If you're looking to add some blue chip shares to your portfolio in 2020 then I would suggest you consider the three listed below.
Here's why I think they are amongst the best blue chip shares on the ASX right now:
Cochlear Limited (ASX: COH)
I think Cochlear is a blue chip share to consider buying due to the ageing populations tailwind. As people age, their hearing will invariably fade and require some assistance. I expect this to lead to increasing demand for hearing solutions products over the next couple of decades. And thanks to Cochlear's high quality products, its wide distribution network, and high level of investment in R&D, I expect it to benefit greatly from the trend.
ResMed Inc. (ASX: RMD)
Another blue chip share to consider buying is ResMed. I think the global medical device company has outstanding long term growth potential due to the proliferation of obstructive sleep apnoea (OSA) and its leadership position in the market. Although the sleep treatment market is already very large, it could grow materially over the next decade. This is because the company estimates that only 20% of OSA sufferers have been diagnosed at this point. This should give ResMed a significant runway for growth in the future.
SEEK Limited (ASX: SEK)
A final blue chip share that I would buy for 2020 is SEEK. Although the job listings giant's profit growth has been a little underwhelming of late, this has been due to its high level of investment in future growth opportunities. I believe it is worth accepting this short term pain due to the potential long term gain. After all, these investments are expected to play a key role in the company achieving its aspirational revenue target of $5 billion by FY 2025. This compares to the revenue of $1,537.3 million it posted in FY 2019.
