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3 top growth shares I would buy this month

A man raises his arm in excitement, indicating a new ASX share price high
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One thing that I think the Australian share market is not short of is quality growth shares.

But with so many to choose from it can be hard to decide which ones to add to your portfolio.

To help you on your way I have picked out three which I think are among the best on the market right now. Here’s why I like them:

Corporate Travel Management Ltd (ASX: CTD)

This corporate travel manager continues to go from strength to strength and outperform expectations. In the first-half of FY 2018 the company delivered an impressive 33% increase in underlying half-year net profit on the prior corresponding period to $36.4 million. While its shares have pushed notably higher since the release, they have given back some of these gains in recent weeks. This has left them trading at approximately 30x estimated forward earnings at present, which I think is more than fair given its positive long-term growth potential.

Domino’s Pizza Enterprises Ltd. (ASX: DMP)

This could be a controversial pick. Especially as I think that in the short-term there’s a strong probability that an investment in this pizza chain operator could be highly volatile and subject to reasonable downside risk. This is because of negative investor sentiment brought about by two consecutive earnings misses and heavy insider selling. But in the long-term I believe its expanding margins and massive store roll out plan will lead to strong earnings growth that takes its shares notably higher again. This could make it worth considering a very patient investment.

ResMed Inc. (CHESS) (ASX: RMD)

I think that this global healthcare company would be a great option for investors. ResMed specialises in the treatment of sleep apnoea and other chronic respiratory diseases, which is an industry that is expected to grow strongly over the next decade. As a market-leader I believe ResMed is capable of capturing a meaningful size of the market, putting it in a position to deliver strong earnings growth for the foreseeable future.

Where to invest $1,000 right now

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.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

*Returns as of February 15th 2021

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Corporate Travel Management Limited. The Motley Fool Australia has recommended ResMed Inc. 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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