September proved to be a frustration for many UK stock prices. The FTSE 100 has fallen 1% in the month to date as concerns about a Chinese real estate crash and rising inflation have risen. UK stocks could also struggle to maintain momentum at the end of 2021, if concerns over rising Covid-19 rates, the Chinese economy and the earlier-than-expected central bank tightening worsen.

This does not mean that I will stop buying UK stocks, however. As a long-term investor, the possibility of a temporary weakness in stock prices doesn’t put me off. I think there are too many beautifully cheap stocks to miss after the September sell-off.

Here are what I consider to be two of the best cheap stocks to buy for my portfolio right now.

Cheap UK stock for the pet boom

Pet ownership in the UK has exploded due to Covid-19 lockdowns. This means that the amount people are spending on pet care products is also skyrocketing. Veterinary Surgery Successful Business Numbers CVS Group this week illustrated it perfectly. This is a phenomenon that should continue to fuel profits at Animals at home Group (LSE: PETS) higher too. Income here exploded 30.2% year-on-year in the 16 weeks leading up to July 15, according to the latest financial results.

City analysts believe profits here will rise 49% and 10% in the two fiscal years through March 2022 and 2023 respectively. Still, I don’t think the excellent earnings outlook for this cheap stock is reflected at current prices. Today, Pets at Home is trading on a futures price / earnings (P / E) ratio of 0.5. A reminder that a reading less than 1 suggests that a title might be undervalued.

Now, it is true that Pets at Home faces significant competition. Food, garbage, toys and the wide range of other products it sells can also be purchased in large supermarkets like Tesco as well as the American online giant Amazon. That being said, I think the sunny long-term forecast for pet care spending still makes it one of the best stocks to buy right now. Global Market Insights researchers estimate that the global pet care market will be worth $ 350.2 billion in 2027, up from an estimate of $ 232.3 billion this year.

Logistics leviathan

I also think Clipper Logistics could be a brilliant cheap stock for me to buy as ecommerce levels explode. Retailers across the UK (including Pets at Home) have spent a fortune to bolster their online operations since the Covid-19 lockdowns went into effect. And heavy spending here is expected to continue as consumer trends change steadily.

The latest figures from the Office of National Statistics showed that the proportion of retail sales generated online continues to grow. It stood at 27.7% in August compared to 19.6% in February 2020 before the pandemic. This bodes well for Clipper Logistics, a low-cost inventory that provides a variety of electronic fulfillment, returns and logistics services.

Clipper Logistics’ profits could suffer if the slowdown in the UK economy affects consumer spending. But for now, things are looking pretty good. Analysts in the city believe the support share will see profits rise by 30% and 9% over the next two fiscal years (through April 2022 and 2023, respectively). This leaves the company trading on an undemanding PEG forward ratio of 1.

John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of the board of directors of The Motley Fool. Royston Wild owns shares of CVS Group and Clipper Logistics. The Motley Fool UK owns shares and has recommended Amazon. The Motley Fool UK recommended Clipper Logistics and Tesco and recommended the following options: $ 1,920 long calls in January 2022 on Amazon and $ 1,940 short calls in January 2022 on Amazon. The opinions expressed on the companies mentioned in this article are those of the author and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. At The Motley Fool, we believe that considering a wide range of ideas makes us better investors.