The S&P/ASX All Ordinaries Index (ASX: XAO) closed the session on Tuesday up 0.49% to 7,300 points.
That puts the index up 2.4% so far in 2023.
But, as always, there are individual ASX All Ords shares that are ignoring the benchmark’s trendlines and doing their own thing this year.
This article looks at the ASX All Ords shares that have already ripped from their dips in 2023.
We also canvas a few brokers to see which ASX shares they think are in buy-the-dip territory now.
ASX All Ords buy-the-dip opportunities today
Readytech Holdings Ltd (ASX: RDY)
Readytech shares closed the session on Tuesday at $3.15, up 2.6% for the day.
The ASX All Ords share entered a dip phase in mid-December and is down about 20% since then.
This tech company provides software-as-a-service (SaaS) solutions for the education, workforce management, government, and justice sectors.
As my Fool colleague James reports, Goldman Sachs has a buy rating on this ASX All Ords share.
The broker’s official 12-month share price target is $4.40. This implies a potential upside of 40%.
The broker says Readytech’s exposure to government software will give it an earnings edge.
The broker says this “has been a pocket of strength and resilience” and expects it to help “deliver mid-teens organic growth at an expanding profit margin through the cycle.”
Austal Ltd (ASX: ASB)
The Austal share price closed the session on Tuesday at $2.41, up 2% for the day.
The ASX All Ords share lost 35% of its value between mid-November 2022 and mid-May 2023. Now, the stock is rebounding strongly.
But don’t worry, it’s not too late to buy, according to one top broker.
As James recently reported, Bell Potter has just commenced coverage on this shipbuilding company.
The broker has a buy rating on the stock with a 12-month share price target of $3.10. This suggests a potential upside of 29%.
Bell Potter likes Austal’s long pipeline of work spanning the next 10 years.
Defence spending is on the rise globally these days, and the broker sees this as a tailwind for Austal shares.
Nick Scali Limited (ASX: NCK)
The Nick Scali share price is down 19.8% in the year to date at $8.51 at the close on Tuesday.
That’s certainly a significant dip, but brokers aren’t yet convinced the stock is a buy.
However, there could still be significant money to be made in FY24 with this ASX All Ords share.
Case in point: Citi may have a neutral rating on Nick Scali shares but it still expects them to rise by 30% in FY24.
The broker’s official 12-month price target is $11.05.
In a recent note, Citi says it is waiting to see what happens in the next cycle:
Nick Scali is a well-run retailer with over a decade of store rollout to come along with potential for short-term upside around gross margins and cost of doing business.
However, increasing headwinds to the company’s topline have led us to downgrade to Neutral. Nick Scali is trading on 12x FY24 PE.
Alas, we lament the ASX All Ords opportunities lost!
Time to canvas a few ASX All Ords dips we may have already missed in 2023.
The purpose of this is not to kick ourselves!
But perhaps we can learn why we didn’t notice these opportunities, or why we dismissed them altogether.
As they say, everyone’s an expert in hindsight…
Codan Limited (ASX: CDA)
Back in January, my colleague Mitch wondered whether this ASX All Ords stock might offer a once-in-a-lifetime chance to triple our money.
Maybe he’s on to something.
Codan shares rose by 76% between January and April, with a total gain of 87% in the year to date.
The Codan share price finished trading yesterday at $7.44, up 0.8%.
Codan shares dipped in the second half of 2022 amid fears of falling metal detector demand and lower forward guidance. Indeed, the company’s net profit after tax (NPAT) slipped 38.5% to $30.8 million.
The market response led to the ASX All Ords share falling to its lowest price-to-earnings (P/E) ratio since 2014. They were trading at less than seven times earnings in December.
Apparently, some investors thought it was oversold, hence this year’s buy back in.
Mitch reckons the company can achieve a top-line 15% compound annual growth rate (CAGR) over the next five years.
He expects the Codan share price to more than double to about $14.90 by 2028.
Resolute Mining Ltd (ASX: RSG)
As shown above, you could say this ASX gold share has been in a prolonged dip-dive since August 2020.
So, it would have been very hard for ordinary investors to identify the end point of such an extended fall. But it looks like it occurred in February.
In the year to date, the Resolute Mining share price has been rebounding big time.
It’s up 105% in 2023 so far and closed at 41 cents yesterday.
As my colleague Bernd reported in May, this ASX All Ords share has risen on the back of a higher gold price and several positive announcements this year.
These included a sixth consecutive quarter of increased gold production, and upgraded total ore reserves to 4.6 million ounces of gold and mineral resources to 11.2 million ounces of gold.
In the S&P Dow Jones Indices quarterly rebalance in March, Resolute Mining shares entered the ASX 300.
Leo Lithium Ltd (ASX: LLL)
A lot has been happening with ASX lithium shares in 2023.
The M&A news involving Allkem Ltd (ASX: AKE) and Liontown Resources Ltd (ASX: LTR) has certainly dominated media headlines.
Is that why we may have missed ASX small-cap share Leo Lithium tearing it up?
Over the past three months, Leo Lithium shares have ascended 130%. In the year to date, they’re up a total of 106%. The Leo Lithium share price finished at $1.01 yesterday, down 6.5%.
Leo Lithium shares really started soaring in May after the company announced a $106 million strategic placement and cooperation agreement with Ganfeng Lithium, the largest lithium producer in China.
If you’re interested in buy-the-dip opportunities within the ASX 200, check out our recent article here.
