Pro Medicus (ASX: PME) and Washington H Soul Pattinson (ASX: SOL): Why They Should Be on Your ASX Watchlist

September 12, 2024 01:48 PM AEST | By Team Kalkine Media

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Pro Medicus (ASX: PME) and Washington H Soul Pattinson (ASX: SOL): Why They Should Be on Your ASX Watchlist — Image source: shutterstock

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The ASX market has seen significant movements in recent times, with Pro Medicus Limited and Washington H Soul Pattinson & Company Ltd standing out. Here’s why these two stocks could be worth adding to your watchlist.

Pro Medicus (ASX:PME)

Since the beginning of 2024, Pro Medicus has experienced an impressive 62.2% increase in its share price. Founded in 1983, Pro Medicus is a prominent provider of radiology IT software, offering solutions that cater to hospitals, imaging centres, and healthcare groups globally.

Pro Medicus specializes in radiology information systems (RIS), Picture Archiving and Communication Systems (PACS), and advanced visualization tools. Their flagship product, Visage, is particularly noteworthy. This software enables radiologists to access and interpret large medical images remotely on mobile devices. This capability facilitates quicker diagnostic decisions and enhances patient care by allowing healthcare professionals to work on-the-go.

Washington H Soul Pattinson (ASX:SOL)

Washington H Soul Pattinson, established in 1903, is an investment company with a diversified portfolio across various industries and asset classes. The company’s notable holdings include stakes in TPG Telecom (ASX:TPG), New Hope Group (ASX:NHC), and a cross-shareholding in Brickworks (ASX:BKW).

Washington H Soul Pattinson’s mission focuses on delivering long-term returns to its shareholders through capital growth and steadily increasing dividends. It stands out as the second-oldest publicly listed company on the ASX and boasts an unblemished record of never missing a dividend payment since its listing. Its family-run structure and commitment to shareholder benefits make it a notable choice for those interested in reliable income and steady growth.

Valuation Insights for Pro Medicus

For those evaluating Pro Medicus, its current valuation might be of interest. The company's share price has a price-to-sales ratio of 101.57x, significantly higher than its 5-year average of 85.76x. This suggests that the shares are trading above their historical average. It’s important to consider that while this valuation metric provides insights, it is just one of many factors to consider when assessing a company's investment potential.

Both Pro Medicus and Washington H Soul Pattinson offer unique attributes for potential investors. Pro Medicus stands out for its technological advancements and impressive share price growth, while Washington H Soul Pattinson’s long history and commitment to dividends reflect stability and reliable returns. These characteristics make PME and SOL noteworthy additions to any ASX stock watchlist.

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