Discover ASX Penny Stocks To Watch In November 2024

The Australian market has experienced a slight downturn, with the ASX200 down 0.4% and all sectors losing ground, as the Reserve Bank keeps rates steady at 4.35%. In such fluctuating conditions, investors often seek opportunities in smaller or newer companies that may offer potential value despite their size. Penny stocks, while an older term, still represent these intriguing investment possibilities; they can provide surprising stability and growth when backed by strong financials and clear business strategies.

Top 10 Penny Stocks In Australia

Name	Share Price	Market Cap	Financial Health Rating
LaserBond (ASX:LBL)	A$0.62	A$71.5M	★★★★★★
Embark Early Education (ASX:EVO)	A$0.77	A$143.12M	★★★★☆☆
Helloworld Travel (ASX:HLO)	A$1.81	A$289.14M	★★★★★★
Austin Engineering (ASX:ANG)	A$0.52	A$328.68M	★★★★★☆
MaxiPARTS (ASX:MXI)	A$1.85	A$102.34M	★★★★★★
Navigator Global Investments (ASX:NGI)	A$1.665	A$818.43M	★★★★★☆
Perenti (ASX:PRN)	A$1.165	A$1.07B	★★★★★★
Atlas Pearls (ASX:ATP)	A$0.135	A$61M	★★★★★★
EZZ Life Science Holdings (ASX:EZZ)	A$3.70	A$141.27M	★★★★★★
Joyce (ASX:JYC)	A$4.33	A$129.2M	★★★★★★

Click here to see the full list of 1,034 stocks from our ASX Penny Stocks screener.

Underneath we present a selection of stocks filtered out by our screen.

Cleo Diagnostics (ASX:COV)

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

Overview: Cleo Diagnostics Ltd is a medical diagnostics and devices company specializing in the development and commercialization of non-invasive blood tests for detecting ovarian cancer in Australia, with a market cap of A$50.76 million.

Operations: Cleo Diagnostics generates revenue from its Medical Labs & Research segment, amounting to A$0.21 million.

Market Cap: A$50.76M

Cleo Diagnostics Ltd, a medical diagnostics company focused on ovarian cancer detection, is pre-revenue with A$0.21 million in revenue. Despite being unprofitable and having negative return on equity (-40.03%), it maintains a strong financial position with short-term assets of A$9.4 million exceeding liabilities and no long-term debt. The company benefits from stable weekly volatility (10%) and sufficient cash runway for over three years at current free cash flow levels, though this reduces to 2.3 years if historical reduction rates continue. Recent auditor changes are pending shareholder approval at the upcoming AGM in November 2024.

• Unlock comprehensive insights into our analysis of Cleo Diagnostics stock in this financial health report.
• Review our historical performance report to gain insights into Cleo Diagnostics' track record.

Harmoney (ASX:HMY)

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

Overview: Harmoney Corp Limited operates as an online provider of secured and unsecured personal loans in Australia and New Zealand, with a market cap of A$40.28 million.

Operations: The company generates revenue of A$35.42 million from its financial services segment focused on consumer lending.

Market Cap: A$40.28M

Harmoney Corp Limited, an online lender in Australia and New Zealand, reported A$122.54 million in revenue for the fiscal year ending June 2024, up from A$107.07 million the previous year. Despite this growth, it remains unprofitable with a net loss of A$13.19 million and a negative return on equity of -36.19%. The company's debt levels are high with a net debt to equity ratio of 1923.5%, yet its short-term assets significantly exceed both short- and long-term liabilities, indicating strong liquidity management. Harmoney's cash runway is sufficient for over three years due to positive free cash flow trends.

• Click here and access our complete financial health analysis report to understand the dynamics of Harmoney.
• Examine Harmoney's earnings growth report to understand how analysts expect it to perform.

Tungsten Mining (ASX:TGN)

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

Overview: Tungsten Mining NL is involved in the exploration, evaluation, and development of mineral resources in Australia with a market cap of A$45.61 million.

Operations: The company generates revenue from its Exploration and Evaluation segment, amounting to A$0.00423 million.

Market Cap: A$45.61M

Tungsten Mining NL, with a market cap of A$45.61 million, is pre-revenue, generating only A$0.00423 million from its exploration activities. The company reported a net loss of A$5.11 million for the year ending June 2024, up from A$2.93 million the previous year, reflecting ongoing financial challenges despite reducing losses by 27.6% annually over five years. Positively, it remains debt-free and has sufficient cash to cover liabilities and maintain operations for more than a year under stable conditions. However, its share price has been highly volatile recently and return on equity remains negative at -18.68%.

• Get an in-depth perspective on Tungsten Mining's performance by reading our balance sheet health report here.
• Assess Tungsten Mining's previous results with our detailed historical performance reports.

Make It Happen

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Interested In Other Possibilities?

• 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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