Fireworks display in the shape of willow at Newcastle, Co. Down , Northern Ireland at Halloween.

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UK share prices have risen strongly in recent weeks and months. But there are still many great growth stocks trading well below value.

Here are two I think are worth serious consideration by savvy investors.

Copper play

Base metals miner Central Asia Metals (LSE:CAML) looks dirt cheap across a variety of metrics.

City analysts think earnings will soar 27% year on year in 2024. And so the company — which owns a copper plant in Kazakhstan and a lead-zinc property in North Macedonia — trades on a forward price-to-earnings (P/E) ratio of 10.2 times.

It also deals on a price-to-earnings growth (PEG) ratio of 0.4. A reading below 1 indicates that a share is undervalued.

Finally, Central Asia Metals carries a huge 8.2% dividend yield for 2024.

The miner’s bright earnings forecasts are underpinned by a strong outlook for copper prices. The red metal has given up some gains more recently, but is still up significantly this year at around $10,000 per tonne, thanks to favourable demand and supply dynamics.

There may be more bumps in the road for copper prices. But my view is that metal values — and with it profits at businesses like Central Asia Metals — could rise significantly over the long term.

Demand is tipped to soar, thanks to phenomena like renewable energy, electric vehicles (EVs), artificial intelligence (AI) and urbanisation. At the same time, a weak development pipeline suggests price-supportive metal shortages will emerge towards the end of the decade.

With its ultra-low-cost operations — cash costs at its Kounrad copper project were just 74 cents per pound in 2023 — this AIM business could thrive in the years ahead.

Banking giant

Banking giant HSBC Holdings (LSE:HSBA) is a more familiar name to UK investors. Like Central Asia Metals, it also looks cheap when it comes to predicted earnings and dividends.

City analysts are tipping earnings to rise 9% in 2023. This leaves it trading on a corresponding P/E ratio of 7 times. Its PEG multiple is 0.8.

Meanwhile, the dividend yield on HSBC shares sits at 9.1%. To put that in perspective, the FTSE 100 average is well back at 3.5%.

But this is not all. With a sub-1 price-to-book (P/B) ratio of 0.9, the bank also trades at a discount to the value of its assets.

So why is HSBC’s share price so cheap, you ask? The bank’s focus on Asian economies leaves it especially vulnerable to current troubles in China. These include an enduring property crisis and deflationary pressures.

However, the long-term outlook in these emerging regions is highly encouraging. Financial product penetration rates remain low. And there’s ample scope for growth as personal wealth levels and population sizes increase.

I like the steps HSBC is taking steps to embrace this opportunity too, by selling assets in North America and Europe and investing heavily in Asia. With one of the strongest names in the business, I expect the bank to deliver great earnings growth over the next decade.

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