ASX Penny Stocks To Watch Under A$200M Market Cap

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After a turbulent Week 10, the Australian share market is poised for a rebound, with the ASX 200 expected to climb back over 8,000 points. In such fluctuating conditions, identifying stocks with strong financial foundations becomes crucial. While 'penny stocks' may seem like an outdated term, they still hold potential for growth and value discovery in smaller or newer companies.

Top 10 Penny Stocks In Australia

Name

Share Price

Market Cap

Financial Health Rating

EZZ Life Science Holdings (ASX:EZZ)

A$1.73

A$81.61M

★★★★★★

Bisalloy Steel Group (ASX:BIS)

A$3.22

A$152.79M

★★★★★★

GTN (ASX:GTN)

A$0.55

A$108.01M

★★★★★★

Regal Partners (ASX:RPL)

A$3.09

A$1.04B

★★★★★★

IVE Group (ASX:IGL)

A$2.35

A$363.99M

★★★★★☆

CTI Logistics (ASX:CLX)

A$1.74

A$135.74M

★★★★☆☆

West African Resources (ASX:WAF)

A$2.21

A$2.52B

★★★★★★

GR Engineering Services (ASX:GNG)

A$2.79

A$466.46M

★★★★★★

SHAPE Australia (ASX:SHA)

A$2.91

A$240.77M

★★★★★★

Accent Group (ASX:AX1)

A$1.86

A$1.05B

★★★★☆☆

Click here to see the full list of 1,011 stocks from our ASX Penny Stocks screener.

Let's uncover some gems from our specialized screener.

Alkane Resources

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

Overview: Alkane Resources Ltd is an Australian company focused on gold exploration and production, with a market capitalization of A$381.49 million.

Operations: The company generated revenue of A$206.19 million from its gold operations.

Market Cap: A$381.49M

Alkane Resources, with a market cap of A$381.49 million, focuses on gold exploration and production. Recent earnings for the half year ended December 2024 show sales of A$121.5 million and net income of A$13.16 million, indicating growth compared to the previous year. Despite no debt concerns and seasoned management, challenges include lower profit margins (9% vs 16.2% last year) and insufficient short-term assets to cover liabilities (A$64.1M vs A$71.1M). The company's stock trades significantly below its estimated fair value, offering potential upside if operational improvements continue alongside forecasted earnings growth of 53.39% per year.

ASX:ALK Revenue & Expenses Breakdown as at Mar 2025
ASX:ALK Revenue & Expenses Breakdown as at Mar 2025

Cogstate

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

Overview: Cogstate Limited is a neuroscience technology company focused on developing and commercializing digital brain health assessments for academic and industry research, with a market cap of A$237.25 million.

Operations: Cogstate generates revenue from two main segments: Healthcare (including Sport) contributing $2.98 million and Clinical Trials (including Precision Recruitment Tool & Research) accounting for $44.22 million.