As a big fan of growth shares, I feel quite fortunate that the Australian share market is home to a large number of them.
Three quality ASX growth shares that I would buy this week are listed below. Here’s why they could be future market beaters:
Appen Ltd (ASX: APX)
Appen is one of my favourite growth shares on the ASX. It prepares the data that goes into artificial intelligence (AI) and machine learning models. This is a key part of the process, as high quality data is vital for successful models. And given how important AI is becoming to businesses, I expect demand for Appen’s services to continue to grow over the next decade. This should underpin strong earnings growth for a long time to come.
Nanosonics Ltd (ASX: NAN)
Another ASX growth share which I think is a great option for investors is Nanosonics. The infection control specialist has been growing exceptionally strongly in recent years thanks to the increasing market share of its trophon EPR system. This disinfection system for ultrasound probes is the best in its class and has a material global market opportunity. However, it won’t be the only thing driving Nanosonics’ growth in the coming years. The company is due to release new products that are targeting unmet needs in the near future. If these are half as successful as the trophon EPR system, then Nanosonics will have a very bright future.
Xero Limited (ASX: XRO)
A third ASX growth share I would buy is Xero. I think the cloud-based business and accounting software provider is one of best growth shares on the ASX and well-placed to be a long term market beater. This is due to the increasing popularity of its platform with small businesses, its high retention rate, and the stickiness of its product. And although Xero now has ~2.3 million subscribers globally, this is still only scratching at the surface of a massive global market opportunity.
Looking for more exciting companies? Then check out the recommendations below which look as good as Xero and co…
NEW! 5 Cheap Stocks With Massive Upside Potential
Our experts at The Motley Fool have just released a FREE report detailing 5 shares you can buy now to take advantage of the much cheaper share prices on offer.
One is a diversified conglomerate trading over 30% off it’s all-time high, all while offering a fully franked dividend yield of over 3%…
Another is a former stock market darling that is one of Australia’s most popular and iconic businesses. Trading at a significant discount to its 52-week high, not only does this stock offer massive upside potential, but it also trades on an attractive fully franked dividend yield of almost 4%.
Plus, this free report highlights 3 more cheap bets that could position you to profit in 2020 and beyond.
Simply click here to scoop up your FREE copy and discover the names of all 5 cheap shares.
But you will have to hurry because the cheap share prices on offer today might not last for long.
As of 2/6/2020
More reading
- Are Megaport shares the ones to buy and hold beyond 2030?
- 3 large cap shares beating the ASX 200 this year
- Should the Xero share price have a P/E ratio of 4,000?
- 2 cheap ASX 200 shares to buy right now
- ASX 200 investor in your 40s? 3 shares to buy now
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 Nanosonics Limited and Xero. The Motley Fool Australia owns shares of Appen Ltd. The Motley Fool Australia has recommended Nanosonics 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.
The post 3 stellar ASX growth shares I would buy right now appeared first on Motley Fool Australia.
from Motley Fool Australia https://ift.tt/2Y1JGCL
Leave a Reply