These 3 ASX shares are up more than 30% already in 2019

If the start of 2019 is anything to go by, these three ASX listed companies could be in for a massive year…

Appen Ltd  (ASX: APX)

Appen is a global leader in the development of high-quality, human-annotated training data for machine learning and artificial intelligence.

The company is enjoying being a part of the Artificial Intelligence and big data boom, as more and more companies are looking to find smarter solutions in how they do business.  This trend is helping to present the company with many opportunities to grow earnings.

Investors look to be expecting good results from the half-yearly announcement, as the Appen share price has rallied 39% since the start of January.  The P/E ratio is currently at 50.

Magellan Financial Group Ltd  (ASX: MFG)

Magellan Financial Group is a funds management business based in Sydney who offers international investment funds to high net worth and retail investors in Australia, New Zealand and institutional investors globally.

Investors were extremely pleased with Magellan’s latest announcement, with Funds under management up 35% to $72 billion and adjusted net profit after tax up to an impressive 62% to $176 million.  The company’s interim dividend is also up 66% to $0.73 per share.

The Magellan share price is up 37% since the start of January and the P/E ratio is 17.

Nearmap Ltd  (ASX: NEA)

Nearmap is an Australian aerial imagery technology and location data company that provides frequently-updated, high-resolution aerial imagery of Australia, United States of America and New Zealand.

The company has pushed higher since preliminary results released in mid-January, with the company’s main financial metric of annualised contract value up 42% year on year.  Along with this, the company has reaffirmed guidance and expects to have cash flows break even in the next period.

The Nearmap share price is up 60% since the start of January.

Foolish Takeaway

All three of these ASX shares have seen significant price growth in 2019 already.  They could all be potential long-term buy and hold options, but you’ll have to pay a premium to get in currently, with all three sitting near their 52-week highs.

It might be worthwhile just keeping them in the watchlist for now.

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Motley Fool contributor Michael Guinery owns shares in Appen Limited. The Motley Fool Australia owns shares of and has recommended Nearmap Ltd. The Motley Fool Australia owns shares of Appen Ltd. 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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