay recently revealed unaudited full-year FY20 revenue of NZ$28.3 million, up 34% from last year’s result of NZ$21.1 million.

The company expects the effects of COVID-19 to further entrench cashless and contactless payments and believes it is well-positioned to benefit from these positive tailwinds.

More reading

• Why this ASX infrastructure company could help protect your portfolio in a downturn
• 2 ASX stocks that could replace cash
• Here are all the ASX 200 shares that have doubled or more since the bottom of the bear market
• Is Afterpay an ASX blue chip of tomorrow?
• 3 leading ASX 200 tech shares to buy now

Motley Fool contributor Cathryn Goh has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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