5 Best ASX Stocks to Buy Heading into 2023

4. Wesfarmers Limited (ASX:WES.AX)

Market Capitalization as of 12/6 in Australian Dollars: 54.865 billion

Wesfarmers Limited (ASX:WES.AX) is an Australian conglomerate that’s the number one hardware chain in the country. Although shares of the stock have approximately doubled from 2012, Wesfarmers Limited (ASX:WES.AX) stock is down over 25% year to date given challenging inflation. Given the headwind, the company’s net profit for the year ended June declined 2.9% year over year to A$2.35 billion. If inflation normalizes, however, Wesfarmers Limited (ASX:WES.AX) has earnings growth potential in the long term. As of December 6, the company has a market capitalization of A$54.865 billion.