ASX Penny Stocks To Watch In November 2024

The Australian market remained flat over the last week but has shown a robust 17% rise over the past year, with earnings forecasted to grow by 13% annually. Though the term 'penny stock' might sound like a relic of past trading days, these smaller or newer companies can still present valuable opportunities when backed by solid financials. In this context, we've identified three penny stocks that combine balance sheet strength with potential for significant gains, offering investors a chance to uncover hidden value in quality companies.

Top 10 Penny Stocks In Australia

Name	Share Price	Market Cap	Financial Health Rating
LaserBond (ASX:LBL)	A$0.60	A$70.33M	★★★★★★
Embark Early Education (ASX:EVO)	A$0.81	A$148.62M	★★★★☆☆
Helloworld Travel (ASX:HLO)	A$2.04	A$332.15M	★★★★★★
Austin Engineering (ASX:ANG)	A$0.53	A$328.68M	★★★★★☆
MaxiPARTS (ASX:MXI)	A$1.87	A$103.44M	★★★★★★
SHAPE Australia (ASX:SHA)	A$2.80	A$232.15M	★★★★★★
Navigator Global Investments (ASX:NGI)	A$1.66	A$813.53M	★★★★★☆
West African Resources (ASX:WAF)	A$1.46	A$1.66B	★★★★★★
Atlas Pearls (ASX:ATP)	A$0.155	A$67.53M	★★★★★★
Servcorp (ASX:SRV)	A$4.94	A$487.41M	★★★★☆☆

Click here to see the full list of 1,044 stocks from our ASX Penny Stocks screener.

Here we highlight a subset of our preferred stocks from the screener.

Genesis Minerals (ASX:GMD)

Simply Wall St Financial Health Rating: ★★★★★☆

Overview: Genesis Minerals Limited is involved in the exploration, production, and development of gold deposits in Western Australia with a market capitalization of A$2.73 billion.

Operations: The company generates revenue of A$438.59 million from its mineral production, exploration, and development activities.

Market Cap: A$2.73B

Genesis Minerals has transitioned to profitability, reporting a net income of A$84 million for the year ending June 30, 2024, compared to a loss the previous year. The company's revenue surged to A$438.59 million from A$76.96 million, reflecting strong growth in its gold mining operations in Western Australia. Despite this progress, shareholders experienced dilution with an increase in shares outstanding by 4.7%. While Genesis is trading below its estimated fair value and maintains more cash than debt, its Return on Equity remains low at 8.4%. Recent management changes include Joanne Steer as Company Secretary.

• Dive into the specifics of Genesis Minerals here with our thorough balance sheet health report.
• Gain insights into Genesis Minerals' outlook and expected performance with our report on the company's earnings estimates.

Ora Banda Mining (ASX:OBM)

Simply Wall St Financial Health Rating: ★★★★☆☆

Overview: Ora Banda Mining Limited is involved in the exploration, operation, and development of mineral properties in Australia with a market cap of A$1.43 billion.

Operations: The company's revenue is primarily derived from its gold mining operations, totaling A$214.24 million.

Market Cap: A$1.43B

Ora Banda Mining has recently achieved profitability, reporting net income of A$27.57 million for the year ending June 30, 2024, compared to a loss last year. Revenue increased significantly to A$214.24 million from A$135.89 million, indicating robust growth in its gold operations. Despite this financial improvement, shareholder dilution occurred with a 9.4% rise in outstanding shares over the past year. The company is trading well below its estimated fair value and boasts a high Return on Equity of 28.5%. Recent executive changes include appointing Doug Warden as CFO, bringing extensive industry experience to the team.

• Click here and access our complete financial health analysis report to understand the dynamics of Ora Banda Mining.
• Explore Ora Banda Mining's analyst forecasts in our growth report.

Sayona Mining (ASX:SYA)

Simply Wall St Financial Health Rating: ★★★★☆☆

Overview: Sayona Mining Limited, with a market cap of A$391.15 million, is involved in mineral identification, acquisition, exploration, and development in Australia and Canada.

Operations: The company generates revenue of A$200.87 million from its mineral exploration activities.

Market Cap: A$391.15M

Sayona Mining Limited, with a market cap of A$391.15 million, is currently unprofitable despite generating A$200.87 million in revenue from its mineral exploration activities. The company has more cash than debt and its short-term assets exceed both short and long-term liabilities, indicating a stable financial position. Recently, Sayona filed for a follow-on equity offering of A$109 million to support its operations. The appointment of Laurie Lefcourt as Non-Executive Director enhances governance with her extensive experience in finance and resource projects, aligning with Sayona's strategic objectives for growth in the mining sector.

• Unlock comprehensive insights into our analysis of Sayona Mining stock in this financial health report.
• Understand Sayona Mining's earnings outlook by examining our growth report.

Next Steps

• Jump into our full catalog of 1,044 ASX Penny Stocks here.
• Are these companies part of your investment strategy? Use Simply Wall St to consolidate your holdings into a portfolio and gain insights with our comprehensive analysis tools.
• Discover a world of investment opportunities with Simply Wall St's free app and access unparalleled stock analysis across all markets.

Ready For A Different Approach?

• Explore high-performing small cap companies that haven't yet garnered significant analyst attention.
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• Find companies with promising cash flow potential yet trading below their fair value.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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