Sep 22, 2024

These stocks look too good to ignore. Posted by Tristan Harrison is one of the longest-serving writers at The Motley Fool Australia. Tristan has been contributing ASX news and stock analysis articles since 2016. His aim is to help Australians learn about great ASX shares, with a focus on ASX dividend shares and undervalued ASX growth shares. He holds an advanced diploma from the Association of Accounting Technicians and is enrolled in the Chartered Institute Management Accountant (CIMA) qualification program. Published Image source: Getty Images You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More I love finding attractively priced S&P/ASX 300 Index (ASX: XKO) shares that could be good buys today for the long term. With the ASX 300 reaching an all-time high of 8,176.8 on Friday, it's becoming more difficult to find cheap opportunities. There are some defensive ASX shares that could be top picks, in my mind, because they could benefit from a lowering interest rate environment and continue to deliver organic growth. One of my ASX 300 share picks is a leading, global ASX healthcare share and the other is a farmland real estate investment trust (REIT) . Sonic is one of the ASX's larger healthcare shares. It provides pathology services in various countries including Australia, the United States, Germany, the United Kingdom and Switzerland. I like the diversification that comes from its spread of operations across different geographies. People regularly get sick and need pathology services, whether the economy is booming or not, so I'd call this business defensive. There are also growing and ageing populations in its core markets, which should be beneficial for demand for the company's services in the coming years. While cost inflation has hurt short-term profit, revenue keeps growing at a nice pace. In FY24 , the company reported base business revenue growth of 16% to $8.9 billion, with organic growth of 6%. The rest of the ASX 300 share's base business revenue growth largely came from acquisitions. The Sonic Healthcare share price is down 18% since the beginning of 2024, making it look much cheaper to me. According to the forecast on Commsec, the Sonic Healthcare share price is valued at 21x FY26's estimated earnings, with a possible FY26 dividend yield of 4.2% (excluding franking credits ).