These are the ASX blue chips I'd buy today

If I were buying ASX blue chips today, these are the 3 I'd choose including Cleanaway Waste Management Ltd (ASX:CWY).

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It's getting very hard to find good value ASX blue chips in today's share market.

The very low interest rates have driven share prices within the ASX 200 (ASX: XJO) to all-time highs. Despite the strong share performance, I think these blue chips within the ASX 100 are worth considering:

Altium Limited (ASX: ALU

People have said that Altium is expensive for years, even at under $10 – look what has happened since! I think it's worth usually always worth paying for quality.

There are few businesses in the world that are growing revenue by double digits with high (and rising) profit margins. Altium is one of those lucky few, it grew net profit by around 40% in FY19.

Altium may look expensive at 52x FY20's estimated earnings. It is expensive. But it continues to grow profit at a very fast rate and is predicting strong growth to at least 2025. These are the businesses worth holding onto for the long-term. 

One of the best growth trends in the world at the moment is the increasingly technological nature of our society. Altium is a big beneficiary from this, though there's always the risk of competition.

Cleanaway Waste Management Ltd (ASX: CWY

Cleanaway is the biggest Australian waste management business in the country.

Recycling exports are now being banned in Australia. All waste management businesses will be affected by this change, particularly the lowest-costing providers. But, Cleanaway could be a major beneficiary because it owns some of the best recycling centres in the country.

Cleanaway also recently completed the acquisition of SKM Recycling's assets which further adds to its capabilities with an advanced plastic sorting facility and other locations.

The company has a 2025 plan with a mission of making a sustainable future possible, with Cleanaway helping the transition towards a 'circular' economy.

Washington H. Soul Pattinson and Co. Ltd (ASX: SOL

Whilst Soul Patts is certainly not one of the biggest shares within the ASX 100, I think the investment conglomerate fits the typical description of a blue chip very nicely. It's defensive, it can withstand recessions and it pays a very stable dividend that continues to grow.

Within its portfolio there are plenty of 'blue chip' investments such as TPG Telecom Ltd (ASX: TPM), Milton Corporation Limited (ASX: MLT), Bki Investment Co Ltd (ASX: BKI), Woolworths Group Ltd (ASX: WOW), Commonwealth Bank of Australia (ASX: CBA), Macquarie Group Ltd (ASX: MQG) and Wesfarmers Ltd (ASX: WES).

Of course, Soul Patts also owns lots of growth-focused investments too such as Clover Corporation Limited (ASX: CLV), Magellan Financial Group Ltd (ASX: MFG) and Palla Pharma Ltd (ASX: PAL).

Foolish takeaway

I was close to including APA Group Limited (ASX: APA) as part of my list, but I'd prefer to go for an expensive growth share like Altium over an expensive infrastructure share like APA in the current environment.

Tristan Harrison owns shares of Altium and Washington H. Soul Pattinson and Company Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Clover Limited. The Motley Fool Australia owns shares of and has recommended Macquarie Group Limited and Washington H. Soul Pattinson and Company Limited. The Motley Fool Australia owns shares of Altium and Wesfarmers 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.

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