With many ASX growth stocks taking a beating last week, it's probably a week of general despondence in the growth investing space. What happened with Afterpay Touch Group Ltd (ASX: APT) shares last week (a new all-time high followed by a 25% crash) is totemic of the dangers of growth investing.
But careful attention to a company's earnings and the space in which it is growing is your best defence.
So, here are 2 ASX growth shares that I'm bullish on and watching this week.
Treasury Wine Estates Ltd (ASX: TWE)
The Treasury Wines share price has plummeted today, after the company announced its CEO Michael Clarke is intending to retire next year. TWE shares are down more than 10% today in response and are trading at $16.57 at the time of writing. While I'm sure that Mr Clarke is a loss for this company, I'm also sure that his replacement Tim Ford (who has been Treasury's COO since January) is more than up for the challenge.
Transitions are always tough for successful companies, but I think the growth roadmap Treasury has in place will continue to serve investors well going forward. Therefore, I think today is a great opportunity to pick up some TWE shares on the cheap!
Pro Medicus Limited (ASX: PME)
Since shares of this medical wunderkind are still down significantly from September's $38.39 all-time high, I think it could be time to get in on the action. After all, this is a company that reported a 92% increase in profits in FY19.
Pro Medicus also has the advantage of being in the tailwind medical space – its radiology software and services have clearly been in hot demand and look set to continue to make waves. PME shares are already up nearly 15% in October so far, and I don't see any roadblocks going forward.
Foolish takeaway
I think both of these ASX growth shares are certainly worth a good look this week. Pro Medicus is definitely the more speculative of the two, so I would still tread with a little more caution on that one, but I love Treasury's consistent performance and think it's the best buy today.
