ASX Penny Stocks To Watch With Market Caps Larger Than A$100M

Simply Wall St

Sun, January 11, 2026 at 3:02 PM EST 4 min read

The Australian market is currently experiencing a wave of mergers and acquisitions, with significant attention on potential deals involving major players like BlueScope Steel and Rio Tinto. Amidst these high-profile movements, investors may find opportunities in penny stocks, a term that, while somewhat outdated, still points to the potential of smaller or newer companies. These stocks can offer surprising value when backed by solid financials and present an intriguing option for those looking to explore beyond the usual blue-chip investments.

Click here to see the full list of 412 stocks from our ASX Penny Stocks screener.

Let’s explore several standout options from the results in the screener.

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

Overview: Alcidion Group Limited develops and licenses healthcare software products in Australia, New Zealand, and the United Kingdom, with a market cap of A$154.44 million.

Operations: The company generates revenue of A$40.79 million from its healthcare software solutions.

Market Cap: A$154.44M

Alcidion Group Limited, with a market cap of A$154.44 million and revenue of A$40.79 million, has recently achieved profitability, distinguishing itself in the healthcare software sector. The company maintains a strong balance sheet with short-term assets exceeding both short-term and long-term liabilities, and it carries no debt burden. Despite low return on equity at 1.9%, Alcidion’s earnings are forecast to grow significantly at 17.64% annually. The experienced board and management team bolster its stability, while recent participation in industry conferences underscores its active engagement in the healthcare technology space.

• Click here to discover the nuances of Alcidion Group with our detailed analytical financial health report.

• Explore Alcidion Group’s analyst forecasts in our growth report.

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

Overview: Metals X Limited focuses on tin production in Australia and has a market capitalization of A$1.01 billion.