5 Best ASX Tech Stocks To Buy 2023 [Australian tech ASX]

Tech Stocks to Buy

Henry Fung

Henry is a co-founder of MF & Co. Asset Management with over 15 years of experience as a trader, investor and asset manager. Henry runs the Options Income Strategy and has a free 5-day options income strategy course you can take to learn how to use options to generate income.

September 13, 2023

Please note that any research that we publish does not take timing into consideration. We may publish research for a stock that we believe is of good quality but not necessarily trading at a discount or at a technical level for a high probability entry. If you would like to maximise your returns with optimised entry, exit and stop loss levels, check out our High Conviction Report.

Today, we’ll look at the best ASX tech stocks to buy on the ASX in 2023 that we think are the best Australian tech stocks to invest in.

Some of these ASX technology stocks tend to be in there infancy and there is a lot of upside built into the share price.

Considering that we are now in an environment where we are seeing a rise in interest rates, we are seeing a lot of pressure on technology stocks with high valuations being asked to justify their price.

Having said that, with the suppressed prices in tech stocks, we are seeing pockets of value with some stocks as they have mostly come down from their previously fairly frothy valuations.

The Best ASX Tech Stocks to Buy in 2023

This is a curated list of what we believe are the 5 best ASX tech stocks to buy in 2023. These companies all have an exciting, scalable product and a great business plan with strong upside potential.

These companies represent the best of what Australian technology stocks can offer.

Most importantly, a lot of these stocks have been really sold off due to the rise in interest rates.

Pro Medicus (ASX:PME)

Pro Medicus (ASX:PME)

Pro Medicus is a health tech software company that provides imaging tools/services to an array of clients such as hospital/diagnostics chains and independent practices.

The company got a serious shot in the arm due to the logistical disruption caused by the COVID-19 pandemic and a growing decline in radiology professionals.

While the former gave the company a shot in the arm, the secular tailwind is a global shortage of radiologists and increasingly complex testing data which can run into several gigabytes from a single test.

You may also like...
Pro Medicus (ASX:PME): A Secular SaaS Growth Story

Pro Medicus’ revolutionary technology allows the easy sharing of huge datasets and brings scale to radiology diagnostics.

Read the research on how Pro Medicus (ASX:PME) made our best ASX tech stocks to buy 2023 list.

Xero (ASX:XRO)

Xero (ASX:XRO)

Xero is one of Australia’s biggest and most successful tech companies.

The company has slowly morphed from a niche SaaS (Software-as-a-Service) company into a tech conglomerate due to strong sector tailwinds and gradual but consistent growth.

Even through the rough macro environment of 2022, the company managed to grow reasonably well owing to the product’s non-discretionary nature.

The pandemic accelerated the already rapid growth of digitisation and business processes, a trend from which Xero has benefited hand over fist.

However, At the current XRO share price, Xero shares have corrected about 42% from its all-time high despite doubling the Lifetime Value of its customer base and growing its monthly revenue run rate by 34%.

Read the research on how Xero (ASX:XRO) made our best ASX tech stocks to buy 2023 list.


Pexa Group (ASX PXA)

PEXA Group (ASX:PXA) has a near-monopoly status in the burgeoning digital property settlements segment with 85% of all real estate transactions in Australia being routed through its platform.

The company has swung to profitability in 1HFY’22 with a clear demonstration of cash flow with economies of scale and substantial growth opportunities ahead.

Don't miss out!
Start your free 5-day options trading course today

In this FREE 5 day online course, I'll teach you how to build confidence and trade like a professional.

  • How to use statistics to gain an edge
  • Free statistical analysis on the ASX200
  • High probability options strategies with statistics to make winning trades
  • Trade like the house with a statistical edge - just like professionals
We promise not to spam you. You can unsubscribe at any time.
Invalid email address

The stock has been moderately down since its IPO in July of last year, with most of the listing gains being wiped out by the volatility following the war and inflation woes.

You may also like...
5 Best Lithium Stocks ASX 2023 [Australian Lithium Stocks]

Read the full article on why PEXA Group (ASX:PXA) is one of the best Australian tech ASX stocks to buy in 2023.

PointsBet Holdings (ASX:PBH)

PointsBet Holdings (ASX:PBH)

PointsBet Holdings (ASX:PBH) is an online gaming operator whose business spans Australia and the Americas.

