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These 3 ASX shares just hit all-time highs: Can they climb higher?

Despite the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) sinking to its lowest level since February, a number of shares defied the market yesterday and rose to all-time highs.

Can they keep climbing higher from here?

The Afterpay Holdings Ltd (ASX: AFY) share price reached an all-time high of $3.15 on Tuesday. Investors have been fighting to get hold of the company’s shares after it revealed a new and improved funding facility with National Australia Bank Ltd. (ASX: NAB) and further uptake in its buy now, pay later service. According to the release annualised underlying sales are estimated to be greater than $1 billion. Whilst I think its shares are expensive now, if sales growth continues to accelerate I wouldn’t be at all surprised to see its shares climb higher still.

The Treasury Wine Estates Ltd (ASX: TWE) share price hit an all-time high of $13.63 yesterday. The wine company’s shares have risen a remarkable 24% year-to-date thanks largely to a stunning half-year result. First-half EBITS rose 58.8% to $226.8 million due to strong growth in the Asia and Americas markets and the company’s focus on portfolio premiumisation. By shifting its product mix more to the premium end of the market, Treasury Wine saw its EBITS margin widen to 17.5% from 14% a year earlier. At 36x annualised earnings I think Treasury Wine’s shares are about fair value now considering its current growth profile.

The WiseTech Global Ltd (ASX:WTC) share price climbed to an all-time high of $7.63 on Tuesday. The software-as-a-service company’s shares have gone gangbusters in the last 12 months, rising a whopping 73%. The catalyst for this was an impressive 361% jump in half-year net profit to $14.4 million in February. While this rally means its shares are now changing hands on a sky-high earnings multiple, if demand for its logistics software remains strong then I feel it could easily justify the premium.

These 3 stocks could be the next big movers in 2020

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

In this FREE STOCK REPORT, Scott just revealed what he believes are the 3 ASX stocks for the post COVID world that investors should buy right now while they still can. These stocks are trading at dirt-cheap prices and Scott thinks these could really go gangbusters as we move into ‘the new normal’.

*Returns as of 6/8/2020

Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia owns shares of National Australia Bank Limited and WiseTech Global. 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 Bruce Jackson.

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