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2 high-growth ASX shares I’m watching this week

Well, it’s been a cracking start to the trading week here on the ASX. The All Ordinaries (ASX: XAO) is up 0.32% today (at the time of writing) to 6,863 points – closing in on the all-time high made in late July. As they say, a rising tide lifts boats, so we have also been seeing new highs from several favourite ASX stocks, including REA Group Ltd (ASX: REA) just this morning.

So here are 2 more high-growth ASX shares I’m keeping an eye on this week

Collins Foods Ltd (ASX: CKF)

It seems Australians (including this shameful writer) can’t get enough of the Colonel. Collins Foods operates the KFC (Kentucky Fried Chicken) and Sezzle restraint chains in Australia as well as parts of Europe and Asia and has been enjoying massive gains this year – Collins Foods’ shares are up more than 60%, year to date. Investors have been excited over the company’s plans to launch the Taco Bell chain in Australia, buoyed by the ability of Collins to bring home a 17% revenue increase in its latest earnings report for the 2019 financial year. This is a company that clearly knows how to roll out a popular American brand.

Collins Foods’ shares hit a new-all-time high of $10.03 just last week, so today’s buy price of $9.97 might be a good chance to jump into the fryer.

Premier Investments Limited (ASX: PMV)

Premier is a company that’s also been going on a tear – reaching a new 52-week high just this afternoon of $19.86. But it might still be worth a buy, especially considering this company managed to book a 28% lift in after-tax profits in a year that has otherwise been very sluggish for Aussie retail. Premier owns the Smiggle and Peter Alexander brands, which have been going gangbusters over the past year or two, not just in Australia but overseas as well.

This company shows the enduring power of high-quality retail brands, making it (in my opinion) the best retail company on the ASX. If you were looking for another reason to love this stock, it also pays out a 3.6% dividend yield on current prices.

Foolish takeaway

In my opinion, these 2 companies are amongst the best the ASX has to offer. Although neither is looking particularly cheap today, that’s for a good reason and I think there might be further upside in both companies going forward.

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Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Premier Investments Limited. The Motley Fool Australia has recommended Collins Foods Limited and REA Group 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.