The pandemic spurred betting across the globe, but in the US, legal gambling has taken off and is in the midst of a historic expansion in activity.

The virus has sparked an unprecedented spike in online gambling and sports betting, in all their avatars, because casinos shut down and people were locked down inside their homes.

PointsBet has benefited from these market dynamics as apparent from its FY21 numbers.

Read the full article on why PointsBet Holdings (ASX:PBH) is one of the best Australian tech ASX stocks to buy in 2023.

IDP Education (ASX:IEL)

IDP Education Limited (ASX:IEL)

IDP Education Ltd, based in Melbourne, Australia, is a leading provider of international education services with a history of 50 years.

The company has a global presence with offices in over 30 countries.

IDP Education’s main business activities include management and administration of the IELTS test as a co-owner of IELTS, support for placements for study abroad, and management of language schools.

Andrew Barkla led the company since August 2015, but stepped down in September.

His tenure was notable for a sharp upswing in the stock that took it nearly 10X from the pre-IPO level around the time he took over.

His position has been assumed by Tennealle O’Shannessy, who previously led Adore Beauty.

Read the research on how IDP Education (ASX:IEL) made our best ASX tech stocks to buy 2023 list.

You may also like...
5 Best Australian Shares To Buy 2023 [Best Growth Stocks ASX]

How Do We Find ASX Tech Stocks To Buy?

Tech stocks in Australia are generally driven almost entirely by qualitative factors such as first mover advantage, quality and of their software and overall technology.

Quantitative factors such as profit, revenue and so forth generally take a back seat.

Even though it is imperative that their financials are sound, when it comes to tech stocks, we are buying the story and perceived future value.

However, the very nature of valuing companies through qualitative factors means that there is a lot of room for error, opinion and subjectivity.

This means that tech stocks tend to be small to medium cap, high risk and fairly speculative.

The hardest part when it comes to finding ASX tech stocks is the ability to process the information and factors at hand to make a good judgement call.

Our Research team specialises in this and has combed the ASX for some of the best tech stocks on the Australian market.

If you are looking for opportunities to generate income and are curious how professional traders use options strategies to do so, subscribe to our free 5 day options trading course.

Keep in mind that we publish research on stocks that are not necessarily trading at a discount or at a preferable technical level. If you want to maximise your returns by optimising your entry price, exit price and stop loss level, check out our High Conviction Report.

Are you still looking for the best stocks to buy in 2022? We’ve put together a free report on 5 stocks that we think are the best buys on the ASX right now. Download it instantly here.

This is general advice only. MF & Co Asset Management has not considered your personal financial needs, objectives or current situation. This information is not an offer, solicitation, or a recommendation for any financial product unless expressly stated. You should seek professional investment advice before making any investment decision.

You May Also Like…


Want more Free Research?

Subscribe today for free and get an email with stocks to watch every Monday and new research every Thursday.

Invalid email address
We promise not to spam you. You can unsubscribe at any time.


What People are Saying...

See what people are saying about our research, products and services.

Timely advice, very informative and well researched.Very positive from a share trading view.
Brendon Beattie
Brendon Beattie
Nice reporting, thank you
Exceptional information that is concise and insightful. Keep up the great work !!!
I feel MF and Co are very informative with their advice and recommendations.
Norman Wilkins
Norman Wilkins
Good service with frequent emailed share suggestions.
Peter Farrell
Peter Farrell
Even I never trade with MF&Co, I watch all of Henry's review and analysis, very impressed with the accuracy and... objective of those thoughts.Of course no one can say what the future will be, but at least when reading those reviews, we know where we are, then sometimes that is the best thing that you can wish for.read more
Vu Nguyen
Vu Nguyen
Excellent service, not pushy, clear reporting highly recommended
Luke Stewart
Luke Stewart
Some very useful research
Richard Goodwin
Richard Goodwin
I very much appreciate the profound stock market research and the peceived honesty.
Easy to understand research for “dummies guide to shares trading”
Graham Ko
Graham Ko

MF & Co. Asset Management

MF & Co. Asset Management is a boutique investment firm offering Equity Capital Markets and derivative general advice & trade execution services.

We are specialists in advising and trading in Australian and US Equities, Index & Equity Options and Options on Futures.


Get In Touch

1300 889 603
+61 2 8378 7199
M-F: 8am-5pm

Suite 803, Level 8
70 Pitt St, Sydney, NSW 2000


Share This