If you’re looking to invest $1,000 into the share market this week, then there are a lot of quality options to choose from.
Three ASX shares which I think would be smart choices currently are named below. Here’s why I like them:
Aristocrat Leisure Limited (ASX: ALL)
I think this gaming technology company could be a great option for a $1,000 investment. Current trading conditions for its land-based pokie machine business are tough because of the pandemic, but with many casinos now open again, I believe the worst is now behind the company. And while it will take time until sales from this business return to previous levels, I’m optimistic that its digital business will offset some of the weakness. This business has millions of daily active users generating significant recurring revenues. And due to new releases and the growing popularity of social and mobile gaming, I expect this strong form to continue for the foreseeable future. This should drive strong profit growth over the medium term once both businesses are pulling together.
Domino’s Pizza Enterprises Ltd (ASX: DMP)
Another top option for a $1,000 investment is Domino’s. I think it is a great long term option due to its store expansion plans and its positive sales targets. Management intends to grow its global store network by 7% to 9% per annum for the next 3 to 5 years. At the same time it is aiming to grow its same store sales by 3% to 6% per annum. If Domino’s can maintain or even expand its margins, this should underpin strong earnings growth over the next five years.
IDP Education Ltd (ASX: IEL)
A final ASX share to consider investing $1,000 into is IDP Education. As with Aristocrat Leisure, IDP Education has been hit hard by the pandemic. As a leading provider of international student placement services and English language testing services, it has experienced a sudden and severe decline in demand. While this is disappointing, I believe it is more than reflected in its share price now. In light of this, its strong balance sheet, and positive long term growth potential, I think now could be an opportune time to invest.
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More reading
- 2 ASX growth shares to buy with $2,000
- 3 ASX shares that could grow rapidly during the 2020s
- 50% off: 2 dirt cheap ASX shares to buy today
- Why I would buy ResMed and these ASX growth shares
- Earnings preview: What to expect from the Domino’s Pizza FY 2020 result
James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Idp Education Pty Ltd. The Motley Fool Australia has recommended Domino’s Pizza Enterprises Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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