Afterpay Ltd (ASX: APT) has been the gold standard for ASX growth stocks in recent years. The buy now, pay later provider's shares have rocketed more than 140% higher since the start of January and more than 873% since its June 2017 IPO.
Many investors think the group's shares are overvalued at $28.72 per share, so here's a few ASX growth stocks that could be set to take the mantle as the 'next Afterpay' in 2020.
Pushpay Holdings Group Ltd (ASX: PPH)
Pushpay is the most closely linked company to Afterpay of these 3, but it has also carved out its own niche.
The group is a donor management system to the faith, not-for-profit and education sectors. The New Zealand-based group has seen strong share price growth in recent months and could climb higher next year.
I consider Pushpay to be a top ASX growth share on the market right now. Pushpay announced a US$87.5 million (A$126 million) acquisition of a United States rival, Church Community Builder, on Friday.
The Pushpay share price climbed 4.52% higher on Friday after the announcement to close at $3.93 per share, and has stayed around that level so far this week, currently trading for $3.91 per share. That's more than double the $1.88 closing price from its October 2016 listing.
Investors were bullish on the news, which will expand Pushpay's existing capabilities and could fuel the ASX group's share price growth in 2020.
Monash IVF Group Ltd (ASX: MVF)
I like Monash IVF for its market niche and reasonable valuation right now. The group has a market cap of $227.58 million, after share price declines in the last couple of years.
The ASX growth stock had been valued at $2.50 per share as recently as October 2016. However, Monash IVF shares trade at just $1.05 right now and that could be a bargain buy ahead of 2020. The group's shares slipped lower in November after a profit warning, which could cause some hesitation.
However, I think that Monash IVF's niche and the long-term technical environment could make it a long-term buy and hold.
Syrah Resources Ltd (ASX: SYR)
Syrah Resources has been one of the most frustrating ASX growth stocks in recent years. The graphite miner has been plagued by operational setbacks and lithium pricing declines for some time.
However, Syrah has finally got its Balama site up and running, which could make it a hot stock next year. The Aussie miner is still struggling due to low lithium prices, but a boom in electric vehicles with the recent Tesla updates could be the catalyst for share price growth.
I'm personally invested in Syrah shares and have ridden the stock lower with long-term expectations. That is a view shared by cornerstone shareholder AustralianSuper, which has doubled down on its investment in the ASX growth stock in recent weeks.
Syrah shares have climbed 34.29% higher since the start of December and could take some positive momentum into 2020.
